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The Singapore Exchange (SGX) has announced the successful completion of the loading for all physical deliverable positions of its first SGX Fuel Oil 380cst (SGX FO380) futures contract.

The SGX FO380 futures contract, launched on 22 February 2010, aims to provide an alternative hedging and trading tool for Singapore fuel oil industry.

The first contract month of April 2010 expired on 25 March 2010 with 131 lots (13,100 mt) of fuel oil for delivery. All deliverable parcels matched by the exchange were successfully loaded by end of April 2010.

The counterparties who participated in the April 2010 delivery included Hin Leong, ENOC Singapore and Glencore Singapore.

Ms Elena Sng, Senior Vice President, Clearing and Commodities Business at SGX said, “The deliveries in this first contract month bear testament to interest in the physical delivery aspect of the contract. We will continue to work closely with our market participants to meet the needs of the evolving market.”

Mr Tayyeb Al Mulla, CEO, ENOC said, “The successful delivery for the first contract month is a confirmation of SGX’s delivery mechanism. We are satisfied and hope that this will encourage greater participation in the contract.”

The SGX FO380 futures contract for the month of May 2010 expired on 26 April 2010 with 256 lots (25,600mt) of fuel oil due for delivery in the month of May 2010.

SGX Fuel Oil 380cst Futures Contract Specifications:

Product:
Fuel Oil 380cst

Trading Unit:
100 tonnes (1 lot)

Minimum Price Fluctuation:
US$0.10 per tonne (US$10.00 per tick)

Contract Months:
12 consecutive months

Trading Hours(Singapore Time):

T Session:
Pre -Opening - 9.15 am - 9.28 am
Non -Cancel Period - 9.28 am - 9.30 am
Opening - 9.30 am - 6.30 pm

T+1 Session:
Pre -Opening - 7.15 pm - 7.28 pm
Non -Cancel Period - 7.28 pm - 7.30 pm
Opening - 7.30 pm - 1.00 am

Daily Price Limit:
An initial price limit of +/- 15% from the latest daily settlement price shall be in force. If the price reaches the initial price limit, a 15-minute cooling off period shall come into effect where trading at or within the price limit of 15% is allowed.

Following the cooling off period, the final price limit of +/-20% from the latest daily settlement price shall come into force. If the price reaches the final price limit, a second 15-minute cooling off period shall come into effect where trading at or within the price limit of 20% is allowed.

Following the second cooling off period, there will be no price limits for the rest of the trading session.

There shall be no price limits on the Last Trading Day for the expiring contract.

Last Trading Day:
5th business day prior to the 1st day of the Contract Month

Minimum Deliverable Size:
20 lots

Delivery Method:
1. FOB SGX Designated Approved Installations, Singapore; and/or
2. Inter-tank transfer at SGX Designated Approved Installations, Singapore
Exchange Delivery Settlement Price:
Daily Settlement Price on the Last Trading Day

Position Limit:
10,000 lots net long or net short for all Contract Months combined
8,000 lots net long or net short for any individual Contract Month
4,000 lots net long or net short in the front Contract Month

Negotiated Large Trades:
Minimum 30 lots

Exchange of Futures for Swaps (EFS)/ Exchange of Futures for Physicals (EFP):
Available