This contract prices West Texas Intermediate (WTI) crude oil. The contract is cash-settled.
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Contract Details
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Symbol
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SMWTI
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Trading Unit
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1000 barrels
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| Price Basis |
US Dollars and cents per barrel, to two decimal places (e.g.US $ 83.55) |
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Price Quotation Unit
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1 barrel
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Tick Size
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US$ 0.01 (US$ 10 per contract) |
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Trading Hours
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1000 to 0330 (0230 during US Daylight Saving time) SGT Monday to Friday |
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Contract Months
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Current month and 5 consecutive months
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Last Trading Day
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Fourth U.S. exchange business day prior to the 25th calendar day of the month preceding the maturing Contract Month. |
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Settlement
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Cash
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Final Settlement Price
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The Final Settlement Price shall be the settlement price of the Light Sweet Crude Oil (WTI) futures in New York for the maturing month on the Last Trading Day. |
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Daily Price Limit
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None
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Commodity Group
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Energy
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Scope
The provisions herein shall apply to all WTI Futures Contracts transacted on the Exchange. Procedures for trading, clearing, settlement and any other matters not specifically covered herein shall be governed by SMX and SMXCC Rules.
Contract Symbol
SMWTI
Contract Designation
SMWTIDDMMMYYYY: where SMWTI is the contract symbol and DDMMMYYYY refers to the Contract Month (e.g. November 2010 Contract = SMWTI20OCT2010).
Grade/Quality
The SMX WTI Futures Contract prices West Texas Intermediate (WTI), Light Sweet Crude Oil.
Contract Size
The traded quantity for the Contract shall be 1000 barrels.
Quotation Basis
All bids and offers to buy or sell SMX WTI Futures Contracts shall be quoted in U.S. dollars and cents per barrel to two decimal places (e.g. US$74.23).
Minimum Tick Size
The minimum tick size for all bids and offers to buy or sell SMX WTI Futures Contracts shall be one U.S. cent (US$0.01) per barrel (equivalent to US$10.00 per Contract).
Contract Months
Trading shall be conducted in each calendar month of the year. Six contracts shall be listed for trading at any time. A new contract Month shall be listed on the first Business Day following the Last Trading Day of an expiring Contract Month.
Trading Hours
The Trading Hours shall be 1000 to 0330 SGT (0230 during U.S. Daylight Saving Time).
Trading Days
Trading shall be conducted Monday through Friday.
Last Trading Day
The Last Trading Day for SMX WTI Futures Contracts shall be the fourth U.S. exchange business day prior to the 25th calendar day of the month preceding the maturing Contract Month. If the 25th is not an exchange business day in the US, the Last Trading Day will be the fourth U.S. exchange business day prior to the first U.S. exchange business day preceding the 25th.
Daily Price Range
There shall be no Daily Price Range (DPR) imposed on any bids or offers to buy or sell SMX WTI Futures Contracts.
Position Limits
There shall be no Customer level limit on net long or net short Contracts in all Contract Months combined.
Notwithstanding the forgoing, in no event shall a Customer, Broker Member Proprietary Account, Trade Member Proprietary Account or Remote Member Proprietary Account own or control more than 2000 Contracts net short or net long during the last three days of trading in the maturing Contract Month.
The Member level limit, being applied to each Broker Member’s and Remote Member’s combined Customer and proprietary accounts, shall be not more than the higher of 200,000 Contracts net long or net short in all Contract Months combined or twenty-five percent (25%) of open interest in all Contract Months combined, unless Customer(s) of such Member has received a Position Limit Exemption as provided for and governed by SMX Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Final Settlement Price
The Exchange shall publish a Final Settlement Price which shall be the New York futures settlement price of Light Sweet Crude Oil (WTI) for the same Contract Month on the Last Trading Day.
Daily Settlement Price
The Daily Settlement Price (DSP) shall be computed and published as provided for and governed by SMX Notice 3005 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Final Settlement
All remaining open positions at the end of trading on the Last Trading Day for the Contract Month shall be cash-settled at the Final Settlement Price.
Exchange for Physical (EFP)/Exchange for Swaps (EFS) Transactions
EFP and EFS transactions shall be allowed in a manner as specified in SMX Notice 3006 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Introduction
Hundreds of different types of crudes are traded across the world-161 to be precise,
according to the International Crude Oil Market Handbook, 2004 published by the
Energy Intelligence Group. However, more than half of the oil traded is priced against
just two benchmarks-the Brent and the WTI.
- West Texas Intermediate or WTI crude oil is of very high quality. With an API gravity
measuring 39.6 degrees and sulphur content as low as 0.24 percent, WTI is classified
as a ''light'', ''sweet'' crude oil.
- Physical WTI represents crude oil delivered at the pipeline terminus at Cushing
Oklahoma.
Note: The Exchange will gradually reduce the contract months listed for trading from 12 contracts to 6 contracts, as each near month contract expires.
Disclaimer: The information and contents (the 'Contents') are provided
without warranties of any kind. SMX and/or its officers and employees do not warrant
and hereby disclaim any warranty as to the accuracy, correctness, reliability, currentness,
timeliness, non-infringement, title, merchantability or fitness for any particular
purpose of the Contents. SMX and/or it officers and employees shall not be liable
for any damage or loss of any kind, howsoever caused as a result (direct or indirect)
of the use of the Contents, including but not limited to any damage or loss suffered
as a result of reliance on the Contents. The Contents do not constitute professional
advice or provision of any kind of services and should not be relied upon as such.
SMX and/or its officers and employees do not make any recommendation and assume
no responsibility towards any investments or trading in commodities or commodity
futures done based on any information given in the Contents and any such investment
or trade is subject to investment and commercial risks for which SMX and/or its
officers and employees shall not be responsible. If financial, investment or any
other professional advice is required, please seek the advice of competent professionals.