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| Originating department: | Commercial Services |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2668 |
| Service Circular No: | LCH EnClear No 297 |
| Date: | 16 August 2010 |
| To: | LCH.Clearnet EnClear Clearing Members |
Addition of Dry Trip Timecharter Route P1A to LCH.Clearnet's FFA Clearing Service
LCH.Clearnet will be introducing the P1A route to its OTC Freight (FFA) clearing service on Monday 23 August 2010.
2 contracts will be launched: P1A (settlement based on the mean of the last 7 Baltic Exchange spot price assessments in the expiry month) and P1E (settlement based on the mean of the daily Baltic Exchange spot price assessments for every trading day in the expiry month).
All Clearing Members already active on the FFA service will automatically have access to the new P1A and P1E contracts.
The LCH.Clearnet registration fee for the P1A and P1E contracts will be $8/lot.
| Description | Cash settled freight forward contract on the following Dry Trip Timecharter Route:
|
| Lot size | 1 day |
| Pricing | US $ per day |
| Minimum tick | US $ 0.0001 to account for final settlement |
| Fixed price | The traded price or the previous day's settlement price as supplied by the Baltic Exchange |
| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by the Baltic Exchange.
|
| Last Trading Day | At 18:00 hours UK time on last business day of each month within the contract series.
|
| Contract series | Front 6 months, front 4 whole quarters |
| Final payment | The first business day following the expiry day |
| Business days | UK business days |
If you have any questions relating to this circular, please do not hesitate to contact [email protected] / +44 20 7426 7027 or [email protected] / +44 20 7426 7460.
Yours sincerely
Isabella Kurek-Smith
Director, Head of Energy and Freight Markets
Commercial Services