Products

Iron Ore Contract
Description Iron ore contract – settled against the TSI index (The Steel Index) 62% fe
Contract Code TSI
Lot size 1,000mt
Currency US Dollars 
Minimum tick $0.01 / mt
Fixed price The traded price or the previous day's settlement price as supplied end of day by Cleartrade Exchange or any other such source as LCH.Clearnet may determine
Floating price In respect of daily settlement, the floating price will be the end of day price as supplied by Cleartrade Exchange or any other such source as LCH.Clearnet may determine In respect of final settlement, the floating price will be the arithmetic average of all the daily TSI indices for that month
Contract series Front 3 months, 4 quarters, 2 calendar years
Expiry/ Settlement Last business day of the contract month
Delivery Cash settled monthly against the arithmetic average of all the indices in the contract month
Final payment The first business day following the expiry day
Margining Initial margin will be calculated using Span 4 Daily variation margin will be applied
Iron Ore Option
Description Cash settled Premium Paid Option on the TSI Iron Ore contract
Contract Code TSO
Lot size 1,000mt
Currency US Dollars 
Minimum tick $0.01 / mt
Option Type Options are European style and will be automatically exercised on the expiry day if they are in-the-money.  If an option is out-of-the-money it will expire automatically.  It is not permitted to exercise the option on any other day or in any other circumstances.  No manual exercise is permitted.
Option Premium The Premium is paid at the time of purchase
Last trading day Last business day of the contract month
Expiry 18:00 hours UK time on the last trading day. Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or greater in-the-money when compared to the relevant reference price. Members are not permitted to override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in US dollars and cents per metric tonne equal to the final settlement price for the underlying Iron Ore contract.
Contract series Out to a maximum of 35 months
Strike Price Any whole $ value
Business Days UK business days