Commodities

Business Streams

Description	Iron ore swap contract – settled against the daily TSI index (The Steel Index) 62% fe
Contract Code	TSI
Contract 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 FIS or any other such source as LCH may determine
Floating price	In respect of daily settlement, the floating price will be the end of day price as supplied by FIS or any other such source as LCH 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
Clearing Fee	$25 / lot