- 18 May 2016
- By CME Group
New Crude Palm Oil and Palm Olein Calendar futures track the average prices for palm oil/olein. This allows producers, processors and end-users in an industry characterized by continuous production and processing, to more effectively manage the price risk they are exposed to on a daily basis.
Complementing the existing benchmark oilseed products available on CME Globex, including CBOT Soybean Oil and BMD Crude Palm Oil (FCPO), the addition of Palm Oil Calendar futures and options provides customers with enhanced hedging opportunities on a single hub.
- Access through existing FCM relationship
- U.S. dollar- denominated and cash-settled
- New spreading opportunities with benchmark CBOT Soybean Oil futures and options
- Reduced capital requirements due to cross-product margin efficiencies
- Financial integrity of CME Clearing
Based on the global benchmark Bursa Malaysia Derivatives (BMD) Crude Palm Oil futures (FCPO), the Palm Oil Calendar futures contract complements the palm products offered by BMD on the CME Globex platform. It replicates the risk coverage of CME Group’s popular Calendar Swaps, in a futures contract that can be accessed through an existing FCM relationship.
| USD-denominated Malaysian Crude Palm Oil Calendar Futures (CPO) |
|---|
| Ticker symbol | CPO |
| Trading Unit | 25 metric tons |
| Underlying Instrument | Bursa Malaysia Derivatives Berhad Crude Palm Oil Futures (FCPO) |
| Price Basis | U.S. dollars and cents per metric ton |
| Tick Size | USD $0.25 per metric ton ($6.25 per contract) |
| Daily Price Limits | None - But Underlying BM CPO Futures Contract has a Limit of 10% Above and Below the Previous Settlement Price |
| Contract Months | Monthly Expirations |
| Last Trading Day | Last business day of the contract month. However, should there be a Bursa Malaysia Derivatives Berhad business day during the contract month that follows the last CME Group business day of the contract month, then final settlement will be on the first CME Group business day of the month following the contract month. |
| Settlement Procedure | Daily settlement other than settlement on the final trading day or during the last month of trading shall be the settlement price of the Bursa Malaysia Derivatives Berhad FCPO futures contract that is the third-forward month from the futures contract month converted to USD using the Thomson Reuters “MYR” forward rates equating to and interpolating between the closest date(s) to contract expiration and published at contract settlement time and rounded to the nearest $0.25. Daily settlement prices shall be generated each business day the CME is open using the most recent available Bursa Malaysia Derivatives Berhad FCPO futures prices and the latest available Thomson Reuters MYR forward rate published at contract settlement time. The final settlement price shall be the cumulative average of the settlement prices for the third forward month FCPO contract traded on the Bursa Malaysia Derivatives Berhad for each trading day in the futures contract month converted to USD and rounded to the nearest $0.25 using the USD/MYR spot rate reported by Persatuan Pasaran Kewangan Malaysia (PPKM), which appears on Thomson Reuters Screen MYRFIX2 Page at approximately 11:10 am Kuala Lumpur time. |
| Trading Hours (Ct) | CME Globex: Monday – Friday, 8:30 a.m. – 1:20 p.m. CT CME ClearPort: Sunday - Friday 6:00 p.m. - 5:45 p.m. CT with a 15-minute break each day beginning at 5:45 p.m. CT |
| Rulebook Chapter | TBD |
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