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- Release Date: 30/05/13 17:57
- Summary: DAIRY: NZX: Amendments to the Final Settlement Price Calculation Method
- Price Sensitive: No
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NZX
30/05/2013 15:57
DAIRY
REL: 1557 HRS NZX Limited
DAIRY: NZX: Amendments to the Final Settlement Price Calculation Method
MEMORANDUM
To: NZX Derivatives Market Participants
From: NZX Limited
Date: 30 May 2013
Subject: Reminder: Amendments to the Final Settlement Price Calculation
Method
Message:
Pursuant to Contract Terms 15.1 and 15.3 of the Futures Contracts and to
Contract 8.1 and 8.3 of the Options Contract, and as notified to the market
on 13 December 2012,NZX Limited ("NZX") reminds all market participants that
from the July 13 expiry month each of the WMP Futures, AMF Futures, SMP
Futures and WMP Options Individual Contract Specifications and the WMP
Futures, AMF Futures and SMP Futures Contract Terms and Administrative
Procedures will be amended to reflect the following change:
As previously announced to the market on 17 October 2012, and via memo on 13
December 2012, NZX will change the final settlement price methodology for
certain Futures Contracts. To that end, NZX will amend the Individual
Contract Specifications and the Contract Terms and Administrative Procedures
for the below Futures Contracts for Contract Months from July 2013 onwards:
NZX Derivatives Market Contract No. 1 Global Whole Milk Powder (WMP) Futures;
?NZX Derivatives Market Contract No. 2 Global Anhydrous Milk Fat (AMF)
Futures; and ?NZX Derivatives Market Contract No. 3 Global Skim Milk Powder
(SMP) Futures.
The above Individual Contract Specifications currently state that Last
Trading Day shall be "the last Business Day preceding the first GDT auction
of the month i.e. trading in the March WMP/AMF/SMP (as applicable) Futures
Contract will expire on the last Business Day immediately preceding the first
GDT auction in April."
NZX will amend the Last Trading Day section of each Contract Specification by
replacing the word "first" with "last" and the word "April" with "March" so
that the definition of Last Trading Day shall then be "the last Business Day
preceding the last GDT auction of the month i.e. trading in the March
WMP/AMF/SMP (as applicable) Futures Contract will expire on the last Business
Day immediately preceding the last GDT auction in March."
In respect of the Contract Terms and Administrative Procedures for each of
the above Futures Contracts, the example provided in the definition of "GDT
Period" under clause 1.1 will be removed.
The amended Contract Specifications and Terms and Administrative Procedures
are available at http://www.nzxfutures.com/dairy/contract_specifications
NZX has made the above amendments in accordance with the NZX Derivatives
Market Rules.
For further information please email [email protected].
End CA:00236884 For:NZX Type:DAIRY Time:2013-05-30 15:57:05
