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SGX-NZX NZ Milk Price (MKP)
FUTURES AND OPTIONS CONTRACT SPECIFICATIONS
| SGX-NZX MKP Futures | SGX-NZX MKP Options | |
|---|---|---|
| Product Type | Futures | Options |
| Product Category | Dairy | Dairy |
| Ticker Symbol | MKP | Calls – CMKP; Puts – PMKP |
| Contract Size | 6,000 kilograms of milk solids (kgMS) | 6,000 kilograms of milk solids (kgMS) (equivalent to 1 lot of the underlying Futures) |
| Minimum Price Fluctuation | NZ$0.01 per kgMS | NZ$0.01 per kgMS |
| Contract Months | 3 consecutive calendar years | 3 consecutive calendar years |
| Quotation | NZ$ per kgMS | NZ$ per kgMS |
| Tick Value | NZD 60 | NZD 60 |
| Trading Hours (Singapore Time) | Every New Zealand business day: Screen T Session: 7.25 am - 6.00 pm Pre-Opening: 7.10 am – 7.23 am Non-Cancel: 7.23 am – 7.25 am NLT T Session: 7.10 am - 6.00 pm Note: After the close of the T-session, there will be a 30min grace window for participants to continue registering T-session trades. |
Every New Zealand business day: Screen T Session: 7.25 am - 6.00 pm NLT T Session: 7.10 am - 6.00 pm Note: After the close of the T-session, there will be a 30min grace window for participants to continue registering T-session trades. |
| Trading Hours on Last Day | Screen: 7.25 am – 6.00 pm NLT 7.10 am – 6.00 pm Note: After the close of the T-session, there will be a 30min grace window for participants to continue registering T-session trades. |
Screen: 7.25 am – 6.00 pm NLT 7.10 am – 6.00 pm Note: After the close of the T-session, there will be a 30min grace window for participants to continue registering T-session trades. |
| Last Trading Day | The last New Zealand business day of September of each calendar year | The last trading day of the contract month of the underlying Futures contract |
| Daily Price Limits | N.A. | N.A. |
| Settlement Basis | Cash Settlement | Underlying Futures Settlement |
| Exchange Delivery Settlement Price / Final Settlement Price | Farmgate Milk Price for the relevant Farmgate Milk Price Season | Upon exercise, a call option expires into the underlying Futures contract that has a value equal to final settlement price minus the strike price, multiplied by the contract size. Upon exercise, a put option expires into the underlying Futures contract that has a value equal to the strike price minus the final settlement price, multiplied by the contract size. |
| Position Accountability / Position Limit | Unless otherwise prescribed by the Exchange, there shall be no Position Limits. However, subject to Rule 4.1.18 of the Trading Rules, a person owning or controlling any combination of Futures Contracts, Option-on-Futures Contracts, Swap Contracts, Option-on-Swap Contracts and Relevant Contracts that exceed such position as the Exchange may prescribe from time to time with prior notification, net on the same side of the market, and in all Contract Months combined, shall provide, in a timely fashion, upon request by the Exchange, information regarding the nature of the position, trading strategy, and hedging information if applicable. Position Accountability Threshold (Lots): 15,000 |
Unless otherwise prescribed by the Exchange, there shall be no Position Limits. However, subject to Rule 4.1.18 of the Trading Rules, a person owning or controlling any combination of Futures Contracts, Option-on-Futures Contracts, Swap Contracts, Option-on-Swap Contracts and Relevant Contracts that exceed such position as the Exchange may prescribe from time to time with prior notification, net on the same side of the market, and in all Contract Months combined, shall provide, in a timely fashion, upon request by the Exchange, information regarding the nature of the position, trading strategy, and hedging information if applicable. Position Accountability Threshold (Lots): 15,000 |
| Negotiated Large Trade | 15 lots | 5 lots |
| Bloomberg Ticker Code | KKPA Comdty | KKPU2C 1 Comdty |
| Refinitiv Ticker Code | 0#SMKP: | 0#SMKP+ |
| Option Exercise | European Style: An option will be exercised automatically at expiry only if it is in-the-money. |
