Products
Mercari offers financial derivative product markets in Commodities, Energy, Environmental, Interest Rates, Foreign Exchange and tradeable certificates. Mercari also hosts markets for non-financial products.
Products offered for trading on Mercari have been uniquely designed to also meet the specialised requirements of OTC market participants. Through its innovation and flexible systems, Mercari has proven itself to be an efficient, relevant and reliable market infrastructure operator.
Mercari technology also offers multiple market structures configurable at the product and tenor levels. Mercari can offer both request for quote (RFQ) and central limit order book (CLOB) structures delivered via intermediated (brokered) and disintermediated (direct) market models.
In addition the flexibility of the Mercari technology is such that the price discovery model and distribution model can be set at the product level.
Distribution:
- Direct Market Access
- Via a Broker
Price Discovery:
- Order driven markets – Request for Quote (RFQ)
- Price driven markets – Central Limit Order Book (CLOB)
Interest Rate
| wdt_ID | Product Class | Product Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Market Structure | Matching Algorithm | Trading Hours Open | Trading Hours Close |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Interest Rate | AUD Interest Rate Swaps (IRS) | Cash Settled | Bank Bill Swap Reference Rate (BBSW) | AUD | ISDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 2 | Interest Rate | AUD Basis Swaps | Cash Settled | Bank Bill Swap Reference Rate (BBSW) | AUD | ISDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 3 | Interest Rate | AUD Overnight Index Swaps (OIS) | Cash Settled | RBA Overnight Rate (RBA30) | AUD | ISDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 4 | Interest Rate | AUD Forward Rate Agreements (FRA) | Cash Settled | Bank Bill Swap Reference Rate (BBSW) | AUD | ISDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 5 | Interest Rate | AUD-USD Cross Currency Basis Swaps | Cash Settled | Bank Bill Swap Reference Rate (BBSW) and Secured Overnight Financing Rate (SOFR) | AUD-USD | ISDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
Foreign Exchange
| wdt_ID | Product Class | Product Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Market Structure | Matching Algorithm | Trading Hours Open | Trading Hours Close |
|---|---|---|---|---|---|---|---|---|---|---|
| 3 | Foreign Exchange | AUD/USD Foreign Exchange | Physically Delivered Forward | Not applicable | AUD-USD | SDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 4 | Foreign Exchange | USD/JPY Foreign Exchange | Physically Delivered Forward | Not applicable | USD-JPY | SDA | Direct | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
Environmental
| wdt_ID | Product Class | Product Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Market Structure | Matching Algorithm | Trading Hours Open | Trading Hours Close |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Environmental | NSW Energy Saving Certificates (ESC) | Physically Settled Forward | Not applicable | AUD | ISDA | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
| 2 | Environmental | Large Scale Generation Certificates (LGC) | Physically Settled Forward | Not applicable | AUD | ISDA | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
| 3 | Environmental | Small Scale Technology Certificates (STC) | Physically Settled Forward | Not applicable | AUD | ISDA | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
| 4 | Environmental | Victorian Energy Efficiency Certificates (VEEC) | Physically Settled Forward | Not applicable | AUD | ISDA | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
Commodity
| wdt_ID | Product Class | Product Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Market Structure | Matching Algorithm | Trading Hours Open | Trading Hours Close |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Commodity | Iron Ore | Cash Settled | TSI Iron Ore Fines 62% Fe CFR China | USD | ISDA (Bilateral) or Clearing Documentation (Cleared) | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 2 | Commodity | Iron Ore | Cash Settled | Iron Ore Fines 58% Fe CFR China | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 3 | Commodity | Iron Ore | Cash Settled | Iron Ore Fines 65% Fe CFR China | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 4 | Commodity | Wool | Cash Settled Forward | Australian Wool Exchange (AWEX) nominated Micron Price Guides (MPGs) (Eastern Average Indicator (EAI) MPGs) | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 5 | Commodity | Wool | Cash Settled Forward | AWEX Eastern Market Indicator (EMI) | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 6 | Commodity | Wool | Cash Settled Option | Australian Wool Exchange (AWEX) nominated Micron Price Guides (MPGs) (Eastern Average Indicator (EAI) MPGs) | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 7 | Commodity | Wool | Cash Settled Option | AWEX Eastern Market Indicator (EMI) | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 8 | Commodity | Wheat | Physically Settled Forward | Applicable Grain Trade Australia (GTA) wheat grades as per seasons specifications issued by GTA | AUD | Grain Trade Australia Documentation-GTA Contract No 2 | Broker Allocated | FIFO | 1100 Sydney, Australia | 1630 Sydney, Australia |
| 9 | Commodity | Wheat | Option-Manual expiry prior to Forward Physical Settlement | Conversion to forward Contract – settlement through - Applicable Grain Trade Australia (GTA) wheat grades as per seasons specifications issued by GTA | AUD | Terms of Trade Riemann Agricultural Financial Products (Pre-Exercise) or Grain Trade Australia Documentation GTA Contract No 2 (Delivery) | Broker Allocated | FIFO | 1100 Sydney, Australia | 1630 Sydney, Australia |
| 10 | Commodity | Beef | Cash Settled Forward | Imported Aust/NZ Blend cow 90% EC 7:45 as published on Urner Barry 90CL 5-day simple average. | USD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 11 | Commodity | Beef | Cash Settled Option | Imported Aust/NZ Blend cow 90% EC 7:45 as published on Urner Barry 90CL 5-day simple average. | USD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 12 | Commodity | Beef | Cash Settled Forward | USDA Weekly volume-weighted average of Choice and Select cut-out values as reported by USDA in LM_XB459, 'National Weekly Boxed Beef Cut-out and Boxed Beef Cuts’. | USD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 13 | Commodity | Beef | Cash Settled Option | USDA Weekly volume-weighted average of Choice and Select cut-out values as reported by USDA in LM_XB459 'National Weekly Boxed Beef Cut-out and Boxed Beef Cuts’. | USD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 14 | Commodity | Lamb | Cash Settled Forward | Meat & Livestock Association (MLA) National Trade Lamb Indicator (NTLI) National Sheep and Lamb Indicator Report produced every Friday in c/kg cwt | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 15 | Commodity | Lamb | Cash Settled Option | Meat & Livestock Association (MLA) National Trade Lamb Indicator (NTLI) National Sheep and Lamb Indicator Report produced every Friday in c/kg cwt | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 16 | Commodity | Cattle | Cash Settled Forward | Meat & Livestock Association (MLA) Eastern Young cattle Indicator (EYCI) daily Summary Report produced every Thursday in c/kg cwt | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 17 | Commodity | Cattle | Cash Settled Option | Meat & Livestock Association (MLA) Eastern Young cattle Indicator (EYCI) daily Summary Report produced every Thursday in c/kg cwt | AUD | Terms of Trade Riemann Agricultural Financial Products | Broker Allocated | METAL | 1000 Sydney, Australia | 1630 Sydney, Australia |
| 18 | Commodity | Cotton | Physically Settled Forward | Final netting price as calculated by Mercari | AUD | Riemann Cotton OTC Physical Delivery Contract Terms | Broker Allocated | FIFO | 1000 Sydney, Australia | 1630 Sydney, Australia |
Energy
| wdt_ID | Product Class | Product Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Market Structure | Matching Algorithm | Trading Hours Open | Trading Hours Close |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Energy | Coal | Cash Settled | Argus/McCloskey API 2 | USD | ISDA (Bilateral) or Clearing Documentation (Cleared) | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 2 | Energy | Coal | Cash Settled | Argus/McCloskey API 4 | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 3 | Energy | Coal | Cash Settled | Argus/McCloskey API 6 | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 4 | Energy | Coal | Cash Settled | Argus/McCloskey API 5 | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 5 | Energy | Coal | Cash Settled | McCloskey Indonesian sub-bituminous FOB marker | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1700 Sydney, Australia |
| 6 | Energy | Crude Oil | Cash Settled | Platts Dated Brent and Bent/Ninian Blend | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
| 7 | Energy | Crude Oil | Cash Settled | Platts East Siberia Pacific Ocean Pipeline | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
| 8 | Energy | Crude Oil | Cash Settled | Platts Dubai | USD | ISDA (Bilateral) or Clearing Documentation (Cleared) | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
| 9 | Energy | Crude Oil | Cash Settled | Argus Sour Crude Index | USD | ISDA (Bilateral) or Clearing Documentation (Cleared) | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
| 10 | Energy | Crude Oil | Cash Settled | Argus Dated Brent | USD | ISDA | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
| 11 | Energy | Crude Oil | Cash Settled | Chicago Mercantile Exchange (CME) Light Sweet Crude Oil (West Texas Intermediate – WTI) | USD | ISDA (Bilateral) or Clearing Documentation (Cleared) | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
| 12 | Energy | Crude Oil | Cash Settled | Intercontinental Exchange (ICE) Brent Crude | USD | ISDA (Bilateral) or Clearing Documentation (Cleared) | Broker Allocated | METAL | 0830 Sydney, Australia | 1900 Sydney, Australia |
Non-Financial
| wdt_ID | Product Class | Product Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Market Structure | Matching Algorithm | Trading Hours Open | Trading Hours Close |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Non-Financial Commodity | Spot Cotton Preginned | Physically Settled | Not applicable | AUD | Riemann Cotton OTC Physical Delivery Contract Terms | Broker Allocated | FIFO | 1000 Sydney, Australia | 1600 Sydney, Australia |
| 2 | Non-Financial Commodity | Riemann AMPI Bulk Raw Milk Delivered | Physically Settled | Not applicable | AUD | AMPI Contract Number 1 (AMPI Bulk Raw Milk Delivered) | HYBRID | FIFO | 2x month 1400 Sydney, Australia | 2x month 1430 Sydney, Australia |
| 3 | Non-Financial Environmental | Spot NSW Energy Saving Certificates (ESC) | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
| 4 | Non-Financial Environmental | Spot Large Scale Generation Certificates (LGC) | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
| 5 | Non-Financial Environmental | Spot Small Scale Technology Certificates (STC) | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
| 6 | Non-Financial Environmental | Spot Victorian Energy Efficiency Certificates (VEEC) | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | Broker Allocated | METAL | 0900 Sydney, Australia | 1700 Sydney, Australia |
Documentation
Contract Specifications