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)
Non-Financial
| Class | Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Trading Hours Open | Trading Hours Close | Market Structure | Matching Algorithm |
|---|---|---|---|---|---|---|---|---|---|
| Non-Financial Environmental |
NSW Energy Saving Certificates ESC | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | Metal |
| Non-Financial Environmental |
Large Scale Generation Certificates LGC | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | Metal |
| Non-Financial Environmental |
Small Scale Technology Certificates STC Physically Settled | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | Metal |
| Non-Financial Environmental |
Victorian Energy Efficiency Certificates VEEC | Physically Settled | Not applicable | AUD | AFMA Spot Contract for Environmental Products | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | Metal |
| Non-Financial Commodity |
Riemann Spot Cotton | Physically Settled | Not applicable | AUD | Riemann Cotton OTC Physical Delivery Contract Terms | 0930 Sydney, Australia | 1630 Sydney, Australia | Broker Allocated | FIFO |
Interest Rate
| Class | Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Trading Hours Open | Trading Hours Close | Market Structure | Matching Algorithm |
|---|---|---|---|---|---|---|---|---|---|
| Interest Rate | AUD Interest Rate Swaps (IRS) | Cash Settled | Bank Bill Swap Reference Rate (BBSW) | AUD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Direct | METAL |
| Interest Rate | AUD Basis Swaps | Cash Settled | Bank Bill Swap Reference Rate (BBSW) | AUD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Direct | METAL |
| Interest Rate | AUD Overnight Index Swaps (OIS) | Cash Settled | RBA Overnight Rate (RBA30) | AUD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Direct | METAL |
| Interest Rate | AUD Forward Rate Agreements (FRA) | Cash Settled | Bank Bill Swap Reference Rate (BBSW) | AUD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Direct | METAL |
Foreign Exchange
| Class | Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Trading Hours Open | Trading Hours Close | Market Structure | Matching Algorithm |
|---|---|---|---|---|---|---|---|---|---|
| Foreign Exchange | AUD-USD Cross Currency Basis Swaps | Cash Settled | Bank Bill Swap Reference Rate (BBSW) and Secured Overnight Financing Rate (SOFR) | AUD-USD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Direct | METAL |
Environmental
| Class | Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Trading Hours Open | Trading Hours Close | Market Structure | Matching Algorithm |
|---|---|---|---|---|---|---|---|---|---|
| Environmental Forward | Large Scale Generation Certificates LGC – Forward Contracts | Physically Settled | N/A | AUD | ISDA or AFMA Spot Contract for Environmental Products, if no ISDA in place | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Environmental Forward | Small Scale Technology Certificates STC – Forward Contracts | Physically Settled | N/A | AUD | ISDA or AFMA Spot Contract for Environmental Products, if no ISDA in place | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Environmental Forward | NSW Energy Saving Certificates ESC – Forward Contracts | Physically Settled | N/A | AUD | ISDA or AFMA Spot Contract for Environmental Products, if no ISDA in place | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Environmental Forward | Victorian Energy Efficiency Certificates VEEC – Forward Contracts | Physically Settled | N/A | AUD | ISDA or AFMA Spot Contract for Environmental Products, if no ISDA in place | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
Commodity
| Class | Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Trading Hours Open | Trading Hours Close | Market Structure | Matching Algorithm |
|---|---|---|---|---|---|---|---|---|---|
| Commodity | Iron Ore | Cash Settled | The Steel Index (TSI) Iron Ore – 65% FE | USD | ISDA or Clearing Documentation | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Iron Ore | Cash Settled | The Steel Index (TSI)1 Iron Ore – 62% FE | USD | ISDA or Clearing Documentation | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Iron Ore | Cash Settled | The Steel Index (TSI) Iron Ore – 58% FE | USD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Iron Ore | Cash Settled | Metal Bulletin Iron Ore – 62% FE | USD | ISDA | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Wool | Cash Settled Forward | Australian Wool Exchange (AWEX) nominated Micron Price guides (MPG) (Mild Price of the Reginal Market Indicators for North & South MPG’s) | AUD | Terms of Trade Riemann Agricultural Financial Products | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Wool | Cash Settled Option | AWEX Nominated Micron Price Guides (MPG) (Mid price of the Reginal Market Indicators for North & South MPG’s) | AUD | Terms of Trade Riemann Agricultural Financial Products | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Wheat | Cash Settled | Chicago Mercantile Exchange (CME) Wheat (‘W’) contract as at close of trading of the AUD Wheat OTC Contract with the price converted to AUD using midpoint of the BID/ASK of the Thomson Reuters ‘AUDH’ rate next published after the close of trading of the CBOT Wheat open outcry session. | AUD | Grain Traders Association Documentation (GTS) or Clearing Documentation | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | FIFO |
| Commodity | Wheat | Cash Settled | Kansas City Board of Trade (KCBT) Wheat (‘KW’) contract as at close of trading of the AUD Wheat OTC Contract with the price converted to AUD using midpoint of the BID/ASK of the Thomson Reuters ‘AUDH’ rate next published after the close of trading of the KCBT Wheat open outcry session. | AUD | Grain Traders Association Documentation (GTS) or Clearing Documentation | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | FIFO |
| Commodity | Wheat | Physically Settled | Applicable Grain Trade Australia (GTA) wheat grades as per seasons specifications issued by GTA | AUD | Grain Traders Association Documentation – GTA Contract No 2 | 1100 Sydney, Australia | 1630 Sydney, Australia | Broker Allocated | FIFO |
| Commodity | Wheat | Option-Manual expiry prior to Forward Settlement | Conversion to forward Contract – settlement through – Applicable Grain Trade Australia (GTA) wheat grades as per seasons specifications issued by GTA | AUD | Industry Accepted Documentation | 1100 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | FIFO |
| Commodity | Beef | Cash Settled | 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 | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Beef | Cash Settled | 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 | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| 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 | 0830 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| 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 | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Lamb | Cash Settled Option | Meat & Livestock Association (MLA) National Trade Indicator (NTLI) National Sheep and Lamb Indicator Report produced every Friday in c/kg cwt | AUD | Terms of Trade Riemann Agricultural Financial Products | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Cattle | Cash Settled | 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 | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| 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 | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | METAL |
| Commodity | Cotton | Physically Settled | Final netting price as calculated by Mercari | AUD | Riemann Cotton OTC Physical Delivery Contract Terms | 1000 Sydney, Australia | 1700 Sydney, Australia | Broker Allocated | FIFO |
Energy
| Class | Type | Settlement Method | Settlement Index | Currency | Contract Documentation | Trading Hours Open | Trading Hours Close | Market Structure | Matching Algorithm |
|---|---|---|---|---|---|---|---|---|---|
| Energy | Coal | Cash Settled | Argus/McCloskey API 2 – Rotterdam | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Coal | Cash Settled | Argus/McCloskey API 4 – Richards Bay | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Coal | Cash Settled | Argus/McCloskey API 6 – Newcastle | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Coal | Cash Settled | Argus – Newcastle Coal Index | USD | ISDA | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Coal | Cash Settled | McCloskey Sub-Bituminous – Indonesia | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Platts Asian Crude Oil Index | USD | ISDA | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Platts Dated Brent and Bent/Ninian Blend | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Platts East Siberia Pacific Ocean Pipeline | USD | ISDA | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Platts Dubai | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Argus Sour Crude Index | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Argus Dated Brent | USD | ISDA | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Chicago Mercantile Exchange (CME) Light Sweet Crude Oil (West Texas Intermediate – WTI) | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
| Energy | Crude Oil | Cash Settled | Intercontinental Exchange (ICE) Brent Crude | USD | ISDA or Clearing Documentation | Currently Suspended | Currently Suspended | Broker Allocated | METAL |
Documentation
Contract Specifications