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Coal Contracts Geared to Key International Benchmarks
The Coal Swaps fact card provides information about the four Argus/McCloskey coal contracts available for trade date September 13, 2010, including contract specifications.

The contracts settled against the Argus/McCloskey Indexes are:

• Coal (API 2) cif ARA (Argus/McCloskey) Swap Futures
• Options on Coal (API 2) cif ARA (Argus/McCloskey) Swap Futures
• Coal (API 4 ) fob Richards Bay (Argus/McCloskey) Swap Futures
• Options on Coal (API 4) fob Richards Bay (Argus/McCloskey) Swap Futures

About the Contracts
These contracts expand risk management opportunities for the international dry bulk marketplace. Coal is a key part of the energy and metals markets, and its prices are connected to the prices of petroleum, natural gas, dry freight, power, steel and emissions

The Argus/McCloskey coal contracts are available for post-trade clearing services through CME ClearPort. They are financially settled according to prices published in the Argus/McCloskey Coal Price Index Report.

About the Indexes
The API 2 Index is the international price benchmark for coal imported to northwestern Europe. The API 4 is the international price benchmark for coal exported from the Richards Bay terminal in South Africa. Together, these two indexes serve as benchmarks for pricing for the international coal community and are used heavily in spot, term and derivative contracts.