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Freight Route TC2 (Baltic) Average Price Options Contract Specs

Options
Underlying Futures Freight Route TC2 (Baltic) Futures (TM)
Product Symbol TCW
Venue CME Globex, CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m.CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Size 1,000 metric tons
Contract Unit The underlying reference value is the average of daily settlement prices for Freight Route TC2 published by Baltic Exchange, quoted in percent of the Worldscale flat rate, multiplied by the prevailing Worldscale flat rate, measured in US $ per metric ton.

On expiration day, a call option will be financially settled to the value obtained by subtracting the strike price from the underlying reference price and multiplying by 1,000 metric tons, or zero, whichever is greater. A put option will be financially settled to the value obtained by subtracting the underlying reference price from the the strike price and multiplying by 1,000 metric tons, or zero, whichever is greater.
Price Quotation US $ and cents per metric ton
Option Style Average Price – non-early exercisable option
Minimum Fluctuation US $ 0.0001 per metric ton
Expiration of Trading The last business day of the month
Listed Contracts CME Globex: 1 Month
CME ClearPort and Open Outcry: Monthly contracts listed for the current year and next calendar year
Strike Prices The at the money strike plus at least four strike prices in increments of $0.10 per metric ton above and below at the money strike price
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 947
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.

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