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Freight Route TC2 (Baltic) Average Price Options Contract Specs

Options
Contract Unit 1,000 metric tons

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.
Minimum Price Fluctuation US $ 0.0001 per metric ton
Price Quotation US $ and cents per metric ton
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Open Outcry: Monday - Friday 9:00 a.m. - 2:30 p.m. New York time/ET (8:00 a.m. - 1:30 p.m. Chicago Time/CT)
Product Code CME Globex: TCW
CME ClearPort: TCW
Open Outcry: TCW
Clearing: TCW
Listed Contracts Monthly contracts listed for the current year and next calendar year. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.
Termination Of Trading Trading terminates on the last business day of the month.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 947
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures  Strike Price Listing Procedures Table
Exercise Style Average Price – non-early exercisable option
Settlement Method Financially Settled
Underlying Freight Route TC2 (Baltic) Futures