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Freight Route TC5 (Platts) Futures Contract Specs

Product Symbol CME Globex: TH
CME ClearPort: TH
Open Outcry: TH
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 Unit 1,000 metric tons
Price Quotation U.S. Dollars and Cents per metric ton
Minimum Fluctuation $0.0001 per ton
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the rates for each business day that the TC5 Tanker Route for Arab Gulf to Japan for 55,000 metric tons is published by the Platts over the contract month. If for any reason Platts cannot provide any rate required for establishing the Floating Price, then the Forward Freight Agreement Brokers Association (FFABA) may be instructed by either party to form a panel to establish any rate which will be binding on both parties.
Termination of Trading Trading shall cease on the last business day of the contract month.
Listed Contracts 36 months
Settlement Type Financial
Settlement Procedure Daily Platts Freight Swap Futures Settlement Procedure (PDF)
Position Limits NYMEX Position Limits
Rulebook Chapter 682
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.