| Product Symbol |
TK |
| Venue |
CME ClearPort, Open Outcry (New York) |
| Trading Hours |
CME Globex (Electronic Platform) |
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 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT) |
| Contract Size |
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 TD7 Tanker Route (for 80,000 metric tons for North Sea to Continent) is published by the Baltic Exchange over the contract month. If for any reason the Baltic Exchange 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 |
Trading is conducted in 36 consecutive months. |
| Settlement Type |
Financial |
| Settlement Procedure |
Daily Baltic Freight Swap Futures Settlement Procedure (PDF) |
| Position Limits |
NYMEX Position Limits |
| Rulebook Chapter |
686 |
| Exchange Rule |
These contracts are listed with, and subject to, the rules and regulations of NYMEX. |