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Freight Route TD7 (Baltic) Futures Contract Specs

Product Symbol CME Globex: TK
CME Clearport: TK
Open Outcry: TK
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 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 CME Globex: Each calendar month for the current calendar year plus next four calendar years
CME ClearPort and Open Outcry: Current year and the next 3 years. A new calendar year will be added following the termination of trading in the December contract of the current year.
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.