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Normal Daily Settlement Procedure

Daily settlements of FOB Santos Soybeans Financially Settled (Platts) Futures are determined by CME Group staff determines the daily settlements for the South American Soybean futures (SAS) based on trading activity on CME Globex between 13:10:00 and 13:15:00 Central Time (CT), the settlement period.Tier 1:  Each contract month settles to its volume-weighted average price (VWAP) of all trades that occur between 13:10:00 and 13:15:00 CT, the settlement period, rounded to the nearest tradable tick. If the VWAP is exactly in the middle of two tradable ticks, then the settlement will be the tradable price that is closer to the contract’s prior day settlement pricebased on the following approach:

 

Tier 1:   All relevant market data available at 13:15 Central Time (CT) will be used to derive a settlement in each contract month.

Tier 2:    If no trades occur on CME Globex between 13:10:00 and 13:15:00 CT, the settlement period, then the last trade is used to determine whether to settle to the bid or the ask during this period.

  1. If the last trade price is outside of the bid/ask spread, then the contract month settles to the nearest bid or ask price.
  2. If the last trade price is within the bid/ask spread, or if a bid/ask spread is not available, then the contract month settles to the last trade price

Tier 3:  In the absence of any trade activity or bid/ask in a given contract month during the current trading day, the daily settlement price will be determined by applying the net change from the preceding contract month to the given contract month’s prior daily relevant information is received by 13:15 Central Time (CT), then the contract month settles to the prior-day settlement price.


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Settlement Disclaimer and Contact
Settlement Disclaimer and Contact

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