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Freight Route TC12 (Baltic) Futures Contract Specs

Contract Unit 1,000 metric tons
Price Quotation U.S. dollars and cents per metric ton
Trading Hours Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation 0.0001 per metric ton = $0.10
Product Code CME Globex: FRS
CME ClearPort: FRS
Clearing: FRS
Listed Contracts Monthly contracts listed for 24 consecutive months
Settlement Method Financially Settled
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the freight rate published each day during the Settlement Period by the Baltic Exchange for the TC12 freight route (i.e. Sikka, West Coast India to Chiba, Japan for cargoes of 35,000 metric tons, or as subsequently amended) valued in Worldscale points multiplied by the applicable Worldscale flat rate for the TC12 route (as defined by Baltic Exchange).
The Floating Price is determined by multiplying each daily freight rate by the applicable Worldscale flat (for that day), and subsequently calculating the average for the Settlement Period. 
Termination Of Trading For contract months January to November inclusive: Trading terminates on the last business day of the calendar month.
For December contract months: Trading terminates on the 24th calendar day of the month, or if this is not a business day, the first preceding business day.
Settlement Procedures Daily Baltic Freight Swap Futures Settlement Procedure
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 522
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing