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Freight Route TC2 (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 ton = $0.10
Product Code CME Globex: TM
CME ClearPort: TM
Clearing: TM
Listed Contracts Monthly contracts listed for the current year and the next 5 consecutive years. List monthly contracts for a new calendar year following the termination of trading in the December contract of the current year.
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 TC2 freight route (i.e. Continent to USAC for cargoes of 37,000 metric tons, or as subsequently amended) valued in Worldscale Points multiplied by the applicable Worldscale flat rate for the TC2 route (as defined by Baltic Exchange).
The Floating Price is determined by multiplying each daily freight rate by the applicable Worldscale flat rate (for that day), and subsequently calculating the average for the Settlement Period.
Termination Of Trading Jan - Nov: Trading terminates on the last business day of the contract month.
Dec: Trading terminates on the 24th calendar day of the contract month, if this is not a business day, trading termiantes on the prior business day.
Settlement Procedures Daily Baltic Freight Swap Futures Settlement Procedure
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 683
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing