Trading at Settlement (TAS)

Trading at Settlement (TAS)

Manage your settlement for existing Agricultural, Energy and Metals futures contracts with Trading at Settlement (TAS) order types, which allow you to buy or sell a contract at the settlement price, before the markets close.

TAS is an order type that allows you to execute at a spread to the settlement price at any time during the trading session. You can enter TAS order types up to 8 ticks above or below the settlement price, depending on the contract.

Key Benefits

  • Reduce uncertainty around the settlement price
  • Price contracts at or near the settlement value
  • Execute at any point of the trading day rather than waiting for the market close
  • Available on CME Globex and eligible for block trades

See How TAS Works

TAS-Eligible Products

Product Name Available Contracts Last Trade Date Trading Hours Ticks 
Grains and Oilseeds
Corn TAS Futures

Three listed futures contracts

Nearby new-crop December contract (if not part of the first 3 outrights)

Calendar Spreads: First to second month; second to third month; nearest Jul-Dec spread when available (when July is listed)

First Position Day of the front-month contract 

7 p.m.-7:45 a.m.
8:30 a.m.-1:15 p.m. Central Time (CT)

Resting orders at 7:45 a.m. will remain in the book for the 8:30 a.m. opening, unless cancelled.

Four ticks above and below the settlement price
Soybean TAS Futures
KC HRW Wheat TAS Futures
Soybean Oil TAS Futures
Chicago SRW Wheat TAS Futures
Soybean Meal TAS Futures
Livestock 
Live Cattle TAS Futures First three contract months and calendar spreads Second to last business day in the month prior to the named contract month 8:30 a.m. -1:00 p.m. CT Monday - Friday Four ticks above and below the settlement price
Feeder Cattle TAS Futures
Lean Hogs TAS Futures First three contract months and calendar spreads

Note: No May contract or calendar spread with the May expiration as a leg will have TAS
Second to last business day in the month prior to the named contract month 8:30 a.m. -1:00 p.m. CT Monday - Friday Four ticks above and below the settlement price
Product Name Available Contracts Last Trade Date Trading Hours Ticks 
Crude Oil  
Crude Oil TAS Futures Spot (except on the last trading day)

Second through seventh months

Calendar Spreads: All combinations of nearby through sixth spreads 
Five business days before the the 26th calendar day of the month prior to contract month Ceases daily at 2:30 p.m. Eastern Time (ET) Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. 
Brent Crude Oil TAS Futures

Spot

Second and third months

Two London business days before the month prior to the contract month TAS Trading ceases daily at 2:30 PM ET. Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. 
Brent Crude Oil Last Day TAS Futures

Spot

Second, third and fourth months

February contracts terminate two London business days before the month prior to the contract month

Non-February contracts  terminate the last London business day before the month prior to the contract month
Ceases daily at 2:30 p.m. Eastern Time (ET) Trade off of a "Base Price" of 0 to create a differential (plus or minus 40 ticks at 0.0025 equal to 10 BZ ticks at 0.01) versus the settlement price in the underlying product on a 1 to 1 basis. 
Natural Gas
Natural Gas TAS Futures Spot (except on the last trading day)

Second through seventh months

Calendar Spreads: All combinations of nearby through sixth month 
Four business days prior to the contract month. Ceases daily at 2:30 p.m. Eastern Time (ET) Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus the settlement in the underlying product on a 1 to 1 basis. 
Henry Hub Swap TAS Futures

Spot (except on the last trading day)

Second and third months 

Four business days prior to the contract month. Ceases daily at 2:30 p.m. Eastern Time (ET) Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. 
Refined Products
NY Harbor ULSD TAS Spot (except on the last trading day)

Second through seventh months
Two business days prior to the contract month. Ceases daily at 2:30 p.m. Eastern Time (ET) Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. 
RBOB TAS Futures Spot (except on the last trading day)


Second through seventh months
Two business days prior to the contract month. Ceases daily at 2:30 p.m. Eastern Time (ET) Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. 
European Low Sulphur Gasoil (100mt) Bullet (TAS) Futures

Spot (except on the last trading day)

Second and third months 

Four business days before the 14th calendar day of the contract month Ceases daily at 11:30 a.m. ET  Trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. 
Product Name Available Contracts Last Trade Date Ticks 
Base Metals 
Copper TAS Futures

Spot month

First through third nearby active contract months (March, May, July, September and December)

Third to last business day of the contract month Spot month: Only permitted at the settlement price
Active month: At the settlement price or at any valid price increment up to 10 ticks higher or lower than the settlement price.
Precious Metals
Gold TAS Futures First through third nearby active contract months (February, April, June, August and December)  Three business days prior to the contract month The current day’s settlement price or at any valid price increment up to 10 ticks higher or lower than the settlement price.
Silver TAS Futures First through third nearby active contract months (March, May, July, September and December) Three business days prior to the contract month The current day’s settlement price or at any valid price increment up to 10 ticks higher or lower than the settlement price.

Note: A trade done at the Base Price of 0 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day.

Additional Information