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

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 First two 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			8:30 a.m. -1:00 p.m. CT Monday - Friday	Four ticks above and below the settlement price
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
Copper TAS Futures (HGT)	Spot month First through fourth nearby active contract months (March, May, July, September, December)	Third last business day of the contract month	Spot month: Only permitted at the settlement price (known as TAS flat or TAS zero) Active month: At the settlement price or at any valid price increment up to 10 ticks higher or lower than the settlement price.
Gold TAS Futures (GCT)	First through fourth nearby active contract months (February, April, June, August, December)	Third last business day of 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.
E-micro Gold TAS Futures (MGT)	First, second and third nearby active contract month (February, April, June, August, December)	Third last business day of 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 (SIT)	First through fourth nearby active contract months (March, May, July, September, December)	Third last business day of 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.
Platinum TAS Futures (PLT)	First and second nearby active contract months (January, April, July, October	Third last business day of 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.
Palladium TAS Futures (PAT)	First nearby active contract month (March, June, September, December)	Third last business day of 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

TAS for Agricultural Products

TAS for Precious Metals

TAS for Copper Futures

TAS Quote Vendor Codes

TAS Cycle Guide

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