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Tier 2: If there is no VWAP, then the last trade price is checked against the bid/ask.
If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest bid or ask price.
If the last trade price is within the bid/ask spread or if a bid/ask is not available, then the contract settles to the last trade price.
Tier 3: If there is no last trade price available, then the prior settle is checked against the current bid/ask.
If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid or ask price.
If the prior settle is within the bid/ask spread or if a bid/ask is not available, then the contract settles to the prior settlement price.
Deferred months
Deferred contract months consist of all non-lead months and settle according to the following procedure:
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