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Palladium Futures Settlement Procedure
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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 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.
All Other Months
All months other than the designated active month will settle per the following guidelines:
Tier 1: All months other than the designated active month will settle based upon the VWAP of accumulated calendar spread transactions between 12:30:00 - 13:00:00 ET, the calendar spread settlement period. These calendar spreads will be used in conjunction with settlements from any months where a settlement price has been determined to form a VWAP in in the contract month to be settled. For examples please click here.
Tier 2: In the absence of relevant calendar spread trades, bid/asks in those calendar spreads will be used in conjunction with settlements from any months where a settlement price has been determined to form an implied market in the contract month to be settled. These implied markets will be used to derive the best possible bid and the best possible ask. Provided the implied bid/ask spread is consistent with reasonability thresholds as determined by the Global Command Center, the contract will settle within the implied bid/ask spread. Note- Efforts will be made to honor resting bids and asks, but VWAP trades will take precedence.
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Micro Palladium futures Daily Settlement Procedure
Normal Daily Settlement Procedure
The settlements in the Micro Palladium (PAM) Futures contracts are derived directly from the settlements of the regular sized Palladium (PA) Futures contracts.
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The settlement procedure for the regular sized Palladium contracts can be found at the following link:
https://www.cmegroup.com/confluence/display/EPICSANDBOX/Palladium
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