Baltic Freight Route Futures
Normal Daily Settlement Procedure
| Baltic Freight Futures | Product Code |
|---|---|
Freight Route TD7 (Baltic) Futures | TK |
Freight Route TD3 (Baltic) Futures | TL |
| Freight Route TC6 (Baltic) Futures | TC6 |
Freight Route TC2 (Baltic) Futures | TM |
Freight Route TC12 (Baltic) Futures | FRS |
| Freight Route TC14 (Baltic) Futures | FRC |
Daily settlement of the above Baltic freight swap futures is determined by CME Group staff based on the following methodology:
Pricing Month
The pricing month is the month for which a final price for the relevant contract is determined. The pricing month contract settles to the arithmetic average of index prices for the relevant route published by the Baltic Exchange for each business day during the contract’s final pricing period.
An average of participant price contributions is used for each business day in the “balance of the month” period, or the remaining business days in the pricing month for which an index price has not yet been published.
If no balance of month data is received from contributors by 17:15 Eastern Standard Time (EST), then the last-published Baltic Exchange price will be used for balance of month instead.
Non-Pricing Month
The prices published for any month other than the pricing month are settled according to the following methodology:
Tier 1: The non-pricing month contract settles to the average of the midpoints derived from participant price contributions received prior to 17:15 EST.
Tier 2: If no contributor submissions are received prior to 17:15 EST, then the contract settles to the prior-day settlement price.
Platts Freight Route Futures
Normal Daily Settlement Procedure
| Platts Freight Futures | Product Code |
|---|---|
Freight Route TC5 (Platts) Futures | TH |
Freight Route TC4 (Platts) Futures | TJ |
| Freight Route TC1 (Platts) Futures | TG |
Daily settlement of the above Platts freight forwards is determined by CME Group staff based on the following methodology:
Pricing Month
The pricing month is the month for which a final price for the relevant contract is determined. The pricing month contract settles to the arithmetic average of index prices for the relevant route published by Platts for each business day during the contract’s final pricing period.
An average of participant price contributions is used for each business day in the “balance of the month” period, or the remaining business days in the pricing month for which an index price has not yet been published.
If no balance of month data is received from contributors by 17:15 Eastern Standard Time (EST), then the last-published Platts price will be used for balance of month instead.
Non-Pricing Month
The prices published for any month other than the pricing month are settled according to the following methodology:
Tier 1: The non-pricing month contract settles to the average of the midpoints derived from participant price contributions received prior to 17:15 EST.
Tier 2: If no contributor submissions are received prior to 17:15 EST, then the contract settles to the prior-day settlement price.
If you have any questions, please call the CME Global Command Center.