Exhibit A

(additions underscored; deletions struck through)

GOLD

Gold (Enhanced Delivery) Futures

Normal Daily Settlement Procedure

Gold (Enhanced Delivery) futures (4GC) are settled by CME Group staff based on trading activity on CME 

Globex during the settlement period. The settlement period is defined as: 13:29:00 to 13:30:00 ET.

All Months

Gold (Enhanced Delivery) futures (4GC) will be settled based upon the bid/ask activity of both outright and 

spread markets on CME Globex between 13:29:00 and 13:30:00 ET. Calendar spreads to be considered 

in this manner are 1 month calendars, 2 month calendars, 3 month calendars, 6 month calendars, 1 month 

butterflies and the inter-commodity Gold futures (GC) vs Gold (Enhanced Delivery) (4GC) spreads. Bids 

and asks in calendar spreads, butterfly instruments and inter-commodity Gold futures (GC) vs Gold 

(Enhanced Delivery) (4GC) 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 to be settled. These implied 

markets, along with the outright bid/ask market for the contract, will be used to derive the best possible bid 

and the best possible ask. If there are multiple prices that are eligible between this best possible bid and 

the best possible ask, the price will be chosen that sets the net change as close to the net change of the 

contract that precedes it in the settlement order. 

Additional Details

Gold (Enhanced Delivery) futures (4GC) are physically delivered upon expiration. For additional details on 

delivery, please see the COMEX Rulebook (Chapter 126):

https://www.cmegroup.com/content/dam/cmegroup/rulebook/COMEX/1a/126.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

Copper

Micro Copper Futures

Normal Daily Settlement Procedure

Micro Copper futures (MHG) daily settlements are equal to the daily settlement price of the Copper futures 

(HG). 

Copper Financial Futures

Normal Daily Settlement 
Copper Financial futures (HGS) are settled by CME Group staff based on the Copper futures (HG) daily 

settlement prices. Each day the settlement price in the look-a-like Copper futures (HG) contract is used in 

the derivation of the Copper Financial futures (HGS) settlements. Since the Copper futures (HG) expire on 

the third last business day of the month and the Copper Financial futures (HGS) expire on the last business 

day of the month there are always two settlement prices from the next deferred Copper futures (HG) futures 

contract in the derivation of the Copper Financial futures (HGS) settlement. Specifically, the Floating Price 

for each contract month is equal to the arithmetic average of the Copper futures (HG) first nearby contract 

settlement price for each business day that it is determined during the contract month rounded to the 

nearest $0.0001 per pound.

Final Settlement Procedure

HGS – COMEX Rulebook Chapter 1190

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

Steel Futures

Steel Futures Settlement Procedures (HR, BUS, HDG, EHR, FSF)

Normal Daily Settlement Procedure

CME Group staff determines the daily settlements for U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) 

Index Futures futures (CME Globex: HRC; CME ClearPort/Clearing: HR), U.S. Midwest Busheling Ferrous 

Scrap (AMM) Futures futures (BUS), U.S. Midwest Domestic Steel Premium (CRU) Futures futures (HDG), 

North European Hot-Rolled Coil Steel (Argus) Futures futures (EHR), and HMS 80/20 Ferrous Scrap, CFR 

Turkey (Platts TSI) Futures futures (FSF), U.S. Midwest Hot-Rolled Coil Steel (Platts) futures (HRP), and 

U.S. Midwest Shredded Scrap (Platts) futures (SHR), based on outright trading activity on CME Globex 

(Globex) and CME ClearPort (CPC) between 10:30:00 and 11:00.00 Central Time (CT) 11:30:00 and 

12:00:00 ET the settlement period.

Spot Month

BUS / HDG / HRC

Tier 1:  If there are outright trades in the front month on CME Globex or CPC CME ClearPort during 

the respective settlement period, then the front month contract settles to the volume-weighted average 

price (VWAP) of the trade(s) during this period.

Tier 2: If no outright trades in the front month occur during the respective settlement period, then the 

contract settles to the last CME Globex outright, strip trade or CPC CME ClearPort outright, calendar 

or strip trade that occurred between 04:00:00 and 11:00:00 CT 05:00:00 and 12:00:00 ET

. If the last trade is below a CME Globex bid or above a CME Globex ask that is active at the end of 

the respective settlement period, the settlement will be adjusted to the CME Globex bid or CME Globex 

ask.

Tier 3:  If no trades occur between 04:00:00 and 11:00:00 CT 05:00:00 and 12:00:00 ET in the front 

month, then the contract settles to the prior settlement price. If the prior settlement price is between the 

CME Globex bid/ask at the end of the respective settlement period, the contract month settles to that 
level. If the prior settlement price is below a CME Globex bid or above a CME Globex ask that is active 

at the end of the respective settlement period, the settlement will be adjusted to the CME Globex bid 

or CME Globex ask.

EHR / FSF / HRP / SHR

Tier 1:  If there are outright trades in the front month on CME Globex or CME ClearPort CPC during 

the respective settlement period, then the front month contract settles to the volume-weighted average 

price (VWAP) of the trade(s) during this period.

Tier 2: If no outright trades in the front month occur during the respective settlement period, then the 

contract settles to the last CME Globex outright, strip trade or CME ClearPort CPC outright, calendar 

or strip trade that occurred between 04:00:00 and 11:00:00 CT 05:00:00 and 12:00:00 ET

. If the last trade is below a CME Globex bid or above a CME Globex ask that is active at the end of 

the respective settlement period, the settlement will be adjusted to the CME Globex bid or CME Globex 

ask.

Tier 3:  If no trades occur between 04:00:00 and 11:00:00 CT 05:00:00 and 12:00:00 ET in the front month, 

then the contract settles to Average of [PRA price assessments (Day 1, Day 2, Day 3...) + average midprice of the brokers submissions as BALMO price]. If this price is between the CME Globex bid/ask at the 

end of the respective settlement period, the contract month settles to that level. If this settlement price is 

below a CME Globex bid or above a CME Globex ask that is active at the end of the respective settlement 

period, the settlement will be adjusted to the CME Globex bid or CME Globex ask. (In the absence of 

submission from the brokers for the top day mid-prices, the prior settlement price will be applied as BALMO 

price in the forementioned formula to determine the settlement price.)

All Other Months

Tier 1:  If there are outright trades in a given contract month on CME Globex or CME ClearPort CPC

during the respective settlement period, then that month settles to the volume-weighted average price 

(VWAP) of the trade(s) during this period.

Tier 2:  If no outright trades in a given contract month occur during the respective settlement period, 

then the contract month settles to the last CME Globex outright, strip trade or CME ClearPort CPC

outright, calendar or strip trade that occurred between 04:00:00 and 11:00:00 CT 05:00:00 and 

12:00:00 ET. If the last trade is below a CME Globex bid or above a CME Globex ask that is active at 

the end of the respective settlement period, the settlement will be adjusted to the CME Globex bid or 

CME Globex ask.

Tier 3:   If no trades occur between 04:00:00 and 11:00:00 CT 05:00:00 and 12:00:00 ET in a listed 

contract month, the settlement will be adjusted according to the following: If the previous day’s 

settlement when adjusted to the net change of the previous listed contract month is between the CME 

Globex bid/ask at the end of the respective settlement period, that contract month settles to that level. 

If the previous day’s settlement adjusted to the previous listed contract month’s net change is below 

the CME Globex bid or above the CME Globex ask that is active at the end of the respective settlement 

period, the settlement will be adjusted to the CME Globex bid or CME Globex ask.

Tier 4:   If no trades occur between 04:00:00 and 11:00:00 CT 05:00:00 and 12:00:00 ET and there is 

no CME Globex bid or CME Globex ask active at the end of the respective settlement period, that 

contract month’s settlement will be adjusted to the net change of the previous listed contract month. 

Final Settlement Procedure

BUS – COMEX Rulebook Chapter 601

HDG – COMEX Rulebook Chapter 969

HRC – COMEX Rulebook Chapter 920
EHR – COMEX Rulebook Chapter 971

FSF – COMEX Rulebook Chapter 867

HRP – COMEX Rulebook Chapter 921

SHR – COMEX Rulebook Chapter 925

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

Platinum

Micro Platinum Futures

Normal Daily Settlement Procedure

Micro Platinum futures (PLM) daily settlements are equal to the daily settlement price of the Platinum futures 

(PL). 

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

Exhibit B

(additions underscored; deletions struck through)

Platinum

Platinum Futures Settlement Procedure

Normal Daily Settlement Procedures

NYMEX Platinum futures (PL) are settled by CME Group staff based on trading activity on CME Globex 

during the settlement period. The settlement period is defined as: 13:03:00 to 13:05:00 ET for the Active 

active Month month and 12:35:00 to 13:05:00 ET for calendar spreads.

Active monthMonth

The active month is the nearest of the contract months listed below that is not the spot month. The active 

month becomes a non-active month effective on its First Position DayDate.
Tier 1: The active contract month settles to the volume-weighted average price (VWAP) of the trades 

executed on CME Globex between 13:03:00 and 13:05:00 ET, the settlement period, rounded to the nearest 

tradable tick.

Tier 2: If there is no VWAP, then the last trade price is checked against the bid/ask.

1.If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest 

bid or ask price.

2.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.

1.If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid 

or ask price.

2.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 12:35:00 – 13:05:00 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 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 (GCC), 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.

Tier 3: In the absence of an implied bid/ask that meets reasonability thresholds, the net change of the 

previous contract month will be applied to determine the contract month’s settlement price.

Final Settlement Calculation for Expiring Contract

CME Group staff determines the settlement of the expiring Platinum futures (PL) contract by following the 

regular daily settlement procedures for non-active months. The expiring contract, considered to be a nonactive month, is settled based on relevant spread relationships on CME Globex throughout the 30-minute

settlement period (for Deferred Months) up to expiration.

Additional Details
Platinum (PL) futures (PL) are physically delivered upon expiration. For additional details on delivery, please 

see the NYMEX Rulebook (Chapter 105):

http://www.cmegroup.com/rulebook/NYMEX/1a/105.pdf

Gold

Gold Futures Daily Settlement Procedure

Normal Daily Settlement Procedure

COMEX Gold futures (GC) are settled by CME Group staff based on trading activity on CME Globex during 

the settlement period. The settlement period is defined as: 13:29:00 to 13:30:00 ET for the Active active 

Month month and 13:15:00 to 13:30:00 ET for calendar spreads.

Active Month

The active month is the nearest of the contract months listed below that is not the spot month. The active 

month becomes a non-active month effective on its First Position Day Date.

GOLD (GC) ACTIVE MONTHS

April (J)

June (M)

August (Q)

December (Z)

February (G)

Tier 1: If a trade(s) occurs on CME Globex between 13:29:00 and 13:30:00 ET, the active month settles to 

the volume-weighted average price (VWAP), rounded to the nearest tradable tick

Tier 2: If there is no VWAP, then the last trade price is checked against the 13:30:00 ET bid/ask.

1. If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest bid or 

ask price.

2. 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.

1. If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid or ask 

price.

2. 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 totaling 25 contracts or more between 13:15:00 - 13:30:00 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 (GCC), the contract will settle within the implied 

bid/ask spread. Note- Efforts will be made to honor relevant resting bids and asks, but VWAP trades will 

take precedence.

Tier 3: In the absence of an implied bid/ask that meets reasonability thresholds, the net change of the 

previous contract month will be applied to determine the contract month’s settlement price.

Tier 4: In the absence of relevant CME Globex data, the GCC, in its sole discretion, may consider block 

trade information for the derivation of settlements. All block trade information must be emailed 

to COMEXSETTLES@cmegroup.com before the end of the settlement window (13:30:00 ET on typical 

trade dates) to be considered for inclusion.

Final Settlement Calculation for Expiring Contract

CME Group staff determines the settlement of the expiring Gold futures (GC) contract by following the 

regular daily settlement procedures for non-active months. The expiring contract, considered to be a nonactive month, is settled based on relevant spread relationships on CME Globex as indicated in the All Other 

Months section.

Additional Details

Gold (GC) futures (GC) are physically delivered upon expiration. For additional details on delivery, please 

see the NYMEX COMEX Rulebook (Chapter 113):

http://www.cmegroup.com/rulebook/COMEX/1a/113.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

COMEX Mini E-mini Gold Futures

Normal Daily Settlement Procedure

The settlements in the E-mini Mini Gold futures (QO) Futures are derived directly from the settlements of 

the regular full-sized Gold futures (GC) Futures, rounded to the nearest tradable tick.

Settlement prices for the COMEX Mini E-mini Gold futures (QO) may differ slightly from the "true" settlement 

price displayed on the CME’s Group Daily Bulletin. These slight variances in settlements are the result of 

rounding due to differences in the minimum tick sizes between the Mini contracts E-mini Gold futures and 

the full-sized Gold futures (GC) contracts. Additionally, the settlement price displayed on the CME Group 

Daily Bulletin matches that of the full-sized contracts for purposes of marking-to-market, as the contracts 

are off-settable. The Mini COMEX E-mini Gold futures (QO) outrights trade in .25 increments and the fullsized COMEX Gold futures (GC) outrights trade in .10 increments.

Example
If the GCZ2 settles 1772.1, then the QOZ2 would settle 1772.00.

Final Settlement

CME Group staff determines the settlement of the expiring Mini E-mini Gold futures (QO) contract by 

following the regular daily settlement procedure.

Additional Details

Mini E-mini Gold futures (QO) futures are cash settled upon expiration. For additional details, please see 

the NYMEX Rulebook (Rule 911.07)COMEX Rulebook (Rule 911.07).

COMEX Micro Gold Futures

Normal Daily Settlement Procedure

The settlements in the Micro Gold futures (MGC) Futures contracts are derived directly from the settlements 

of the regular full-sized Gold futures (GC) Futures contracts.

Example

If the GCZ2 settles 1772.1, then the MGCZ2 would settle 1772.1.

Final Settlement

CME Group staff determines the settlement of the expiring E-micro Micro Gold futures (MGC) contract by 

following the regular daily settlement procedure.

Gold Kilo Futures

Normal Daily Settlement Procedure

Active Month

The Gold Kilo futures (GCK) active month is settled by CME Group staff based on CME Globex activity 

between 13:29:00 and 13:30:00 Eastern Time ET, the settlement period. The active month is the nearest 

base contract month that is not the current delivery month. The base months for Gold Kilo futures (GCK) 

will be the same as the COMEX 100-oz Gold futures (GC), i.e., February, April, June, August and 

December.

Gold Kilo futures (GCK) active month roll schedule will coincide with schedule for the COMEX 

100-oz Gold futures (GC) contract:

LAST NOTICE DAY DATE

FOR GC:

NEW GCK SPOT 

MONTH:

NEW GCK ACTIVE 

MONTH:

January (F) February (G) April (J)

March (H) April (J) June (M)

May (K) June (M) August (Q)

July (N) August (Q) December (Z)

November (X) December (Z) February (G)
Tier 1: If a trade(s) occurs on CME Globex between 13:29:00 and 13:30:00 ET, the settlement period, then 

the month settles to the volume-weighted average price (VWAP), rounded to the nearest tradable tick.

Tier 2: In the absence of outright trades during the settlement window, the active month settles to the 

midpoint of the market at 13:30:00 ET – provided that there is a two-sided market (bid and ask).

Tier 3: In the absence of a two-sided market at 13:30:00 ET, the last trade price (or prior settlement) in the 

active month is checked against any one-sided markets.

 a1. If the last trade price (or prior settlement in the case of no trades during the trade date) is below an 

active bid at 13:30:00 ET, then the contract settles to that respective bid price. If the last trade price (or prior 

settlement in the case of no trades during the trade date) is above an active ask at 13:30:00 ET, then the 

contract settles to that respective ask price.

b2. If there are no active bids or asks at 13:30:00 ET, then the contract settles to the last trade price.

c. If there are no active bids or asks at 13:30:00 ET and no trades in the active month contract during 

the respective trade date, then the settlement price will be implied from the active month GC settle, using 

the spread value created between the Hong Kong marker price and the midpoint of the active GC contract 

month bid/ask at 4:30 AM (i.e., the derived spread is applied to the GC active month settlement price that 

day to derive the GCK active month settlement price).

d3. If none of the above information is available, then the GCK Gold Kilo futures (GCK) active month 

settles to its prior day settlement price.

All Other Months (non-active months)

CME Group staff settles all other contract months based on relevant spread relationships. The greatest 

weight is given to spreads traded in larger volumes later in the trading day.

In the absence of trading activity, settlements are determined using the bid/ask spreads on CME Globex. 

In the event that there is insufficient activity to make the above calculations, staff may rely on earlier data 

or other available market information to determine an appropriate settlement price.

Shanghai Gold Futures Daily Settlement Procedure

Normal Daily Settlement Procedure

Shanghai Gold (USD) futures (SGU) and Shanghai Gold (CNH) futures (SGC) (SGC and SGU) are settled 

by CME Group staff based on trading activity on CME Globex during the settlement period. The settlement 

period is defined as: 13:25:00 to 13:30:00 ET for the Active active Month month and 13:15:00 to 13:30:00 

ET for calendar spreads.

Active Month

The active month is the nearest of the contract months listed below that is not the spot month. The active 

month becomes a non-active month effective on the last business day in the month prior to the Active active 

month.

Gold (GC) Active Months

April (J)
June (M)

August (Q)

December (Z)

February (G)

Tier 1: If a trade(s) occurs on CME Globex between 13:25:00 and 13:30:00 ET, the active month settles to 

the volume-weighted average price (VWAP), rounded to the nearest tradable tick.

Tier 2: If there is no VWAP, then the last trade price is checked against the 13:30:00 ET bid/ask.

1. If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest bid or 

ask price.

2. 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.

1. If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid or ask 

price.

2. 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 13:15:00 - 13:30:00 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 (GCC), the contract will settle within the implied 

bid/ask spread. Note- Efforts will be made to honor relevant resting bids and asks, but VWAP trades will 

take precedence.

Tier 3: In the absence of an implied bid/ask that meets reasonability thresholds, the net change of the 

previous contract month will be applied to determine the contract month’s settlement price.

Tier 4: In the absence of relevant CME Globex data, the GCC, in its sole discretion, may consider block 

trade information for the derivation of settlements. All block trade information must be emailed 

to COMEXSETTLES@cmegroup.com before the end of the settlement window (13:30:00 ET on typical 

trade dates) to be considered for inclusion.
Final Settlement Calculation for Expiring Contract

Shanghai Gold (USD) Futures (SGU)

SGE Gold Benchmark PM price (sourced from Bloomberg or Reuters)/USDCNH rate (sourced from 

EBS https://www.cmegroup.com/market-data/cme-group-benchmark-administration/ebs-fxbenchmarks.html ) at 3pm China time- (see examples below)*31.1035 rounded to nearest USD0.05.

Example:

(XAU9999FIX=SGEX/USDCNH)*31.1035

(315.12/6.87685)*31.1035=$1425.25 per troy ounce

Shanghai Gold (CNH) Futures (SGC)

SGE Gold Benchmark PM price (sourced from Bloomberg or Reuters) rounded to the nearest CNH 0.01.

Example:

XAU9999FIX=SGEX

315.126 = 315.13 CNH per gram

Copper 

Copper Futures Settlement Procedure

Normal Daily Settlement Procedure

COMEX Copper futures (HG) are settled by CME Group staff based on trading activity on CME Globex 

during the settlement period. The settlement period is defined as: 12:59:00 to 13:00:00 ET for the Active 

active Month month and 12:30:00 to 13:00:00 ET for calendar spreads.

Active Month

The active month is the nearest of the contract months listed below that is not the spot month. The active 

month becomes a non-active month effective on its First Position DayDate.

Tier 1: The active contract month settles to the volume-weighted average price (VWAP) of the trades 

executed on CME Globex between 12:59:00 and 13:00:00 ET, the settlement period, rounded to the nearest 

tradable tick.

Tier 2: If there is no VWAP, then the last trade price is checked against the bid/ask.
1.If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest 

bid or ask price.

2.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.

1.If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid

or ask price.

2.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 (GCC), 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.

Tier 3: In the absence of an implied bid/ask that meets reasonability thresholds, the net change of the 

previous contract month will be applied to determine the contract month’s settlement price.

Final Settlement Calculation for Expiring Contract

CME Group staff determines the settlement of the expiring Copper futures (HG) contract by following the 

regular daily settlement procedures for non-active months. The expiring contract, considered to be a nonactive month, is settled based on relevant spread relationships on CME Globex throughout the 30-minute

settlement period (for Deferred Months) up to expiration.

Additional Details

Copper (HG) futures (HG) are physically delivered upon expiration. For additional details on delivery, please 

see the NYMEX COMEX Rulebook (Chapter 111):

http://www.cmegroup.com/rulebook/NYMEX/1a/111.pdf

https://www.cmegroup.com/rulebook/COMEX/1a/111.pdf

COMEX E-Mini mini Copper Futures

Normal Daily Settlement Procedure
The settlements in the E-Mini mini Copper (QC) Futures futures (QC) contracts are derived directly from 

the settlements of the regular full-sized Copper futures (HG) Futures contracts, rounded to the nearest 

tradable tick.

Settlement prices for the E-mini Copper Futures futures ((QC) may differ slightly from the "true" settlement 

price displayed on CME's Group’s Daily Bulletin. These slight variances in settlements are the result of 

rounding due to differences in the minimum tick sizes between the E-mini Copper futures (QC) contracts

and the full-sized contracts. Additionally, the settlement price displayed on the CME Group’s Daily Bulletin 

matches that of the full-sized Copper futures (HG) contracts for purposes of marking-to-market, as the 

contracts are off-settable. The E-mini Copper contracts futures (QC) trade in .002 increments and the fullsize Copper futures (HG) contracts trade in .0005 increments.

Example

If the HGX2 settles 3.6965, then the QCX2 would settle 3.6960.

Final Settlement

CME Group staff determines the settlement of the expiring E-Mini Copper futures (QC) contract by following 

the regular daily settlement procedure.

Additional Details

E-Mini mini Copper (QC) futures (QC) are cash settled upon expiration. For additional details, please see 

the NYMEX Rulebook (Rule 913.07).

Silver 

Silver Futures Settlement Procedure

Normal Daily Settlement Procedure

COMEXSilver futures (SI) Futures are settled by CME Group staff based on trading activity on CME 

Globex during the settlement period. The settlement period is defined as: 13:24:00 to 13:25:00 ET for the 

Active active Month month and 13:10:00 to 13:25:00 ET for calendar spreads.

Active Month

The active month is the nearest of the contract months listed below that is not the spot month. The active 

month becomes a non-active month effective on its First Position DayDate.
Tier 1: The active contract month settles to the volume-weighted average price (VWAP) of the trades 

executed on CME Globex between 13:24:00 and 13:25:00 ET, the settlement period, rounded to the 

nearest $0.001 per troy ounce.

Tier 2: If there is no VWAP, then the last trade price is checked against the bid/ask.

1.If the last trade price is outside of the bid/ask spread, then the contract settles to the 

nearest bid or ask price.

2.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.

1.If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid 

or ask price.

2.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 totaling 25 contracts or more between 13:10:00 - 13:25:00 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 (GCC), the contract will settle within the implied 

bid/ask spread. Note- Efforts will be made to honor relevant resting bids and asks, but VWAP trades will 

take precedence.

Tier 3: In the absence of an implied bid/ask that meets reasonability thresholds, the net change of the 

previous contract month will be applied to determine the contract month’s settlement price.

Tier 4: In the absence of relevant CME Globex data, the GCC, in its sole discretion, may consider block 

trade information for the derivation of settlements. All block trade information must be emailed 

to COMEXSETTLES@cmegroup.com before the end of the settlement window (13:25:00 ET on typical 

trade dates) to be considered for inclusion.

Final Settlement Calculation for Expiring Contract

CME Group staff determines the settlement of the expiring Silver futures (SI) contract by following the 

regular daily settlement procedures for non-active months. The expiring contract, considered to be a nonactive month, is settled based on relevant spread relationships on CME Globex as indicated in the All Other 

Months section.
Additional Details

Silver (SI) futures (SI) are physically delivered upon expiration. For additional details on delivery, please 

see the NYMEX COMEX Rulebook (Chapter 112):

http://www.cmegroup.com/rulebook/NYMEX/1a/112.pdf

https://www.cmegroup.com/rulebook/COMEX/1a/112.pdf

COMEX Mini E-mini Silver Fuures

Normal Daily Settlement Procedure

The settlements in the Mini E-mini Silver (QI) Futures futures (QI) contracts are derived directly from the 

settlements of the regular full-sized Silver (SI) Futures futures (SI)contracts, rounded to the nearest 

tradeable tick.

Example

If the SIZ2 settles 33.292, then the QIZ2 would settle 33.2875.

Final Settlement

CME Group staff determines the settlement of the expiring Mini E-mini Silver (QI) Futures futures (QI) 

contract by following the regular daily settlement procedure.

Additional Details

Mini E-mini Silver (QI) futures (QI) are cash settled upon expiration. For additional details, please see 

the NYMEX COMEX Rulebook (Rule 912.07).

COMEX Micro Silver Futures Daily Settlement Procedure

Normal Daily Settlement Procedure

The settlements in the Micro Silver (SIL) Futures futures (SIL) contracts are derived directly from the 

settlements of the regular full-sized (5,000-oz.) Silver (SI) Futures futures (SI) contracts.

Example

If the SIZ3 settles 19.882, then the SILZ3 would settle 19.882.

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

Aluminum 

Aluminum Futures

Normal Daily Settlement Procedure

COMEX Aluminum (ALI) futures (ALI) are settled by CME Group staff based on trading activity on CME 

Globex during the settlement period. The settlement period is defined as: 16:30:00 to 16:35:00 London 

Time.
Lead Month

The lead month is the anchor month for settlements and will be the third chronological month. However, 

on the 15th of the current calendar month, the lead month becomes the 4th chronological month, and 

remains the 4th chronological month until expiry of the current calendar month. The lead month is settled 

based on market activity on CME Globex between 16:30:00 to 16:35:00 London Time – the lead month 

settlement period.

Tier 1: The Lead lead month Month contract settles to the volume-weighted average price (VWAP) of the 

trades executed on CME Globex between 16:30:00 and 16:35:00 London Time, the settlement period, 

rounded to the nearest tradable tick.

Tier 2: If there is no VWAP, then the last trade price is checked against the bid/ask.

a 1.. If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest 

bid or ask price.

b 2.. 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.

a1.. If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid 

or ask price.

b2.. 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 non-Lead lead months settle per the following guidelines:

Tier 1: All months other than the designated Lead month will settle based upon the VWAP of accumulated 

calendar spread transactions between 16:30:00 - 16:35:00 London Time, 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 (GCC), 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.

 

Tier 3: In the absence of an implied bid/ask that meets reasonability thresholds, the net change of the 

previous contract month will be applied to determine the contract month’s settlement price.

Final Settlement Calculation for Expiring Contract

CME Group staff determines the settlement of the expiring Aluminum futures (ALI) contract by following the 

regular daily settlement procedures for non-Lead months. The expiring contract, considered to be a nonLead lead month, is settled based on relevant spread relationships on CME Globex throughout the 

settlement period (for Deferred Months) up to expiration.
Additional Details

https://www.cmegroup.com/content/dam/cmegroup/rulebook/COMEX/1a/107.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.

Zinc 

Zinc Futures

Normal Daily Settlement Procedure

COMEX Zinc futures (ZNC) and Lead (LED) futures are settled by CME Group staff based on trading activity 

on CME Globex during the settlement period. The settlement period is defined as: 11:30:00 to 12:00:00 

Eastern Time (ET).

Lead Month

The lead month is the anchor month for settlements and will always be the third chronological month. For 

instance, if the October ZNC contract is the spot (front chronological) month, then the December ZNC 

contract would be the lead month. The lead month is settled based on market activity on CME Globex 

between 11:30:00 and 12:00:00 Eastern Time ET – the lead month settlement period.

Tier 1: The lead month settles to the volume-weighted average price (VWAP) of the outright between 

11:30:00 and 12:00:00 Eastern Time ET, the settlement period, rounded to the nearest tradable tick. 

If the VWAP is equidistant between two ticks, then it’s it is rounded to the tick that is closer to the priorday’s settlement price.

Tier 2: If there is no VWAP, then the last trade price is checked against the current bid/ask.

a1.. If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest 

bid or ask price.

b2.. 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.

a1.. If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid 

or ask price.

b2.. 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
Deferred contract months consist of all non-lead months and settle according to the following procedure:

Tier 1: All months other than the designated lead month will settle based upon the VWAP of calendar 

spread transactions executed on CME Globex from 11:30:00 – 12:00:00 ET.

Tier 2: In the absence of relevant calendar spread trades, bids and offers 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 to be settled. These implied markets, along with 

the outright bid/ask market for the contract, will be used to derive the best possible bid and the best 

possible ask. Provided that implied bid/ask spread is consistent with reasonability thresholds for the 

product, as determined by the Global Command Center (GCC), the contract will settle at the midpoint 

of the implied bid/ask spread.

Tier 3: In the absence of an implied best bid/best ask that meets reasonability thresholds, the net 

change of the previous contract month will be applied to determine the contract’s settlement 

price. However, if a contract is initially settled to the net change of the previous month and there are 

posted markets at 12:00:00 ET in one or more calendar spreads with that contract as the nearby leg, 

then the settlement price will be adjusted on a subsequent iteration based upon the implied best 

bid/best ask of those calendar spreads, provided it is consistent with bid/ask reasonability thresholds.

Tier 4: If the settlement price in a deferred month created by using the “net change” method described 

above violates a bid or an offer in a calendar spread or in the deferred month itself that could otherwise 

be honored, the settlement price for that deferred month will be adjusted to honor that bid or offer. If 

not all spread bids or offers can be honored in this way, precedence will be given to the tightest bid/ask 

markets

 Additional Details

 https://www.cmegroup.com/rulebook/COMEX/1a/186.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe 

at 44.800.898.013, or in Asia at 65.6532.5010.

Lead 

Lead Futures

Normal Daily Settlement Procedure

COMEX Zinc (ZNC) and Lead (LED) futures (LED) are settled by CME Group staff based on trading activity 

on CME Globex during the settlement period. The settlement period is defined as: 11:30:00 to 12:00:00 

Eastern Time (ET).

Lead Month
The lead month is the anchor month for settlements and will always be the third chronological month. For 

instance, if the October ZNC LED contract is the spot (front chronological) month, then the December ZNC 

LED contract would be the lead month. The lead month is settled based on market activity on CME Globex 

between 11:30:00 and 12:00:00 Eastern Time ET – the lead month settlement period.

Tier 1: The lead month settles to the volume-weighted average price (VWAP) of the outright between 

11:30:00 and 12:00:00 Eastern Time ET, the settlement period, rounded to the nearest tradable tick. 

If the VWAP is equidistant between two ticks, then it’s rounded to the tick that is closer to the priorday’s settlement price.

Tier 2: If there is no VWAP, then the last trade price is checked against the current bid/ask.

a1.. If the last trade price is outside of the bid/ask spread, then the contract settles to the nearest 

bid or ask price.

b2.. 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.

a1.. If the prior settle is outside of the bid/ask spread, then the contract settles to the nearest bid 

or ask price.

b2. 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

Deferred contract months consist of all non-lead months and settle according to the following procedure:

Tier 1: All months other than the designated lead month will settle based upon the VWAP of calendar 

spread transactions executed on CME Globex from 11:30:00 – 12:00:00 ET.

Tier 2: In the absence of relevant calendar spread trades, bids and offers 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 to be settled. These implied markets, along with 

the outright bid/ask market for the contract, will be used to derive the best possible bid and the best 

possible ask. Provided that implied bid/ask spread is consistent with reasonability thresholds for the 

product, as determined by the Global Command Center (GCC), the contract will settle at the midpoint 

of the implied bid/ask spread.

Tier 3: In the absence of an implied best bid/best ask that meets reasonability thresholds, the net 

change of the previous contract month will be applied to determine the contract’s settlement 

price. However, if a contract is initially settled to the net change of the previous month and there are 

posted markets at 12:00:00 ET in one or more calendar spreads with that contract as the nearby leg, 

then the settlement price will be adjusted on a subsequent iteration based upon the implied best 

bid/best ask of those calendar spreads, provided it is consistent with bid/ask reasonability thresholds.
Tier 4: If the settlement price in a deferred month created by using the “net change” method described 

above violates a bid or an offer in a calendar spread or in the deferred month itself that could otherwise 

be honored, the settlement price for that deferred month will be adjusted to honor that bid or offer. If 

not all spread bids or offers can be honored in this way, precedence will be given to the tightest bid/ask 

markets.

 Additional Details

 https://www.cmegroup.com/rulebook/COMEX/1a/187.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe 

at 44.800.898.013, or in Asia at 65.6532.5010.

London Spot Gold Futures

London Spot Gold Futures

Normal Daily Settlement Procedure 

London Spot Gold Futures futures (GSP) settlement is derived from the COMEX Gold futures (GC) Active 

active Month month settlement minus the Inter-Commodity Spread [COMEX Gold futures (GC) (Active 

active Monthmonth) Gold vs. London Spot Gold futures (GSP)] settlement. The settlement methodology of 

these components is as follows: 

The COMEX Gold Active Month futures (GC) Active active Month month is settled by CME Group staff 

based on trading activity on CME Globex between 13:29:00 and 13:30:00 Eastern Time (ET), the settlement 

period. The active month active month is the nearest base contract month that is not the current delivery 

month. The base months for Gold futures (GC) are February, April, June, August and December (Active 

month active month futures roll schedule below). 

Tier 1: If a trade(s) occurs on CME Globex between 13:29:00 and 13:30:00 ET, the settlement period, 

then the active month active month settles to the volume-weighted average price (VWAP), rounded to the 

nearest tradable tick.

Tier 2: In the absence of outright trades during the settlement window, the active month active month

settles to the midpoint of the market at 13:30:00 ET – provided that there is a two-sided market (both a bid 

and ask).

Tier 3: In the absence of a two-sided market at 13:30:00 ET, the last trade price (or prior settlement) in 

the active month active month is checked against any one-sided markets.

1. If the last trade price (or prior settlement in the case of no trades during the trade date) is below an 

active bid at 13:30:00 ET, then the contract settles to that respective bid price. If the last trade price 

(or prior settlement in the case of no trades during the trade date) is above an active ask at 13:30:00 

ET, then the contract settles to that respective ask price.

2. If there are no active bids or asks at 13:30:00 ET, then the contract settles to the last trade price 

(or prior settlement in the case of no trades during the trade date).
The Inter-Commodity Spread [COMEX Gold futures (GC) (Active Month active month) vs. London Spot 

Gold futures (GSP)] is settled by CME Group staff based on trading activity on CME Globex between 

13:29:00 and 13:30:00 Eastern Time (ET), the settlement period.

Tier 1: If a trade(s) occurs on CME Globex between 13:29:00 and 13:30:00 ET, the settlement period, 

then the Inter-Commodity spread settles to the volume-weighted average price (VWAP), rounded to the 

nearest tradable tick.

Tier 2: In the absence of outright trades during the settlement window, the Inter-Commodity spread settles 

to the midpoint of the market at 13:30:00 ET – provided that there is a two-sided market (both a bid and 

ask).

Tier 3: In the absence of a two-sided market at 13:30:00 ET, the last trade price (or prior settlement) in 

the Inter-Commodity spread is checked against any one-sided markets.

1. If the last trade price (or prior settlement in the case of no trades during the trade date) is below an 

active bid at 13:30:00 ET, then the contract settles to that respective bid price. If the last trade price 

(or prior settlement in the case of no trades during the trade date) is above an active ask at 13:30:00 

ET, then the contract settles to that respective ask price.

2. If there are no active bids or asks at 13:30:00 ET, then the contract settles to the last trade price 

(or prior settlement in the case of no trades during the trade date).

COMEX Gold futures (GC) active month roll schedule

Last notice date for: New spot month: New active month:

January (F) February (G) April (J)

March (H) April (J) June (M)

May (K) June (M) August (Q)

July (N) August (Q) December (Z)

November (X) December (Z) February (G)

If you have any questions, please call the CME Global Command Center.

Additional Details:

https://www.cmegroup.com/rulebook/COMEX/1a/129.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.
London Spot Silver Futures

London Spot Silver Futures

Normal Daily Settlement Procedure

London Spot Silver Futures futures (SSP) settlement is derived from the COMEX Silver futures (SI) Active 

Month active month settlement minus the Inter-Commodity Spread [COMEX Silver futures (SI) (Active Month

active month) Silver vs. London Spot Silver futures (SSP)] settlement. The settlement methodology of these 

components is as follows: 

The COMEX Silver Active Month active month futures (SI) Active Month active month is settled by CME 

Group staff based on trading activity on CME Globex between 13:24:00 and 13:25:00 Eastern Time (ET), 

the settlement period. The active month active month is the nearest base contract month that is not the 

current delivery month. The base months for Silver futures (SI) are March, May, July, September and 

December (Active month active month futures roll schedule below).

Tier 1: If a trade occurs on CME Globex between 13:24:00 and 13:25:00 ET, the settlement period, then 

the active month settles to the volume-weighted average price (VWAP), rounded to the nearest $0.001 per 

troy ounce.

Tier 2: In the absence of outright trades during the settlement window, the active month settles to the 

midpoint of the market at 13:25:00 ET – provided that there is a two-sided market (both a bid and ask).

Tier 3: In the absence of a two-sided market at 13:25:00 ET, the last trade price (or prior settlement) in the 

active month is checked against any one-sided markets.

1. If the last trade price (or prior settlement in the case of no trades during the trade date) is below an 

active bid at 13:25:00 ET, then the contract settles to that respective bid price. If the last trade price 

(or prior settlement in the case of no trades during the trade date) is above an active ask at 13:25:00 

ET, then the contract settles to that respective ask price.

2. If there are no active bids or asks at 13:25:00 ET, then the contract settles to the last trade price 

(or prior settlement in the case of no trades during the trade date).

The Inter-Commodity Spread [COMEX Silver futures (SI) (Active Month active month) vs. London Spot 

Silver futures (SSP)] is settled by CME Group staff based on trading activity on CME Globex between 

13:24:00 and 13:25:00 Eastern Time (ET), the settlement period.

Tier 1: If a trade(s) occurs on CME Globex between 13:24:00 and 13:25:00 ET, the settlement period, 

then the Inter-Commodity spread settles to the volume-weighted average price (VWAP), rounded to the 

nearest tradable tick.

Tier 2: In the absence of outright trades during the settlement window, the Inter-Commodity spread settles 

to the midpoint of the market at 13:25:00 ET – provided that there is a two-sided market (both a bid and 

ask).

Tier 3: In the absence of a two-sided market at 13:25:00 ET, the last trade price (or prior settlement) in 

the Inter-Commodity spread is checked against any one-sided markets.
1. If the last trade price (or prior settlement in the case of no trades during the trade date) is below an 

active bid at 13:25:00 ET, then the contract settles to that respective bid price. If the last trade price 

(or prior settlement in the case of no trades during the trade date) is above an active ask at 13:25:00 

ET, then the contract settles to that respective ask price.

2. If there are no active bids or asks at 13:25:00 ET, then the contract settles to the last trade price 

(or prior settlement in the case of no trades during the trade date).

Silver futures (SI) active month roll schedule

Last notice date for: New spot month: New active month:

February (G) March (H) May (K)

April (J) May (K) July (N)

June (M) July (N) September (U)

August (Q) September (U) December (Z)

November (X) December (Z) March (H)

If you have any questions, please call the CME Global Command Center

Additional Details:

https://www.cmegroup.com/rulebook/COMEX/1a/130.pdf

If you have any questions, please call the CME Global Command Center at 800.438.8616, in Europe at 

44.800.898.013, or in Asia at 65.6532.5010.