Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F1-BDI) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F1-BDI) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F1-BDI) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F1-BDI) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F1-BDI) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F1-BDI) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F1: BDI (Baltic Dry Index)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F1-BDI) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 

are at least 4 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 24 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 BDI Tick.

2.4 Price Quotation

The price quotation shall be USD per BDI Tick. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet or 

NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F1-BDI) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per BDI Tick, shall be the mean of all the 

indices (Baltic Dry Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F2-C3E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F2-C3E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F2-C3E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F2-C3E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F2-C3E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear (http://www.sgx.com/ 

asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F2-C3E) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F2: C3E (Capsize, Tubarao – Qingdao, 170,000 mt)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F2-C3E) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per MT, shall be the mean of all the indices 

(Baltic Capesize Index) in the contract month. 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F2-C3E) Contract Specifications Page 4

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F3-C4E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F3-C4E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F3-C4E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F3-C4E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F3-C4E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/ asiaclear) and 

NASDAQ OMX (http://www.nasdaqomx.com/commodities/clearing), 

which may be found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F3-C4E) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F3:C4E (Capsize, Richards Bay - Rotterdam, 150,000 mt)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F3-C4E) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 72 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 72 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F3-C4E) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per MT, shall be the mean of all the indices 

(Baltic Capesize Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F4-C5E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F4-C5E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F4-C5E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F4-C5E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F4-C5E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/ asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F4-C5E) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F4: C5E (Capsize, Port Hedland - Qingdao, 172,000 mt)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 3 consecutive Month Contracts and 4 consecutive Quarter Contracts. A new 

month/quarter Product is introduced once the current month/quarter is no longer available 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F4-C5E) Contract Specifications Page 3

for trading or if requested by users as long as it is within the 12 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per MT, shall be the mean of all the indices 

(Baltic Capesize Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F4-C5E) Contract Specifications Page 4

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F5-C7E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F5-C7E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F5-C7E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F5-C7E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F5-C7E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/ asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F5-C7E) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F5: C7E (Capsize, Bolivar - Rotterdam, 150,000 mt)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F5-C7E) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 72 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 72 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F5-C7E) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per MT, shall be the mean of all the indices 

(Baltic Capesize Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6-P2A) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F6-P2A) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6-P2A) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F6-P2A) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F6-P2A) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/ asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F6-P2A) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F6: P2A (Panamax, T\C Skaw Gibraltar – Far East)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6-P2A) Contract Specifications Page 3

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of the last 7 Baltic 

Exchange spot price assessments (Baltic Panamax Index) of the contract month. 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6-P2A) Contract Specifications Page 4

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6E-P2E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F6E-P2E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6E-P2E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F6E-P2E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F6E-P2E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F6E-P2E) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F6E: P2E (Panamax, T\C Skaw Gibraltar – Far East)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6E-P2E) Contract Specifications Page 3

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet or 

NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Panamax Index) in the contract month. 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F6E-P2E) Contract Specifications Page 4

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7-P3A) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F7-P3A) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7-P3A) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F7-P3A) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F7-P3A) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear

(http://www.sgx.com/asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F7-P3A) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F7: P3A (Panamax, T/C South Korea – Japan)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7-P3A) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7-P3A) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of last 7 Baltic 

Exchange spot price assessments (Baltic Panamax Index) of the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7E-P3E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F7E-P3E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7E-P3E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F7E-P3E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F7E-P3E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F7E-P3E) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F7E: P3E (Panamax, T/C South Korea – Japan)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7E-P3E) Contract Specifications Page 3

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet or 

NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Panamax Index) in the contract month. 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F7E-P3E) Contract Specifications Page 4

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F8-C4TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F8-C4TC) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F8-C4TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F8-C4TC) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F8-C4TC) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear (http://www.sgx.com/ 

asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F8-C4TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F8: C4TC (Capsize, T/C Average)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F8-C4TC) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 72 months. At any time there 

are at least 2 consecutive Month Contracts, 4 consecutive Quarter Contracts and 5 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 72 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F8-C4TC) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Capesize Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F9-P4TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F9-P4TC) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F9-P4TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F9-P4TC) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F9-P4TC) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear (http://www.sgx.com/ 

asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F9-P4TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F9-P4TC (Panamax, T/C Average)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F9-P4TC) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 72 months. At any time there 

are at least 2 consecutive Month Contracts, 4 consecutive Quarter Contracts and 5 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 72 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F9-P4TC) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Panamax Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F10-H6TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F10-H6TC) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F10-H6TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps(F10-H6TC) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F10-H6TC) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear (http://www.sgx.com/ 

asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F10-H6TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F10: H6TC (Handysize, T/C Average)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F10-H6TC) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 72 months. At any time there 

are at least 2 consecutive Month Contracts, 4 consecutive Quarter Contracts and 5 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 72 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F10-H6TC) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Handysize Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F11-S6TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F11-S6TC) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F11-S6TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F11-S6TC) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F11-S6TC) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear (http://www.sgx.com/ 

asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F11-S6TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F11: S6TC (Supramax, T/C Average)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F11-S6TC) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 72 months. At any time there 

are at least 2 consecutive Month Contracts, 4 consecutive Quarter Contracts and 5 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 72 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear or NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F11-S6TC) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Supramax Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12-P1A) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F12-P1A) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12-P1A) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F12-P1A) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F12-P1A) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F12-P1A) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F12: P1A (Panamax, Transatlantic RV)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12-P1A) Contract Specifications Page 3

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet or 

NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of last 7 Baltic 

Exchange spot price assessments (Baltic Panamax Index) of the contract month. 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12-P1A) Contract Specifications Page 4

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12E-P1E) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F12E-P1E) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12E-P1E) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F12E-P1E) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F12E-P1E) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F12E-P1E) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F12E: P1E (Panamax, Transatlantic RV)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 3 Year 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12E-P1E) Contract Specifications Page 3

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet or 

NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Panamax Index) in the contract month. 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F12E-P1E) Contract Specifications Page 4

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F13-S7) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) SWAPS (F13-S7) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F13-S7) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Swaps (F13-S7) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Freight Forward Agreement (FFA) Swaps (F13-S7) Contract on the CLEARTRADE 

EXCHANGE Market. The rules and procedures for trading that are not specifically covered in 

the Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and 

not otherwise defined shall have the meanings ascribed to them under the Trading Rules. For 

the purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Swaps (F13-S7) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Freight Forward Agreement (FFA).

Fertilizer Means the following Freight Forward Agreement (FFA) Product:

F13: S7 (Supramax, East Coast India - China)

Delivery Period Means for a Quarter Contract it will be the First Index Day of the Quarter 

to last Index Day of the Quarter where a Quarter Contract will be spilt 

equally into 3 Month Contracts on the Trading Day and settled as Month 

Contracts.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Quarters and Hours

The Contract shall be listed for such Contract Quarters and scheduled for trading during such

hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 4 consecutive Quarter Contracts. A new quarter Product is introduced once the 

current quarter is no longer available for trading or if requested by users as long as it is within 

the 12 month period.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F13-S7) Contract Specifications Page 3

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 Day.

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 25.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet or 

NASDAQ OMX.

2.7 Price Limit and Cooling Off Period

There shall be no Price Limit or Cooling Off Period imposed for trading in the Contract.

2.8 Termination of Trading

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per Day, shall be the mean of all the indices 

(Baltic Supramax Index) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Swaps (F13-S7) Contract Specifications Page 4

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F15-C4TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA)

OPTIONS (F15-C4TC) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F15-C4TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Options (F15-C4TC) Contract (the “Specifications”) govern the trading of the 

CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) Options (F15-C4TC) Contract on 

the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that are not 

specifically covered in the Specifications shall be as set forth in the Trading Rules. Capitalised 

terms used herein and not otherwise defined shall have the meanings ascribed to them 

under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Forward Freight Agreement (FFA)

Options (F15-C4TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is C4TC, Capesize T/C Average Swaps/Futures.

FFA Means the following Freight Forward Agreement (FFA) Products:

F15: C4TC (Capesize T/C Average)

FFA Index 

Provider

The Baltic Exchange – The world’s leading source of independent 

maritime data covering the spot dry and tanker markets and forward 

markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F15-C4TC) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months and scheduled for trading during such

hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 47 months.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is one (1) day.

2.4 Price Quotation

The price quotation shall be USD per day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.

2.6 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day is a 

non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this. 

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not permitted to 

exercise the option on any other day or in any other circumstances. 

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/day.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F15-C4TC) Contract Specifications Page 4

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of the respective clearing house. New strike prices will be created upon 

request at the discretion of the respective clearing house. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money. 

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying C4TC, Capesize T/C Average Swaps/Futures minus the 

strike price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying C4TC, Capesize T/C Average

Swaps/Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.2 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F17-P4TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA)

OPTIONS (F17-P4TC) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F17-P4TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Options (F17-P4TC) Contract (the “Specifications”) govern the trading of the 

CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) Options (F17-P4TC) Contract on 

the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that are not 

specifically covered in the Specifications shall be as set forth in the Trading Rules. Capitalised 

terms used herein and not otherwise defined shall have the meanings ascribed to them 

under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Forward Freight Agreement (FFA)

Options (F17-P4TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is P4TC, Panamax T/C Average Swaps/Futures.

FFA Means the following Freight Forward Agreement (FFA) Products:

F17: P4TC (Panamax T/C Average)

FFA Index 

Provider

The Baltic Exchange – The world’s leading source of independent 

maritime data covering the spot dry and tanker markets and forward 

markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F17-P4TC) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months and scheduled for trading during such

hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 47 months.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is one (1) day.

2.4 Price Quotation

The price quotation shall be USD per day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.

2.6 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day is a 

non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this. 

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not permitted to 

exercise the option on any other day or in any other circumstances. 

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/day.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F17-P4TC) Contract Specifications Page 4

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of the respective clearing house. New strike prices will be created upon 

request at the discretion of the respective clearing house.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money. 

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying Panamax T/C Average Swaps/Futures minus the strike 

price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying Panamax T/C Average Swaps/Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.2 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F18-H6TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA)

OPTIONS (F18-H6TC) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F18-H6TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Options (F18-H6TC) Contract (the “Specifications”) govern the trading of the 

CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) Options (F18-H6TC) Contract on 

the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that are not 

specifically covered in the Specifications shall be as set forth in the Trading Rules. Capitalised 

terms used herein and not otherwise defined shall have the meanings ascribed to them 

under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Forward Freight Agreement (FFA)

Options (F18-H6TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is H6TC, Handysize T/C Average

Swaps/Futures.

FFA Means the following Freight Forward Agreement (FFA) Products:

F18: H6TC (Handysize T/C Average)

FFA Index 

Provider

The Baltic Exchange – The world’s leading source of independent 

maritime data covering the spot dry and tanker markets and forward 

markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F18-H6TC) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months and scheduled for trading during such

hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 47 months.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is one (1) day.

2.4 Price Quotation

The price quotation shall be USD per day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.

2.6 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day is a 

non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this. 

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not permitted to 

exercise the option on any other day or in any other circumstances. 

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/day.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F18-H6TC) Contract Specifications Page 4

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of the respective clearing house. New strike prices will be created upon 

request at the discretion of the respective clearing house. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money.

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying H6TC, Handysize T/C Average Swaps/Futures minus the 

strike price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the H6TC, Handysize T/C Average Swaps/Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.2 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F19-S6TC) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA)

OPTIONS (F19-S6TC) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F19-S6TC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Options (F19-S6TC) Contract (the “Specifications”) govern the trading of the 

CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) Options (F19-S6TC) Contract on 

the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that are not 

specifically covered in the Specifications shall be as set forth in the Trading Rules. Capitalised 

terms used herein and not otherwise defined shall have the meanings ascribed to them 

under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Forward Freight Agreement (FFA)

Options (F19-S6TC) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is S6TC, Supramax T/C Average Swaps/Futures.

FFA Means the following Freight Forward Agreement (FFA) Products:

F19: S6TC (Supramax T/C Average)

FFA Index 

Provider

The Baltic Exchange – The world’s leading source of independent 

maritime data covering the spot dry and tanker markets and forward 

markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F19-S6TC) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months and scheduled for trading during such

hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 47 months.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is one (1) day.

2.4 Price Quotation

The price quotation shall be USD per day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.

2.6 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day is a 

non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this. 

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not permitted to 

exercise the option on any other day or in any other circumstances. 

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/day.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F19-S6TC) Contract Specifications Page 4

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of the respective clearing house. New strike prices will be created upon 

request at the discretion of the respective clearing house. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money. 

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying Supramax T/C Average Swaps/Futures minus the strike 

price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying Supramax T/C Average Swaps/Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.2 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F25-P2A) Contract Specifications Page 1

CLEARTRADE EXCHANGE FREIGHT FORWARD 

AGREEMENT (FFA) OPTIONS (F25-P2A) 

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F25-P2A) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Freight Forward Agreement 

(FFA) Options (F25-P2A) Contract (the “Specifications”) govern the trading of the 

CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) Options Futures (F25-P2A) 

Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that 

are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com) 

and NASDAQ OMX (http://www.nasdaqomx.com/commodities/clearing) 

which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Freight Forward Agreement (FFA) 

Options (F25-P2A) Contract traded on the CLEARTRADE EXCHANGE 

Market which Underlying is Panamax, T/C Skaw Gibraltar – Far East 

Futures.

FFA Means the following Freight Forward Agreement (FFA) Products:

F25: P2A(Panamax, T/C Skaw Gibraltar – Far East)

FFA Index 

Provider

The Baltic Exchange – The world’s leading source of independent 

maritime data covering the spot dry and tanker markets and forward 

markets. 

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months and scheduled for trading during such

hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is one (1) day.
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F25-P2A) Contract Specifications Page 3

2.4 Price Quotation

The price quotation shall be USD per Day. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.

2.6 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this 

day is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to 

this.

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not permitted 

to exercise the option on any other day or in any other circumstances.

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/day.

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of the respective clearing house. New strike prices will be created upon 

request at the discretion of the respective clearing house. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money.

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 
Cleartrade Exchange Pte Ltd – Freight Forward Agreement (FFA) Options (F25-P2A) Contract Specifications Page 4

settlement price of the underlying Panamax, T/C Skaw Gibraltar – Far East Futures minus the 

strike price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying Panamax, T/C Skaw Gibraltar – Far East 

Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.2 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Iron Ore Swaps (M1-IO) Contract Specifications Page 1

CLEARTRADE EXCHANGE IRON ORE

SWAPS (M1-IO) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Iron Ore Swaps (M1-IO) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Iron Ore Swaps (M1-IO)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Iron Ore 

Swaps (M1-IO) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for 

trading that are not specifically covered in the Specifications shall be as set forth in the Trading 

Rules. Capitalised terms used herein and not otherwise defined shall have the meanings 

ascribed to them under the Trading Rules. For the purposes of the Specifications and unless 

the context otherwise requires, the following capitalised terms shall have the meanings set 

forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com), SGX AsiaClear (http://www.sgx.com/

asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing), which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Iron Ore Swaps (M1-IO) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is Iron 

Ore.

USD Means the lawful currency of the United States of America.

Steel Means the following Steel Products:

M1: IO 62% Fines CFR China

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Iron Ore Swaps (M1-IO) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 2 Year 

Contracts. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 48 month period.

2.3 Trading Unit 

For LCH.Clearnet and NASDAQ OMX, the trading unit shall be one (1) lot which is 1000 MT. As 

for SGX AsiaClear, the trading unit shall be one (1) lot which is 500 MT.

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the respective Clearing Houses - LCH.Clearnet, SGX 

AsiaClear and NASDAQ OMX. 

2.7 Price Limit and Cooling Off Period

Trades of the iron ore swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 12% above or below the closing prices 

of the preceding Business Day (“the 12% Limit”) except as provided below. When a single 

contract month is trading at the 12% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 12% Limit. When at least 3 separate contract months are trading at the 12% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 12% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 20% above or below the closing 

prices of the preceding Business Day (“the 20% Limit”) for the rest of the business day. 
Cleartrade Exchange Pte Ltd – Iron Ore Swaps (M1-IO) Contract Specifications Page 4

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/MT, shall be the mean of all the indices (The 

Steel Index) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Iron Ore Options (M2-IO) Contract Specifications Page 1

CLEARTRADE EXCHANGE IRON ORE

OPTIONS (M2-IO) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Iron Ore Options (M2-IO) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Iron Ore Options (M2-IO)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Iron Ore 

Options (M2-IO) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. The terms used herein which are in capitals and not otherwise defined shall 

have the meanings ascribed to them under the Trading Rules. For the purposes of the 

Specifications and unless the context otherwise requires, the following terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com), 

SGX AsiaClear (http://www.sgx.com/asiaclear) and NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) which may be 

found on their respective websites.

Contract Means the CLEARTRADE EXCHANGE Iron Ore Options (M2-IO) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is IO

62% Fines CFR China Swaps/Futures.

Iron Ore Means the following Iron Ore Products:

M2: IO 62% Fines CFR China

The Steel Index The Steel Index is a leading provider of impartial price information for key 

steel, scrap, coking coal and iron ore products based on spot market 

transactions. The Steel Index was officially launched on 25 April 2006. On 1 

July 2011 it was purchased by Platts, a division of McGraw Hill Financial. 

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will be 

the First Index Day of the Year to last Index Day of the Year where a Year 

Contract will be spilt equally into 12 Month Contracts on the Trading Day 

and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Iron Ore Options (M2-IO) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 35 months.

2.3 Trading Unit 

The trading unit shall be dependent on the respective lot sizes of our relevant clearing 

houses, where one (1) lot is equivalent to:

LCH.Clearnet: 1,000 metric tons (mt)

NASDAQ OMX: 1 metric tons (mt)

SGX Asiaclear Futures: 100 metric tons (mt)

SGX Asiaclear Swaps: 500 metric tons (mt)

2.4 Price Quotation

The price quotation shall be USD per mt. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this 

day is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to 

this. For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of 

the quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first 

month of the year.
Cleartrade Exchange Pte Ltd – Iron Ore Options (M2-IO) Contract Specifications Page 4

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not permitted 

to exercise the option on any other day or in any other circumstances. 

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period.

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/mt.

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of the respective clearing house. New strike prices will be created upon 

request at the discretion of the respective clearing house. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money. 

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying IO 62% Fines CFR China Swaps/Futures minus the strike 

price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying IO 62% Fines CFR China Swaps/Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.2 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A1-DTA) Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

SWAPS (A1-DTA) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A1-DTA) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Swaps (A1-DTA)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Fertilizer 

Swaps (A1-DTA) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Swaps (A1-DTA) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Fertilizer.

Fertilizer Means the following Fertilizer Products:

A1: DTA (DAP fob Tampa)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 6 consecutive Month Contracts and 4 consecutive Quarter Contracts. A new 

month/quarter Product is introduced once the current month/quarter is no longer available 

for trading or if requested by users as long as it is within the 12 month period.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A1-DTA) Contract Specifications Page 3

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 500MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 8% above or below the closing prices of the

preceding Business Day (“the 8% Limit”) except as provided below. When a single contract month 

is trading at the 8% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 8% Limit. When 

at least 3 separate contract months are trading at the 8% Limit, Cleartrade Exchange will announce 

a 30-minute cooling off period for all contract months during which trading shall only take place 

within the 8% Limit. Following the cooling off period, all traded prices of either the specific contract 

month or all contract months (depending on the situation above) shall not vary more than 13% 

above or below the closing prices of the preceding Business Day (“the 13% Limit”) for the rest of 

the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A1-DTA) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per MT, shall be the mean of all the indices 

(Fertilizer Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A2-UAN) Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

SWAPS (A2-UAN) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A2-UAN) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Swaps (A2-UAN)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Fertilizer 

Swaps (A2-UAN) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Swaps (A2-UAN) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Fertilizer.

Fertilizer Means the following Fertilizer Products:

A2: UAN (UAN (32% N) fob NOLA)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

ST Means short ton where 1 short ton = 907.18474 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 6 consecutive Month Contracts and 4 consecutive Quarter Contracts. A new 

month/quarter Product is introduced once the current month/quarter is no longer available 

for trading or if requested by users as long as it is within the 12 month period.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A2-UAN) Contract Specifications Page 3

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 500 ST.

2.4 Price Quotation

The price quotation shall be USD per ST. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 8% above or below the closing prices of the

preceding Business Day (“the 8% Limit”) except as provided below. When a single contract month 

is trading at the 8% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 8% Limit. When 

at least 3 separate contract months are trading at the 8% Limit, Cleartrade Exchange will announce 

a 30-minute cooling off period for all contract months during which trading shall only take place 

within the 8% Limit. Following the cooling off period, all traded prices of either the specific contract 

month or all contract months (depending on the situation above) shall not vary more than 13% 

above or below the closing prices of the preceding Business Day (“the 13% Limit”) for the rest of 

the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A2-UAN) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per ST, shall be the mean of all the indices 

(Fertilizer Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A3-UYZ) Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

SWAPS (A3-UYZ) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A3-UYZ) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Swaps (A3-UYZ)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Fertilizer 

Swaps (A3-UYZ) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Swaps (A3-UYZ) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Fertilizer.

Fertilizer Means the following Fertilizer Products:

A3: UYZ (Urea (Prill) fob Yuzhnyy)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 6 consecutive Month Contracts and 4 consecutive Quarter Contracts. A new 

month/quarter Product is introduced once the current month/quarter is no longer available 

for trading or if requested by users as long as it is within the 12 month period.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A3-UYZ) Contract Specifications Page 3

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 500 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 8% above or below the closing prices of the

preceding Business Day (“the 8% Limit”) except as provided below. When a single contract month 

is trading at the 8% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 8% Limit. When 

at least 3 separate contract months are trading at the 8% Limit, Cleartrade Exchange will announce 

a 30-minute cooling off period for all contract months during which trading shall only take place 

within the 8% Limit. Following the cooling off period, all traded prices of either the specific contract 

month or all contract months (depending on the situation above) shall not vary more than 13% 

above or below the closing prices of the preceding Business Day (“the 13% Limit”) for the rest of 

the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A3-UYZ) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per MT, shall be the mean of all the indices 

(Fertilizer Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A4-UNO) Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

SWAPS (A4-UNO) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A4-UNO) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Swaps (A4-UNO)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Fertilizer 

Swaps (A4-UNO) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Swaps (A4-UNO) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Fertilizer.

Fertilizer Means the following Fertilizer Products:

A4: UNO (Urea (gran) fob barge Nola)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

ST Means short ton where 1 short ton = 907.18474 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 6 consecutive Month Contracts and 4 consecutive Quarter Contracts. A new 

month/quarter Product is introduced once the current month/quarter is no longer available 

for trading or if requested by users as long as it is within the 12 month period.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A4-UNO) Contract Specifications Page 3

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 500 ST.

2.4 Price Quotation

The price quotation shall be USD per ST. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 8% above or below the closing prices of the

preceding Business Day (“the 8% Limit”) except as provided below. When a single contract month 

is trading at the 8% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 8% Limit. When 

at least 3 separate contract months are trading at the 8% Limit, Cleartrade Exchange will announce 

a 30-minute cooling off period for all contract months during which trading shall only take place 

within the 8% Limit. Following the cooling off period, all traded prices of either the specific contract 

month or all contract months (depending on the situation above) shall not vary more than 13% 

above or below the closing prices of the preceding Business Day (“the 13% Limit”) for the rest of 

the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A4-UNO) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per ST, shall be the mean of all the indices 

(Fertilizer Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A5-DNO) Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

SWAPS (A5-DNO) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A5-DNO) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Swaps (A5-DNO)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Fertilizer 

Swaps (A5-DNO) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Swaps(A5-DNO) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Fertilizer.

Fertilizer Means the following Fertilizer Products:

A5: DNO (DAP fob New Orleans)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

ST Means short ton where 1 short ton = 907.18474 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time there 

are at least 6 consecutive Month Contracts and 4 consecutive Quarter Contracts. A new 

month/quarter Product is introduced once the current month/quarter is no longer available 

for trading or if requested by users as long as it is within the 12 month period.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A5-DNO) Contract Specifications Page 3

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 500 ST.

2.4 Price Quotation

The price quotation shall be USD per ST. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 8% above or below the closing prices of the

preceding Business Day (“the 8% Limit”) except as provided below. When a single contract month 

is trading at the 8% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 8% Limit. When 

at least 3 separate contract months are trading at the 8% Limit, Cleartrade Exchange will announce 

a 30-minute cooling off period for all contract months during which trading shall only take place 

within the 8% Limit. Following the cooling off period, all traded prices of either the specific contract 

month or all contract months (depending on the situation above) shall not vary more than 13% 

above or below the closing prices of the preceding Business Day (“the 13% Limit”) for the rest of 

the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A5-DNO) Contract Specifications Page 4

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD per ST, shall be the mean of all the indices 

(Fertilizer Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A6-UNE) Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

SWAPS (A6-UNE) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement Price and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A6-UNE) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Swaps (A6-UNE)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Fertilizer 

Swaps (A6-UNE) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Swaps (A6-UNE) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Fertilizer.

Fertilizer Means the following Fertilizer Products:

A6: UNE (UREA – Egypt)

Fertilizer Index Means the Index which is registered and published in the United 

Kingdom and is calculated from price data provided by FertilizerWEEK, 

Fertecon and FMB, the world’s three most respected providers of 

fertilizer information.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the

First Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained 

by contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. At any time 

there is a contract series of front 6 months, 4 quarters. A new month/quarter Product is 
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A6-UNE) Contract Specifications Page 3

introduced once the current month/quarter is no longer available for trading or if requested 

by users as long as it is within the 12 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 500MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 8% above or below the closing prices of the 

preceding Business Day (“the 8% Limit”) except as provided below. When a single contract month 

is trading at the 8% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 8% Limit. When 

at least 3 separate contract months are trading at the 8% Limit, Cleartrade Exchange will announce 

a 30-minute cooling off period for all contract months during which trading shall only take place 

within the 8% Limit. Following the cooling off period, all traded prices of either the specific contract 

month or all contract months (depending on the situation above) shall not vary more than 13% 

above or below the closing prices of the preceding Business Day (“the 13% Limit”) for the rest of 

the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this 

day is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to 

this. For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of 

the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (A6-UNE) Contract Specifications Page 4

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH, based on submissions by Approved 

OTC brokers. The Final Settlement Price, as expressed as USD per MT, shall be the mean of 

all the indices (Fertilizer Index) in the contract month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of 

trading in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A9-UAN) Mini Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

FUTURES (A9-UAN) MINI CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A9-UAN) Mini Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Futures (A9-UAN)

Mini Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE 

Fertilizer Futures (A9-UAN) Mini Contract on the CLEARTRADE EXCHANGE Market. The rules 

and procedures for trading that are not specifically covered in the Specifications shall be as 

set forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall 

have the meanings ascribed to them under the Trading Rules. For the purposes of the 

Specifications and unless the context otherwise requires, the following capitalised terms 

shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com) 

which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Futures (A9-UAN) Mini 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is UAN fob NOLA.

Fertilizer Index 

Provider

The Fertilizer Index is jointly produced by

(1) FertilizerWEEK – The one-stop source for all fertilizer prices and 

related fertilizer market information needs

(2) Fertecon – The Company has provided a reliable source of 

information to the industry for over 30 years and FERTECON’s 

services range from current market and price reports through to

in-depth long-term supply/demand and price forecast studies.

(3) Argus FMB - An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Fertilizer Means the following Fertilizer Products:

A9: UAN (Urea Ammonium Nitrate 32% fob New Orleans Landing Area)

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

ST Means short ton where 1 short ton = 907.18474 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A9-UAN) Mini Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. 

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 25 ST.

2.4 Price Quotation

The price quotation shall be USD per ST. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer futures contract in any of the future contract months, shall not be 

made, during one Business Day, at prices varying more than 8% above or below the closing 

prices of the preceding Business Day (“the 8% Limit”) except as provided below. When a 

single contract month is trading at the 8% Limit, Cleartrade Exchange will announce a 

30-minute cooling off period for the specific contract month during which trading shall only 

take place within the 8% Limit. When at least 3 separate contract months are trading at the 8% 

Limit, Cleartrade Exchange will announce a 30-minute cooling off period for all contract 

months during which trading shall only take place within the 8% Limit. Following the cooling 

off period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 13% above or below the closing 

prices of the preceding Business Day (“the 13% Limit”) for the rest of the business day.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A9-UAN) Mini Contract Specifications Page 4

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this 

day is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to 

this. For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of 

the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

In respect of daily settlement, the floating price will be the end of day price as supplied by 

Cleartrade Exchange. The derivation of these daily settlement prices are done via the 

Exchange’s closing price methodology (please refer to the Cleartrade Closing Price 

Methodology).

The Final Settlement Price for the relevant underlying product, as expressed as USD per Day, 

shall be the arithmetic average of the weekly Urea Ammonium Nitrate 32% fob NOLA Index

as supplied by the Fertilizer Index for that month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of 

trading in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A11-UNO) Mini Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

FUTURES (A11-UNO) MINI CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A11-UNO) Mini Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Futures (A11-UNO)

Mini Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE 

Fertilizer Futures (A11-UNO) Mini Contract on the CLEARTRADE EXCHANGE Market. The rules 

and procedures for trading that are not specifically covered in the Specifications shall be as 

set forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall 

have the meanings ascribed to them under the Trading Rules. For the purposes of the 

Specifications and unless the context otherwise requires, the following capitalised terms 

shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com) 

which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Futures (A11-UNO) Mini

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Urea (Gran) fob New Orleans Landing Area Fertilizer Index.

Fertilizer Means the following Fertilizer Products:

A11: UNO (Urea (Gran) fob New Orleans Landing Area)

Fertilizer Index 

Provider

The Fertilizer Index is jointly produced by

(1) FertilizerWEEK – The one-stop source for all fertilizer prices and 

related fertilizer market information needs

(2) Fertecon – The Company has provided a reliable source of 

information to the industry for over 30 years and FERTECON’s 

services range from current market and price reports through to 

in-depth long-term supply/demand and price forecast studies.

(3) Argus FMB - An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

ST Means short ton where 1 short ton = 907.18474 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A11-UNO) Mini Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 25ST.

2.4 Price Quotation

The price quotation shall be USD per ST. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer futures contract in any of the future contract months, shall not be 

made, during one Business Day, at prices varying more than 8% above or below the closing 

prices of the preceding Business Day (“the 8% Limit”) except as provided below. When a 

single contract month is trading at the 8% Limit, Cleartrade Exchange will announce a 

30-minute cooling off period for the specific contract month during which trading shall only 

take place within the 8% Limit. When at least 3 separate contract months are trading at the 8% 

Limit, Cleartrade Exchange will announce a 30-minute cooling off period for all contract 

months during which trading shall only take place within the 8% Limit. Following the cooling 

off period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 13% above or below the closing 

prices of the preceding Business Day (“the 13% Limit”) for the rest of the business day.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A11-UNO) Mini Contract Specifications Page 4

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this 

day is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to 

this. For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of 

the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

In respect of daily settlement, the floating price will be the end of day price as supplied by 

Cleartrade Exchange. The derivation of these daily settlement prices are done via the 

Exchange’s closing price methodology (please refer to the Cleartrade Closing Price 

Methodology).

The Final Settlement Price for the relevant underlying product, as expressed as USD per Day, 

shall be the arithmetic average of the weekly Urea (Gran) fob New Orleans Landing Area 

Fertilizer Index as supplied by Fertilizer Index for that month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of 

trading in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A12-DNO) Mini Contract Specifications Page 1

CLEARTRADE EXCHANGE FERTILIZER

FUTURES (A12-DNO) MINI CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A12-DNO) Mini Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Fertilizer Futures (A12-DNO)

Mini Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE 

Fertilizer Futures (A12-DNO) Mini Contract on the CLEARTRADE EXCHANGE Market. The rules 

and procedures for trading that are not specifically covered in the Specifications shall be as 

set forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall 

have the meanings ascribed to them under the Trading Rules. For the purposes of the 

Specifications and unless the context otherwise requires, the following capitalised terms 

shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com) 

which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Fertilizer Futures (A12-DNO) Mini 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Di-Ammonium Phosphate fob New Orleans Landing Area 

Fertilizer Index.

Fertilizer Index 

Provider

The Fertilizer Index is jointly produced by

(1) FertilizerWEEK – The one-stop source for all fertilizer prices and 

related fertilizer market information needs

(2) Fertecon – The Company has provided a reliable source of 

information to the industry for over 30 years and FERTECON’s 

services range from current market and price reports through to

in-depth long-term supply/demand and price forecast studies.

(3) Argus FMB - An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Fertilizer Means the following Fertilizer Products:

A12: DNO (Di-Ammonium Phosphate fob New Orleans Landing Area)

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts.

ST Means short ton where 1 short ton = 907.18474 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A12-DNO) Mini Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Months/Quarters and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 12 months. 

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 25ST.

2.4 Price Quotation

The price quotation shall be USD per ST. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the fertilizer futures contract in any of the future contract months, shall not be 

made, during one Business Day, at prices varying more than 8% above or below the closing 

prices of the preceding Business Day (“the 8% Limit”) except as provided below. When a 

single contract month is trading at the 8% Limit, Cleartrade Exchange will announce a 

30-minute cooling off period for the specific contract month during which trading shall only 

take place within the 8% Limit. When at least 3 separate contract months are trading at the 8% 

Limit, Cleartrade Exchange will announce a 30-minute cooling off period for all contract 

months during which trading shall only take place within the 8% Limit. Following the cooling 

off period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 13% above or below the closing 

prices of the preceding Business Day (“the 13% Limit”) for the rest of the business day. 
Cleartrade Exchange Pte Ltd – Fertilizer Futures (A12-DNO) Mini Contract Specifications Page 4

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this 

day is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to 

this. For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of 

the quarter.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

In respect of daily settlement, the floating price will be the end of day price as supplied by 

the Cleartrade Exchange. The derivation of these daily settlement prices are done via the 

Exchange’s closing price methodology (please refer to the Cleartrade Closing Price 

Methodology).

The Final Settlement Price for the relevant underlying product, as expressed as USD per Day, 

shall be the arithmetic average of the weekly DAP fob NOLA Fertilizer Index as supplied by 

the Fertilizer Index for that month. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of 

trading in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F27-CNW) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F27-CNW) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F27-CNW) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F27-CNW)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F27-CNW) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) and SGX AsiaClear 

(http://www.sgx.com) which may be found on their respective 

websites.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F27-CNW)

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Container Route.

Container Means the Container Route consisting of the following:

F27: CNW (Shanghai - North West Europe)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

TEU Means a twenty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained 

by contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Container Swap (F27-CNW) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time 

there are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 TEU 20ft container.

2.4 Price Quotation

The price quotation shall be USD per TEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses, LCH.Clearnet and SGX 

AsiaClear respectively.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the 

month in question. If this day is a non-trading day, the Last Trading Day is defined as the 
Cleartrade Exchange Pte Ltd – Container Swap (F27-CNW) Contract Specifications Page 4

nearest Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last 

Trading Day of the first month of the quarter. For a Year Contract, the Last Trading Day is the 

Last Trading Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/TEU, shall be the mean of all the Shanghai 

Containerized Freight Index (SCFI) weekly spot assessments for the contract route as 

published by the Shanghai Shipping Exchange each Friday during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of 

trading in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F28-CMD) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F28-CMD) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F28-CMD) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F28-CMD) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F28-CMD) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) and SGX AsiaClear 

(http://www.sgx.com) which may be found on their respective 

websites.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F28-CMD) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Container Route.

Container Means the Container Routes consisting of the following:

F28: CMD (Shanghai - Mediterranean)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

TEU Means a twenty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained 

by contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Container Swap (F28-CMD) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time 

there are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 TEU 20ft container.

2.4 Price Quotation

The price quotation shall be USD per TEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses, LCH.Clearnet and SGX 

AsiaClear respectively.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the 

month in question. If this day is a non-trading day, the Last Trading Day is defined as the 
Cleartrade Exchange Pte Ltd – Container Swap (F28-CMD) Contract Specifications Page 4

nearest Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last 

Trading Day of the first month of the quarter. For a Year Contract, the Last Trading Day is the 

Last Trading Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/TEU, shall be the mean of all the Shanghai 

Containerized Freight Index (SCFI) weekly spot assessments for the contract route as 

published by the Shanghai Shipping Exchange each Friday during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of 

trading in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F29-CSW) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F29-CSW) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F29-CSW) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container (F29-CSW) Swap

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container

(F29-CSW) Swap Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) and SGX AsiaClear 

(http://www.sgx.com) which may be found on their respective 

websites.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F29-CSW) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Container Route.

Container Means the Container Routes consisting of the following:

F29: CSW (Shanghai - US West Coast)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Container Swap (F29-CSW) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses, LCH.Clearnet and SGX 

AsiaClear respectively.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 
Cleartrade Exchange Pte Ltd – Container Swap (F29-CSW) Contract Specifications Page 4

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the Shanghai 

Containerized Freight Index (SCFI) weekly spot assessments for the contract route as published 

by the Shanghai Shipping Exchange each Friday during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F30-CSE) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F30-CSE) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F30-CSE) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F30-CSE)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F30-CSE) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) and SGX AsiaClear 

(http://www.sgx.com) which may be found on their respective 

websites.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F30-CSE) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F30: CSE (Shanghai - US East Coast)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Container Swap (F30-CSE) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses, LCH.Clearnet and SGX 

AsiaClear respectively.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 
Cleartrade Exchange Pte Ltd – Container Swap (F30-CSE) Contract Specifications Page 4

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the Shanghai 

Containerized Freight Index (SCFI) weekly spot assessments for the contract route as published 

by the Shanghai Shipping Exchange each Friday during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F31-CSL) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F31-CSL) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F31-CSL) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F31-CSL)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F31-CSL) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F31-CSL) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F31: CSL (Shanghai – Los Angeles)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F31-CSL) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F31-CSL) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F32-CSN) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F32-CSN) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F32-CSN) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F32-CSN) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F32-CSN) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F32-CSN) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F32: CSN (Shanghai – New York)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F32-CSN) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F32-CSN) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F33-CSR) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F33-CSR) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F33-CSR) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F33-CSR)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F33-CSR) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F33-CSR) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F33: CSR (Shanghai – Rotterdam)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F33-CSR) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F33-CSR) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F34-CSG) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F34-CSG) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F34-CSG) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F34-CSG)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F34-CSG) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F34-CSG) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F34: CSG (Shanghai – Genoa)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F34-CSG) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F34-CSG) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F35-CLS) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F35-CLS) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F35-CLS) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F35-CLS) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F35-CLS) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F35-CLS) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F35: CLS (Los Angeles – Shanghai)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F35-CLS) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F35-CLS) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F36-CRS) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F36-CRS) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F36-CRS) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F36-CRS) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F36-CRS) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F36-CRS) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F36: CRS (Rotterdam – Shanghai)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F36-CRS) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the 

month in question. If this day is a non-trading day, the Last Trading Day is defined as the 

nearest Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last 

Trading Day of the first month of the quarter. For a Year Contract, the Last Trading Day is the 

Last Trading Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F36-CRS) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F37-CGS) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP(F37-CGS) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F37-CGS) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F37-CGS)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F37-CGS) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F37-CGS) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F37: CGS (Genoa – Shanghai)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F37-CGS) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F37-CGS) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F38-CNR) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F38-CNR) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F38-CNR) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F38-CNR) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F38-CNR) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F38-CNR) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Container Route.

Container Means the Container Routes consisting of the following:

F38: CNR (New York – Rotterdam)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F38-CNR) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F38-CNR) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F39-CRN) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F39-CRN) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F39-CRN) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F39-CRN) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F39-CRN) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F39-CRN) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Container Route.

Container Means the Container Routes consisting of the following:

F39: CRN (Rotterdam – New York)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F39-CRN) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices of the 

preceding Business Day (“the 10% Limit”) except as provided below. When a single contract month 

is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 10% Limit. When 

at least 3 separate contract months are trading at the 10% Limit, Cleartrade Exchange will 

announce a 30-minute cooling off period for all contract months during which trading shall only 

take place within the 10% Limit. Following the cooling off period, all traded prices of either the 

specific contract month or all contract months (depending on the situation above) shall not vary 

more than 17% above or below the closing prices of the preceding Business Day (“the 17% Limit”) 

for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F39-CRN) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F40-CLR) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F40-CLR) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F40-CLR) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F40-CLR)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F40-CLR) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F40-CLR) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F40: CLR (Los Angeles – Rotterdam)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F40-CLR) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices 

of the preceding Business Day (“the 10% Limit”) except as provided below. When a single 

contract month is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 10% Limit. When at least 3 separate contract months are trading at the 10% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 10% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 17% above or below the closing 

prices of the preceding Business Day (“the 17% Limit”) for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F40-CLR) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Container Swap (F41-CRL) Contract Specifications Page 1

CLEARTRADE EXCHANGE CONTAINER

SWAP (F41-CRL) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Container Swap (F41-CRL) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Container Swap (F41-CRL) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Container 

Swap (F41-CRL) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures 

for trading that are not specifically covered in the Specifications shall be as set forth in the 

Trading Rules. Capitalised terms used herein and not otherwise defined shall have the 

meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Container Swap (F41-CRL) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Container Route.

Container Means the Container Routes consisting of the following:

F41: CRL (Rotterdam – Los Angeles)

Delivery Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

FEU Means a forty-foot equivalent unit, a measure used for capacity in 

container transportation.

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 23 months. At any time there 

are at least 3 consecutive Month Contracts, 4 consecutive Quarter Contracts and 1 Year 
Cleartrade Exchange Pte Ltd – Container Swap (F41-CRL) Contract Specifications Page 3

Contract. A new month/quarter/year Product is introduced once the current 

month/quarter/year is no longer available for trading or if requested by users as long as it is 

within the 23 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1 FEU 40ft container.

2.4 Price Quotation

The price quotation shall be USD per FEU.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 1.00.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the container swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 10% above or below the closing prices of the 

preceding Business Day (“the 10% Limit”) except as provided below. When a single contract month 

is trading at the 10% Limit, Cleartrade Exchange will announce a 30-minute cooling off period for 

the specific contract month during which trading shall only take place within the 10% Limit. When 

at least 3 separate contract months are trading at the 10% Limit, Cleartrade Exchange will 

announce a 30-minute cooling off period for all contract months during which trading shall only 

take place within the 10% Limit. Following the cooling off period, all traded prices of either the 

specific contract month or all contract months (depending on the situation above) shall not vary 

more than 17% above or below the closing prices of the preceding Business Day (“the 17% Limit”) 

for the rest of the business day. 

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the Delivery Period for the month

in question. If this day is a non-trading day, the Last Trading Day is defined as the nearest 

Trading Day prior to this. For a Quarter Contract, the Last Trading Day is the Last Trading Day 

of the first month of the quarter. For a Year Contract, the Last Trading Day is the Last Trading 

Day of the first month of the year.
Cleartrade Exchange Pte Ltd – Container Swap (F41-CRL) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement Price

The Final Settlement Price, as expressed as USD/FEU, shall be the mean of all the World 

Container Index weekly spot assessments for the contract route during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Steel Swaps (M10-SCN) Contract Specifications Page 1

CLEARTRADE EXCHANGE STEEL

SWAPS (M10-SCN) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement Price and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Steel Swaps (M10-SCN) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Steel Swaps (M10-SCN)

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Steel Swaps 

(M10-SCN) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for 

trading that are not specifically covered in the Specifications shall be as set forth in the Trading 

Rules. Capitalised terms used herein and not otherwise defined shall have the meanings 

ascribed to them under the Trading Rules. For the purposes of the Specifications and unless 

the context otherwise requires, the following capitalised terms shall have the meanings set 

forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Steel Swaps (M10-SCN) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Steel.

EUR Means the official currency of the eurozone: 17 of the 27 member states 

of the European Union (EU).

Steel Means the following Steel Products:

M10: SCN (Hot Rolled Coil – Northern Europe, domestic)

Steel Index

Provider

Index is calculated by The Steel Index which specializes in the 

compilation of industry reference prices data for steel, using rigorous, 

transparent processes and secure web-based technology. 

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Steel Swaps (M10-SCN) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 

is a contract series of front 6 months, 4 quarters, 2 years. A new month/quarter/year Product 

is introduced once the current month/quarter/year is no longer available for trading or if 

requested by users as long as it is within the 24 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 20MT.

2.4 Price Quotation

The price quotation shall be EUR per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be EUR 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the steel swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 11% above or below the closing prices 

of the preceding Business Day (“the 11% Limit”) except as provided below. When a single 

contract month is trading at the 11% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 11% Limit. When at least 3 separate contract months are trading at the 11% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 11% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 18% above or below the closing 

prices of the preceding Business Day (“the 18% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this. 

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 
Cleartrade Exchange Pte Ltd – Steel Swaps (M10-SCN) Contract Specifications Page 4

the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH, based on submissions by approved 

OTC brokers. The Final Settlement Price, as expressed as EUR/MT, shall be the mean of all the 

indices (The Steel Index) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Steel Swaps (M11-SCS) Contract Specifications Page 1

CLEARTRADE EXCHANGE STEEL

SWAPS (M11-SCS) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Steel Swaps (M11-SCS) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Steel Swaps(M11-SCS) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Steel Swaps (M11-

SCS) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading 

that are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Steel Swaps (M11-SCS) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Steel.

EUR Means the official currency of the eurozone: 17 of the 27 member states 

of the European Union (EU).

Steel Means the following Steel Products:

M11: SCS (Hot Rolled Coil – Southern Europe, domestic)

Steel Index

Provider

Index is calculated by The Steel Index which specializes in the 

compilation of industry reference prices data for steel, using rigorous, 

transparent processes and secure web-based technology.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure
Cleartrade Exchange Pte Ltd – Steel Swaps (M11-SCS) Contract Specifications Page 3

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 

is a contract series of front 6 months, 4 and 2 Years. A new month/quarter/year Product is 

introduced once the current month/quarter/year is no longer available for trading or if 

requested by users as long as it is within the 24month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 20MT.

2.4 Price Quotation

The price quotation shall be EUR per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be EUR 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the steel swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 11% above or below the closing prices 

of the preceding Business Day (“the 11% Limit”) except as provided below. When a single 

contract month is trading at the 11% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 11% Limit. When at least 3 separate contract months are trading at the 11% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 11% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 18% above or below the closing 

prices of the preceding Business Day (“the 18% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 
Cleartrade Exchange Pte Ltd – Steel Swaps (M11-SCS) Contract Specifications Page 4

the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH, based on submissions by approved 

OTC brokers. The Final Settlement Price, as expressed as EUR/MT, shall be the mean of all the 

indices (The Steel Index) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Steel Swaps (M12-SST) Contract Specifications Page 1

CLEARTRADE EXCHANGE STEEL

SWAPS (M12-SST) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Steel Swaps (M12-SST) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Steel Swaps (M12-SST) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Steel Swaps (M12-

SST) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading 

that are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Steel Swaps (M12-SST) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Steel.

USD Means the lawful currency of the United States of America.

Steel Means the following Steel Products:

M12: SST (Turkish Import Scrap)

Steel Index 

Provider 

Index is calculated by The Steel Index which specializes in the 

compilation of industry reference prices data for steel, using rigorous, 

transparent processes and secure web-based technology.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 
Cleartrade Exchange Pte Ltd – Steel Swaps (M12-SST) Contract Specifications Page 3

is a contract series of front 6 months, 4 and 2 Years. A new month/quarter/year Product is 

introduced once the current month/quarter/year is no longer available for trading or if 

requested by users as long as it is within the 24month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 20MT.

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the steel swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 11% above or below the closing prices 

of the preceding Business Day (“the 11% Limit”) except as provided below. When a single 

contract month is trading at the 11% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 11% Limit. When at least 3 separate contract months are trading at the 11% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 11% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 18% above or below the closing 

prices of the preceding Business Day (“the 18% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 

the year.
Cleartrade Exchange Pte Ltd – Steel Swaps (M12-SST) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH, based on submissions by approved 

OTC brokers. The Final Settlement Price, as expressed as USD/MT, shall be the mean of all the 

indices (The Steel Index) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Steel Swaps (M13-SBC) Contract Specifications Page 1

CLEARTRADE EXCHANGE STEEL

SWAPS (M13-SBC) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Steel Swaps (M13-SBC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Steel Swaps (M13-SBC) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Steel Swaps (M13-

SBC) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading 

that are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Steel Swaps (M13-SBC) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Steel.

USD Means the lawful currency of the United States of America.

Steel Means the following Steel Products:

M13: SBC (China Domestic Hot Rolled Ribbed Bar)

Steel Index 

Provider

Index is calculated by the Cleartrade China Steel Indices, which data is 

provided by Umetal one of the leading information provider for steel 

and raw materials in China.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 
Cleartrade Exchange Pte Ltd – Steel Swaps (M13-SBC) Contract Specifications Page 3

is a contract series of front 6 months, 4 quarter Contracts and 2 Year Contracts. A new 

month/quarter/year Product is introduced once the current month/quarter/year is no longer 

available for trading or if requested by users as long as it is within the 24month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 20MT.

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01. 

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the steel swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 11% above or below the closing prices 

of the preceding Business Day (“the 11% Limit”) except as provided below. When a single 

contract month is trading at the 11% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 11% Limit. When at least 3 separate contract months are trading at the 11% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 11% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 18% above or below the closing 

prices of the preceding Business Day (“the 18% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 

the year.
Cleartrade Exchange Pte Ltd – Steel Swaps (M13-SBC) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH, based on submissions by approved 

OTC brokers. The Final Settlement Price, as expressed as USD/MT, shall be the mean of all the 

indices (Cleartrade China Steel Index (provided by Umetal) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Steel Swaps (M14-SCC) Contract Specifications Page 1

CLEARTRADE EXCHANGE STEEL

SWAPS (M14-SCC) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Steel Swaps (M14-SCC) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Steel Swaps (M14-SCC) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Steel Swaps (M14-

SCC) Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading 

that are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Steel Swaps (M14-SCC) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is 

Steel.

USD Means the lawful currency of the United States of America.

Steel Means the following Steel Products:

M14: SCC (China Hot Rolled Coil)

Steel Index 

Provider

Index is calculated by the Cleartrade China Steel Indices, which data is 

provided by Umetal one of the leading information provider for steel 

and raw materials in China.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be spilt equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be spilt equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 
Cleartrade Exchange Pte Ltd – Steel Swaps (M14-SCC) Contract Specifications Page 3

is a contract series of front 6 months, 4 quarter and 2 Years. A new month/quarter/year 

Product is introduced once the current month/quarter/year is no longer available for trading 

or if requested by users as long as it is within the 24month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 20MT.

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01. 

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH.Clearnet.

2.7 Price Limit and Cooling Off Period

Trades of the steel swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 11% above or below the closing prices 

of the preceding Business Day (“the 11% Limit”) except as provided below. When a single 

contract month is trading at the 11% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 11% Limit. When at least 3 separate contract months are trading at the 11% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 11% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 18% above or below the closing 

prices of the preceding Business Day (“the 18% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 

the year.
Cleartrade Exchange Pte Ltd – Steel Swaps (M14-SCC) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH, based on submissions by approved 

OTC brokers. The Final Settlement Price, as expressed as USD/MT, shall be the mean of all the 

indices (Cleartrade China Steel Index (provided by Umetal) in the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Bunker single swap (B1-FOSS180) Contract Specifications Page 1

CLEARTRADE EXCHANGE BUNKER (B1-FOSS180)

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Bunker single swap (B1-FOSS180) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Bunker Single Swap (B1-

FOSS180) Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE 

Bunker single swap (B1-FOSS180) Contract on the CLEARTRADE EXCHANGE Market. The rules 

and procedures for trading that are not specifically covered in the Specifications shall be as set 

forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall have 

the meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of SGX AsiaClear (http://www.sgx.com),

NASDAQ OMX (http://www.nasdaqomx.com/commodities/clearing)

and Chicago Mercantile Exchange (http://www.cmegroup.com/) which 

can be found on their websites.

Contract Means the CLEARTRADE EXCHANGE Bunker single swap (B1-FOSS180) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Bunker.

USD Means the lawful currency of the United States of America.

Bunker Means the following Bunker Products:

B1: FOSS180 (Singapore Fuel Oil 180cst, 3.5% Sulfur)

Bunker Index

Provider

Index is calculated by Platts which is a leading provider of energy, 

petrochemicals and metals information.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the

First Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be split equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be split equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained 

by contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Bunker single swap (B1-FOSS180) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 36 months. At any time there 

are at least a contract series of front 5 months, 4 consecutive quarters and 2 Years. A new 

month/quarter/year Product is introduced once the current month/quarter/year is no longer 

available for trading or if requested by users as long as it is within the 36 months period.

2.3 Trading Unit 

The trading unit shall be 1 lot which is 1MT in NASDAQ OMX, 10MT in SGX and 100MT in 

CME. 

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the contract traded shall be USD0.01. 

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses: SGX Asia Clear, NASDAQ 

OMX and CME Group.

2.7 Price Limit and Cooling Off Period

Trades of the bunker swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 9% above or below the closing prices of 

the preceding Business Day (“the 9% Limit”) except as provided below. When a single contract 

month is trading at the 9% Limit, Cleartrade Exchange will announce a 30-minute cooling off 

period for the specific contract month during which trading shall only take place within the 9% 

Limit. When at least 3 separate contract months are trading at the 9% Limit, Cleartrade 

Exchange will announce a 30-minute cooling off period for all contract months during which 

trading shall only take place within the 9% Limit. Following the cooling off period, all traded 

prices of either the specific contract month or all contract months (depending on the situation 

above) shall not vary more than 15% above or below the closing prices of the preceding 

Business Day (“the 15% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.
Cleartrade Exchange Pte Ltd – Bunker single swap (B1-FOSS180) Contract Specifications Page 4

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 

the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by SGX, NASDAQ OMX and CME respectively,

based on submissions by approved OTC brokers. The Final Settlement Price, as expressed as

USD/MT, is equal to the arithmetic average of the mid-point of the high and low quotations 

from the Platts Asia-Pacific Marketscan for HSFO 180cst (High-Sulfur Fuel Oil) under the 

heading "Singapore Physical Cargoes" for each business day that it is determined during the 

contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Bunker single swap (B2-FOSS380) Contract Specifications Page 1

CLEARTRADE EXCHANGE BUNKER (B2-FOSS380)

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Bunker single swap (B2-FOSS380) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Bunker Single Swap (B2-

FOSS380) Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE 

Bunker single swap (B2-FOSS380) Contract on the CLEARTRADE EXCHANGE Market. The rules 

and procedures for trading that are not specifically covered in the Specifications shall be as set 

forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall have 

the meanings ascribed to them under the Trading Rules. For the purposes of the Specifications 

and unless the context otherwise requires, the following capitalised terms shall have the 

meanings set forth below:

Clearing Rules Means the Clearing Rules of SGX AsiaClear (http://www.sgx.com), 

NASDAQ OMX (http://www.nasdaqomx.com/commodities/clearing)

and Chicago Mercantile Exchange (http://www.cmegroup.com/) which 

can be found on their websites.

Contract Means the CLEARTRADE EXCHANGE Bunker single swap (B2-FOSS380) 

Contract traded on the CLEARTRADE EXCHANGE Market which 

Underlying is Bunker.

USD Means the lawful currency of the United States of America.

Bunker Means the following Bunker Products:

B2: FOSS380 (Singapore Fuel Oil 380cst, 4% Sulfur)

Bunker Index

Provider

Index is calculated by Platts which is a leading provider of energy, 

petrochemicals and metals information.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be split equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be split equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Bunker single swap (B2-FOSS380) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 36 months. At any time there 

are at least a contract series of front 5 months, 4 consecutive quarters and 2 Years. A new 

month/quarter/year Product is introduced once the current month/quarter/year is no longer 

available for trading or if requested by users as long as it is within the 36 months period.

2.3 Trading Unit 

The trading unit shall be 1 lot which is 1MT in NASDAQ OMX, 10MT in SGX and 100MT in CME. 

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the contract traded shall be USD0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses: SGX Asia Clear, NASDAQ OMX

and CME Group.

2.7 Price Limit and Cooling Off Period

Trades of the bunker swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 9% above or below the closing prices of 

the preceding Business Day (“the 9% Limit”) except as provided below. When a single contract 

month is trading at the 9% Limit, Cleartrade Exchange will announce a 30-minute cooling off 

period for the specific contract month during which trading shall only take place within the 9% 

Limit. When at least 3 separate contract months are trading at the 9% Limit, Cleartrade 

Exchange will announce a 30-minute cooling off period for all contract months during which 

trading shall only take place within the 9% Limit. Following the cooling off period, all traded 

prices of either the specific contract month or all contract months (depending on the situation 

above) shall not vary more than 15% above or below the closing prices of the preceding 

Business Day (“the 15% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 
Cleartrade Exchange Pte Ltd – Bunker single swap (B2-FOSS380) Contract Specifications Page 4

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 

the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by SGX, NASDAQ OMX and CME respectively, 

based on submissions by approved OTC brokers. The Final Settlement Price, as expressed as 

USD/MT, is equal to the arithmetic average of the mid-point of the high and low quotations 

from the Platts Asia-Pacific Marketscan for HSFO 380cst (High-Sulfur Fuel Oil) under the 

heading "Singapore Physical Cargoes" for each business day that it is determined during the 

contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Bunker single swap (B3-RDM35FOSS) Contract Specifications Page 1

CLEARTRADE EXCHANGE BUNKER (B3-RDM35FOSS)

CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Bunker single swap (B3-RDM35FOSS) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Bunker Single Swap (B3-

RDM35FOSS) Contract (the “Specifications”) govern the trading of the CLEARTRADE 

EXCHANGE Bunker single swap (B3-RDM35FOSS) Contract on the CLEARTRADE EXCHANGE 

Market. The rules and procedures for trading that are not specifically covered in the 

Specifications shall be as set forth in the Trading Rules. Capitalised terms used herein and not 

otherwise defined shall have the meanings ascribed to them under the Trading Rules. For the 

purposes of the Specifications and unless the context otherwise requires, the following 

capitalised terms shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of NASDAQ OMX

(http://www.nasdaqomx.com/commodities/clearing) and Chicago 

Mercantile Exchange (http://www.cmegroup.com/) which can be found 

on their websites.

Contract Means the CLEARTRADE EXCHANGE Bunker single swap (B3-

RDM35FOSS) Contract traded on the CLEARTRADE EXCHANGE Market 

which Underlying is Bunker.

USD Means the lawful currency of the United States of America.

Bunker Means the following Bunker Products:

B3: RDM35FOSS (Fuel Oil 3.5% FOB Barges Rotterdam)

Bunker Index 

Provider

Index is calculated by Platts which is a leading provider of energy, 

petrochemicals and metals information.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the First 

Index Day of the Quarter to last Index Day of the Quarter where a 

Quarter Contract will be split equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be split equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric tonne where 1 metric tonne = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Bunker single swap (B3-RDM35FOSS) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 60 months. At any time there 

are at least a contract series of front 5 months, 4 consecutive quarters and 2 Years. A new 

month/quarter/year Product is introduced once the current month/quarter/year is no longer 

available for trading or if requested by users as long as it is within the 60 months period.

2.3 Trading Unit 

The trading unit shall be 1 lot which is 1MT in NASDAQ OMX and 100MT in CME.

2.4 Price Quotation

The price quotation shall be USD per MT.

2.5 Minimum Fluctuations

Minimum fluctuation of the contract traded shall be USD0.01. 

2.6 Position Limits

The Position Limits shall be determined by the Clearing Houses: NASDAQ OMX and CME 

Group.

2.7 Price Limit and Cooling Off Period

Trades of the bunker swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 9% above or below the closing prices of 

the preceding Business Day (“the 9% Limit”) except as provided below. When a single contract 

month is trading at the 9% Limit, Cleartrade Exchange will announce a 30-minute cooling off 

period for the specific contract month during which trading shall only take place within the 9% 

Limit. When at least 3 separate contract months are trading at the 9% Limit, Cleartrade 

Exchange will announce a 30-minute cooling off period for all contract months during which 

trading shall only take place within the 9% Limit. Following the cooling off period, all traded 

prices of either the specific contract month or all contract months (depending on the situation 

above) shall not vary more than 15% above or below the closing prices of the preceding 

Business Day (“the 15% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last day of the month in question. If this day 

is a non-trading day, the Last Trading Day is defined as the nearest Trading Day prior to this.

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 
Cleartrade Exchange Pte Ltd – Bunker single swap (B3-RDM35FOSS) Contract Specifications Page 4

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month of 

the year.

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by NASDAQ OMX and CME respectively, based 

on submissions by approved OTC brokers. The Final Settlement Price, as expressed as USD/MT, 

is equal to the arithmetic average of the high and low quotations from Platts European 

Marketscan for 3.5% Fuel Oil under the heading "Barges FOB Rotterdam" assessment for each 

business day that it is determined during the contract month.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Coal Swaps (C1-CF) Contract Specifications Page 1

CLEARTRADE EXCHANGE COAL

SWAPS (C1-CF) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement Price and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Coal Swaps (C1-CF) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Coal Swaps (C1-CF) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Coal Swaps (C1-CF) 

Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that 

are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing House Rules Means the Clearing House Rules of SGX-DC

(www.sgx.com/asiaclear/) which may be found on their 

website.

Contract Means the CLEARTRADE EXCHANGE Coal Swaps (C1-CF) 

Contract traded on the CLEARTRADE EXCHANGE Market 

which underlying reference IHS McCloskey and Argus

API 8 CFR South China Coal Index

USD Means the lawful currency of the United States of 

America.

Coal Means the following Coal Products:

C1: CF (API 8 CFR South China Coal)

Coal Index Provider The index is jointly produced by 

(1) IHS McCloskey – The world’s premier source of 

news, analysis and data on international coal 

industry

(2) Argus – An independent media organization 

that specializes in market reports containing 

price assessments and business intelligence 

reports relating to physical energy and related 

commodity markets. 

Contract Period Means for a Month Contract it will be the First Index Day 

of the Month to last Index Day of the Month. For a 

Quarter Contract it will be the First Index Day of the 

Quarter to last Index Day of the Quarter where a Quarter 

Contract will be split equally into 3 Month Contracts on 

the Trading Day and settled as Month Contracts. For a 

Year Contract it will be the First Index Day of the Year to 

last Index Day of the Year where a Year Contract will be 

split equally into 12 Month Contracts on the Trading Day 

and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can 

be obtained by contacting the membership team at: 

email: membership@cltx.com
Cleartrade Exchange Pte Ltd – Coal Swaps (C1-CF) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 

is a contract series of 3 months, 4 quarters, 1 year. A new Month/Quarter/Year Product is 

introduced once the current Month/Quarter/Year is no longer available for trading or if 

requested by users as long as it is within the 24 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, SGX-DC.

2.7 Price Limit and Cooling Off Period

Trades of the coal swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 12% above or below the closing prices 

of the preceding Business Day (“the 12% Limit”) except as provided below. When a single 

contract month is trading at the 12% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 12% Limit. When at least 3 separate contract months are trading at the 12% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 12% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 20% above or below the closing 

prices of the preceding Business Day (“the 20% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last Friday of the month in question. Quarters, 

and calendar years cease trading as a quarter/calendar year at the close of business on the 

last Friday of the first month contract in that quarter/calendar year. Where the last Friday of 

the month is a non-business day, the expiry day will be the first business day preceding that 

Friday. 
Cleartrade Exchange Pte Ltd – Coal Swaps (C1-CF) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by SGX-DC, based on submissions by 

Approved OTC brokers. 

Final Settlement Price: The contracts will be cash settled using the arithmetic average of all 

publications of the API 8 index published in the Argus/McCloskey Coal Price Index Report 

price in the expiring contract month, rounded to 2 decimal places.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing House Rules.
Cleartrade Exchange Pte Ltd – Coal Swaps (C2-CI) Contract Specifications Page 1

CLEARTRADE EXCHANGE COAL

SWAPS (C2-CI) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement Price and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Coal Swaps (C2-CI) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Coal Swaps(C2-CI) Contract (the 

“Specifications”) govern the trading of the CLEARTRADE EXCHANGE Coal Swaps (C2-CI) 

Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that 

are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing House Rules Means the Clearing House Rules of SGX-DC

(www.sgx.com/asiaclear/) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Coal Swaps (C2-CI) Contract 

traded on the CLEARTRADE EXCHANGE Market which underlying 

reference is IHS McCloskey Indonesian Sub-Bituminous index. 

USD Means the lawful currency of the United States of America.

Coal Means the following Coal Products:

C2: CI (Indonesian Sub-Bituminous FOB Coal)

Coal Index Provider The index is calculated by IHS McCloskey, the world's premier 

source of news, analysis and data on the international coal 

industry.

Contract Period Means for a Month Contract it will be the First Index Day of the 

Month to last Index Day of the Month. For a Quarter Contract it 

will be the First Index Day of the Quarter to last Index Day of the 

Quarter where a Quarter Contract will be split equally into 3 

Month Contracts on the Trading Day and settled as Month 

Contracts. For a Year Contract it will be the First Index Day of the 

Year to last Index Day of the Year where a Year Contract will be 

split equally into 12 Month Contracts on the Trading Day and 

settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be 

obtained by contacting the membership team at: email: 

membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Coal Swaps (C2-CI) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 24 months. At any time there 

is a contract series of 3 months, 4 quarters, 1 year. A new Month/Quarter/Year Product is 

introduced once the current Month/Quarter/Year is no longer available for trading or if 

requested by users as long as it is within the 24 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, SGX-DC.

2.7 Price Limit and Cooling Off Period

Trades of the coal swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 12% above or below the closing prices 

of the preceding Business Day (“the 12% Limit”) except as provided below. When a single 

contract month is trading at the 12% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 12% Limit. When at least 3 separate contract months are trading at the 12% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 12% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 20% above or below the closing 

prices of the preceding Business Day (“the 20% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last Friday of the month in question. Quarters, 

and calendar years cease trading as a quarter/calendar year at the close of business on the 

last Friday of the first month contract in that quarter/calendar year. Where the last Friday of 

the month is a non-business day, the expiry day will be the first business day preceding that 

Friday. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Coal Swaps (C2-CI) Contract Specifications Page 4

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by SGX-DC, based on submissions by 

Approved OTC brokers. 

Final Settlement Price: The contracts will be cash settled using the arithmetic average of all 

publications of the IHS McCloskey Indonesian Sub-Bit FOB marker in the expiring contract 

month, rounded to 2 decimal places. 

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing House Rules.
Cleartrade Exchange Pte Ltd – Coal Swaps (C3-AA2) Contract Specifications Page 1

CLEARTRADE EXCHANGE COAL

SWAPS (C3-AA2) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement Price and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Coal Swaps (C3-AA2) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Coal Swaps (C3-AA2) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Coal Swaps (C3-AA2) 

Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that 

are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing House 

Rules

Means the Clearing House Rules of LCH Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Coal Swaps (C3-AA2) Contract 

traded on the CLEARTRADE EXCHANGE Market which underlying 

reference is IHS McCloskey and Argus API 2 cif Amsterdam-RotterdamAntwerp (ARA) Index. 

USD Means the lawful currency of the United States of America.

Coal Means the following Coal Products:

C3: AA2 (API 2 cif Amsterdam-Rotterdam-Antwerp)

Coal Index 

Provider

(1) IHS McCloskey – The world’s premier source of news, analysis and 

data on international coal industry

(2) Argus – An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the 

First Index Day of the Quarter to last Index Day of the Quarter where 

a Quarter Contract will be split equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be split equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained 

by contacting the membership team at: email: membership@cltx.com

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.
Cleartrade Exchange Pte Ltd – Coal Swaps (C3-AA2) Contract Specifications Page 3

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

is a contract series of 4 months, 4 quarters, 4 year. A new Month/Quarter/Year Product is 

introduced once the current Month/Quarter/Year is no longer available for trading or if 

requested by users as long as it is within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.05.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH Clearnet. 

2.7 Price Limit and Cooling Off Period

Trades of the coal swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 12% above or below the closing prices 

of the preceding Business Day (“the 12% Limit”) except as provided below. When a single 

contract month is trading at the 12% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 12% Limit. When at least 3 separate contract months are trading at the 12% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 12% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 20% above or below the closing 

prices of the preceding Business Day (“the 20% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last Friday of the month in question. Quarters, 

and calendar years cease trading as a quarter/calendar year at the close of business on the 

last Friday of the first month contract in that quarter/calendar year. Where the last Friday of 

the month is a non-business day, the expiry day will be the first business day preceding that 

Friday. 

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.
Cleartrade Exchange Pte Ltd – Coal Swaps (C3-AA2) Contract Specifications Page 4

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH as LEBA closing price or other prices 

from time to time. 

Final Settlement Price: The contracts will be cash settled at the average of weekly 

Argus/McCloskey API2 (cif ARA) index prices for the contract month as published in 

Argus/McCloskey’s Coal Price Index Report.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing House Rules.
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (C4-AA4) Contract Specifications Page 1

CLEARTRADE EXCHANGE COAL

SWAPS (C4-AA4) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Position Limits

2.7 Price Limit and Cooling Off Period

2.8 Termination of Trading

3. CLEARING AND SETTLEMENT

3.1 Daily Settlement Price and Final Settlement Price

3.2 Final Settlement

3.3 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (C4-AA4) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Coal Swaps (C4-AA4) Contract 

(the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Coal Swaps (C4-AA4) 

Contract on the CLEARTRADE EXCHANGE Market. The rules and procedures for trading that 

are not specifically covered in the Specifications shall be as set forth in the Trading Rules. 

Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to 

them under the Trading Rules. For the purposes of the Specifications and unless the context 

otherwise requires, the following capitalised terms shall have the meanings set forth below:

Clearing House 

Rules

Means the Clearing House Rules of LCH Clearnet 

(http://www.lchclearnet.com) which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Coal Swaps (C4-AA4) Contract 

traded on the CLEARTRADE EXCHANGE Market which underlying 

reference is IHS McCloskey and Argus API 4 fob Richards BayIndex. 

USD Means the lawful currency of the United States of America.

Coal Means the following Coal Products:

C4: AA4 (API 4 fob Richards Bay)

Coal Index 

Provider

The index is jointly produced by 

(1) IHS McCloskey – The world’s premier source of news, analysis and 

data on international coal industry

(2) Argus – An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Contract Period Means for a Month Contract it will be the First Index Day of the Month 

to last Index Day of the Month. For a Quarter Contract it will be the 

First Index Day of the Quarter to last Index Day of the Quarter where 

a Quarter Contract will be split equally into 3 Month Contracts on the 

Trading Day and settled as Month Contracts. For a Year Contract it will 

be the First Index Day of the Year to last Index Day of the Year where a 

Year Contract will be split equally into 12 Month Contracts on the 

Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained 

by contacting the membership team at: email: membership@cltx.com
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (C4-AA4) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters/Years and Hours

The Contract shall be listed for such Contract Months/Quarters/Years and scheduled for 

trading during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 48 months. At any time there 

is a contract series of 4 months, 4 quarters, 4 year. A new Month/Quarter/Year Product is 

introduced once the current Month/Quarter/Year is no longer available for trading or if 

requested by users as long as it is within the 48 month period.

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.05.

2.6 Position Limits

The Position Limits shall be determined by the Clearing House, LCH Clearnet. 

2.7 Price Limit and Cooling Off Period

Trades of the coal swaps contract in any of the future contract months, shall not be made, 

during one Business Day, at prices varying more than 12% above or below the closing prices 

of the preceding Business Day (“the 12% Limit”) except as provided below. When a single 

contract month is trading at the 12% Limit, Cleartrade Exchange will announce a 30-minute 

cooling off period for the specific contract month during which trading shall only take place 

within the 12% Limit. When at least 3 separate contract months are trading at the 12% Limit, 

Cleartrade Exchange will announce a 30-minute cooling off period for all contract months 

during which trading shall only take place within the 12% Limit. Following the cooling off 

period, all traded prices of either the specific contract month or all contract months 

(depending on the situation above) shall not vary more than 20% above or below the closing 

prices of the preceding Business Day (“the 20% Limit”) for the rest of the business day.

2.8 Termination of Trading

For a Month Contract, the Last Trading Day is the last Friday of the month in question. Quarters, 

and calendar years cease trading as a quarter/calendar year at the close of business on the 

last Friday of the first month contract in that quarter/calendar year. Where the last Friday of 

the month is a non-business day, the expiry day will be the first business day preceding that 

Friday. 
Cleartrade Exchange Pte Ltd – Fertilizer Swaps (C4-AA4) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Daily Settlement Price and Final Settlement Price

The Daily Settlement Price shall be determined by LCH as LEBA closing price or other prices 

from time to time. 

Final Settlement Price: The contracts will be cash settled at the average of weekly

Argus/McCloskey API 4 Richards Bay index prices for the contract month as published in 

Argus/McCloskey’s Coal Price Index Report.

3.2 Final Settlement

Clearing Members holding Open Positions in the Contract at the time of termination of trading 

in the Contract shall make payment to or receive payment from the Clearing House in 

accordance with normal variation margin procedures, based on a settlement price equal to 

the Final Settlement Price.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing House Rules.
Cleartrade Exchange Pte Ltd – Coal Options (C6-API2) Contract Specifications Page 1

CLEARTRADE EXCHANGE COAL

OPTIONS (C6-API2) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Coal Options (C6-API2) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Coal Options (C6-API2) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Coal 

Options (C6-API2) Contract on the CLEARTRADE EXCHANGE Market. The rules and 

procedures for trading that are not specifically covered in the Specifications shall be as set 

forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall 

have the meanings ascribed to them under the Trading Rules. For the purposes of the 

Specifications and unless the context otherwise requires, the following capitalised terms 

shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com) 

which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Coal Futures (C6-API2) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is IHS 

McCloskey and Argus API2 cif Amsterdam-Rotterdam-Antwerp (ARA) 

Futures. 

Coal Means the following Coal Products:

C6: API2 (API2 cif ARA)

Coal Index 

Provider

(1) IHS McCloskey – The world’s premier source of news, analysis and 

data on international coal industry

(2) Argus – An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Contract Period For a Quarter Contract it will be the First Index Day of the Quarter to last 

Index Day of the Quarter where a Quarter Contract will be spilt equally 

into 3 Month Contracts on the Trading Day and settled as Month 

Contracts. For a Year Contract it will be the First Index Day of the Year to 

last Index Day of the Year where a Year Contract will be spilt equally into 

12 Month Contracts on the Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Coal Options (C6-API2) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Quarters/Years and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 36 months. 

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Termination of Trading

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month 

of the year.

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not 

permitted to exercise the option on any other day or in any other circumstances.

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and

expressed in USD/day.

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of LCH.Clearnet. New strike prices will be created upon request at the 

discretion of LCH.Clearnet. 
Cleartrade Exchange Pte Ltd – Coal Options (C6-API2) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money. 

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying API2 cif ARA Futures minus the strike price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying API2 cif ARA Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.
Cleartrade Exchange Pte Ltd – Coal Options (C7-API4) Contract Specifications Page 1

CLEARTRADE EXCHANGE COAL

OPTIONS (C7-API4) CONTRACT SPECIFICATIONS

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

2. TRADING

2.1 Trading Months/Quarters and Hours

2.2 Product Structure

2.3 Trading Unit

2.4 Price Quotation

2.5 Minimum Fluctuations

2.6 Termination of Trading

2.7 Option Type

2.8 Option Premium

2.9 Strike Price

3. CLEARING AND SETTLEMENT

3.1 Final Settlement Price

3.2 Other Rules and Procedures for Clearing and Settlement
Cleartrade Exchange Pte Ltd – Coal Options (C7-API4) Contract Specifications Page 2

1. SCOPE OF CONTRACT SPECIFICATIONS AND DEFINITIONS

These Contract Specifications for the CLEARTRADE EXCHANGE Coal Options (C7-API4) 

Contract (the “Specifications”) govern the trading of the CLEARTRADE EXCHANGE Coal 

Options (C7-API4) Contract on the CLEARTRADE EXCHANGE Market. The rules and 

procedures for trading that are not specifically covered in the Specifications shall be as set 

forth in the Trading Rules. Capitalised terms used herein and not otherwise defined shall 

have the meanings ascribed to them under the Trading Rules. For the purposes of the 

Specifications and unless the context otherwise requires, the following capitalised terms 

shall have the meanings set forth below:

Clearing Rules Means the Clearing Rules of LCH.Clearnet (http://www.lchclearnet.com) 

which may be found on their website.

Contract Means the CLEARTRADE EXCHANGE Coal Futures (C7-API4) Contract 

traded on the CLEARTRADE EXCHANGE Market which Underlying is IHS 

McCloskey and Argus API4 fob Richards Bay Futures. 

Coal Means the following Coal Products:

C7: API4 (API4 fob Richards Bay)

Coal Index 

Provider

(1) IHS McCloskey – The world’s premier source of news, analysis and 

data on international coal industry

(2) Argus – An independent media organization that specializes in 

market reports containing price assessments and business 

intelligence reports relating to physical energy and related 

commodity markets.

Contract Period For a Quarter Contract it will be the First Index Day of the Quarter to last 

Index Day of the Quarter where a Quarter Contract will be spilt equally 

into 3 Month Contracts on the Trading Day and settled as Month 

Contracts. For a Year Contract it will be the First Index Day of the Year to 

last Index Day of the Year where a Year Contract will be spilt equally into 

12 Month Contracts on the Trading Day and settled as Month Contracts.

MT Means metric ton where 1 metric ton = 1000 kilograms

Trading Rules Means the Trading Rulebook of the Exchange which can be obtained by 

contacting the membership team at: email: membership@cltx.com

USD Means the lawful currency of the United States of America.
Cleartrade Exchange Pte Ltd – Coal Options (C7-API4) Contract Specifications Page 3

2. TRADING

2.1 Trading Months/Quarters and Hours

The Contract shall be listed for such Contract Quarters/Years and scheduled for trading 

during such hours as may be determined by the Exchange.

2.2 Product Structure

The Contract shall have a Product Structure out to a maximum of 36 months. 

2.3 Trading Unit 

The trading unit shall be one (1) lot which is 1000 MT.

2.4 Price Quotation

The price quotation shall be USD per MT. 

2.5 Minimum Fluctuations

Minimum fluctuation of the Contract traded shall be USD 0.01.

2.6 Termination of Trading

For a Quarter Contract, the Last Trading Day is the Last Trading Day of the first month of the 

quarter. For a Year Contract, the Last Trading Day is the Last Trading Day of the first month 

of the year.

2.7 Option Type

Options are European style and will be automatically exercised on the expiry day if they are 

in-the-money. If an option is out-of-the-money it will expire automatically. It is not 

permitted to exercise the option on any other day or in any other circumstances.

However, the final settlement of the option will be based on the arithmetic average of all the 

indices over the contract period. 

2.8 Option Premium

The premium is paid at the time of purchase as agreed by the purchaser and seller and 

expressed in USD/day.

2.9 Strike Price

The strike price is the price agreed between the parties and will be subjected to acceptance 

at the discretion of LCH.Clearnet. New strike prices will be created upon request at the 

discretion of LCH.Clearnet. 
Cleartrade Exchange Pte Ltd – Coal Options (C7-API4) Contract Specifications Page 4

3. CLEARING AND SETTLEMENT

Settlement under the Specifications shall be by cash settlement.

3.1 Final Settlement

The option contract will only be exercised if the option contract is in the money. 

Call Option: The Final Settlement Price for the relevant underlying product shall be the final 

settlement price of the underlying API4 fob Richards Bay Futures minus the strike price.

Put Option: The Final Settlement Price for the relevant underlying product shall be the strike 

price minus final settlement price of the underlying API4 fob Richards Bay Futures.

This methodology is currently used on most of the other products on the exchange. The final 

settlement price is determined by a Third Party.

3.3 Other Rules and Procedures for Clearing and Settlement

The rules and procedures for clearing and settlement that are not specifically covered in the 

Specifications shall be governed by the Clearing Rules.