ICE TD3C FFA Middle East Gulf to China (Baltic) Future

A monthly cash settled freight future based on the Baltic Exchange index for TD3C – Middle East Gulf to China. The TD3C FFA Average Price Option is based on the underlying TD3C FFA Future (TDL) and will automatically exercise into the settlement price of the Future on the day of expiry of the options contract.
== Contract Specs ==
TD3C FFA Middle East Gulf to China (Baltic) Future	TD3C FFA Middle East Gulf to China (Baltic) Future 	TD3C FFA Middle East Gulf to China (Baltic) Future 	TD3C FFA Middle East Gulf to China (Baltic) Future
Trading Screen Product Name 	Freight Futures (USD) 	Freight Futures (USD) 	Freight Futures (USD)
Trading Screen Hub Name 	TD3C 	TD3C 	TD3C
Contract Symbol 	TDL 	TDL 	TDL
Contract Size 	1,000 metric tonnes 	1,000 metric tonnes 	1,000 metric tonnes
Unit of Trading 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Settlement Price 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day 	Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the previous business day where the 24th of December is a non-working day. 	Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the previous business day where the 24th of December is a non-working day. 	Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the previous business day where the 24th of December is a non-working day.
Floating Price 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement 	In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the assessments as made public by the Baltic Exchange for the relevant route for each business day (as specified below) in the determination period.	In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the assessments as made public by the Baltic Exchange for the relevant route for each business day (as specified below) in the determination period.	In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the assessments as made public by the Baltic Exchange for the relevant route for each business day (as specified below) in the determination period.
Contract Series 	Up to 60 consecutive months 	Up to 60 consecutive months 	Up to 60 consecutive months
Final Payment Date 	Two Clearing House Business Days following the Last Day in the determination period. 	Two Clearing House Business Days following the Last Day in the determination period. 	Two Clearing House Business Days following the Last Day in the determination period.
Business Days 	Publication days for Baltic Exchange 	Publication days for Baltic Exchange 	Publication days for Baltic Exchange
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	7:50 AM - 6:00 AM
07:50 - 06:00 	7:40 AM
07:40
Codes 	Clearing Admin Name 	Wet Freight 	Wet Freight
Codes 	Physical 	TDL 	TDL
Codes 	Logical 	TDL 	TDL
Codes 	GMI (FC) 	@Y 	@Y
Codes 	ION A.C.N. 	None 	None
TD3C FFA Middle East Gulf to China (Baltic) Average Price Options	TD3C FFA Middle East Gulf to China (Baltic) Average Price Options 	TD3C FFA Middle East Gulf to China (Baltic) Average Price Options 	TD3C FFA Middle East Gulf to China (Baltic) Average Price Options
Trading Screen Product Name 	Freight Futures (USD) 	Freight Futures (USD) 	Freight Futures (USD)
Trading Screen Hub Name 	TD3C 	TD3C 	TD3C
Contract Symbol 	TDL 	TDL 	TDL
Hedge Instrument 	The delta hedge for the TD3C FFA Average Price Option is the TD3C FFA Future (TDL) 	The delta hedge for the TD3C FFA Average Price Option is the TD3C FFA Future (TDL) 	The delta hedge for the TD3C FFA Average Price Option is the TD3C FFA Future (TDL)
Contract Size 	1,000 metric tonnes 	1,000 metric tonnes 	1,000 metric tonnes
Unit of Trading 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Settlement Price 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne 	One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day 	Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the previous business day where the 24th of December is a non-working day. 	Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the previous business day where the 24th of December is a non-working day. 	Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the previous business day where the 24th of December is a non-working day.
Option Style 	Options are average priced and will be automatically exercised into the TD3C FFA Future on the expiry day if they are “in the money". The Future resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. 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 than the Last Trading Day. No manual exercise is permitted. 	Options are average priced and will be automatically exercised into the TD3C FFA Future on the expiry day if they are “in the money". The Future resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. 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 than the Last Trading Day. No manual exercise is permitted. 	Options are average priced and will be automatically exercised into the TD3C FFA Future on the expiry day if they are “in the money". The Future resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. 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 than the Last Trading Day. No manual exercise is permitted.
Option Premium / Daily Margin 	The TD3C FFA Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.	The TD3C FFA Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.	The TD3C FFA Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.
Expiry 	16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more “in the money” with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per metric tonne based on the average of the assessments as made public by the Baltic Exchange for the relevant route for each business day (as specified below) in the determination period. 	16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more “in the money” with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per metric tonne based on the average of the assessments as made public by the Baltic Exchange for the relevant route for each business day (as specified below) in the determination period. 	16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more “in the money” with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per metric tonne based on the average of the assessments as made public by the Baltic Exchange for the relevant route for each business day (as specified below) in the determination period.
Strike Price Intervals 	This contract will support Custom Option Strikes with strikes in increments of $0.01 within a range of $1 to $25. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	This contract will support Custom Option Strikes with strikes in increments of $0.01 within a range of $1 to $25. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	This contract will support Custom Option Strikes with strikes in increments of $0.01 within a range of $1 to $25. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series 	Up to 48 consecutive months 	Up to 48 consecutive months 	Up to 48 consecutive months
Final Payment Date 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day
Final Settlement 	In respect of final settlement, the Floating Price will be a price in USD and cents per Metric Tonne based on the arithmetic average of the Baltic Exchange's daily assessed prices for the relevant route as made public by the Baltic Exchange for each Business Day in the determination period multiplied by the prevailing flat rate for the delivery period as published by the Worldscale Association, divided by 100 for each pricing date in the expiry month. 	In respect of final settlement, the Floating Price will be a price in USD and cents per Metric Tonne based on the arithmetic average of the Baltic Exchange's daily assessed prices for the relevant route as made public by the Baltic Exchange for each Business Day in the determination period multiplied by the prevailing flat rate for the delivery period as published by the Worldscale Association, divided by 100 for each pricing date in the expiry month. 	In respect of final settlement, the Floating Price will be a price in USD and cents per Metric Tonne based on the arithmetic average of the Baltic Exchange's daily assessed prices for the relevant route as made public by the Baltic Exchange for each Business Day in the determination period multiplied by the prevailing flat rate for the delivery period as published by the Worldscale Association, divided by 100 for each pricing date in the expiry month.
Business Days 	Publication days for Baltic Exchange 	Publication days for Baltic Exchange 	Publication days for Baltic Exchange
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	7:50 AM - 6:00 AM
07:50 - 06:00 	7:40 AM
07:40
Trading Hours 	*Next Day 	 	
Codes 	Clearing Admin Name 	TD3C MEGulf-Chi 	TD3C MEGulf-Chi
Codes 	Physical 	TDL 	TDL
Codes 	Logical 	TDL 	TDL
Codes 	GMI (FC) 	@Y 	@Y
Codes 	ION A.C.N. 	None 	None
== Notes ==
== Related Contracts == 
ICE TD3C FFA Middle East Gulf to China (Baltic) Balmo Future
ICE Daily TD3C FFA Middle East Gulf to China (Baltic) Mini Future
== References ==
== Resources ==
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