Trading Unit

100 troy ounces.

Price Quotation

U.S. dollars and cents per troy ounce.

Trading Hours (All times are New York time)

Open outcry trading is conducted from 8:30 AM until 1:00 PM.

Electronic trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15PM (current trade date) and 6:00 PM (next trade date).

Trading Months

Trading is conducted over 15 months, beginning with the current month and the next two consecutive months before moving into the quarterly cycle of March, June, September, and December.

Minimum Price Fluctuation

$0.05 (5¢) per troy ounce ($5.00 per contract).

Maximum Daily Price Fluctuation

No price limits.

Last Trading Day

Trading terminates at the close of business on the third business day prior to the end of the delivery month.

Delivery Period

Delivery notice may be given by the seller to the Exchange on the last business day preceding the delivery month or any subsequent business day up to the third business day prior to the end of the delivery month. The basis of delivery is the settlement price on the day the delivery notice is issued.

Exchange of Futures for Physicals (EFP)

The buyer or seller in a cash market transaction may exchange a futures position for a physical position of approximately equal quantity. EFPs may be used to initiate or terminate a futures position.

Grade and Quality Specifications

In fulfillment of each contract, the seller must deliver 100 troy ounces (±7%) of palladium not less than .9995 fineness, with no single piece weighing less than 10 ounces. Each contract unit may consist of ingots or plates, each incised with the lot or bar number, weight, grade, name, or logo of the assayer, and symbol identifying the metal.

Packaging

Palladium may be delivered in packaged or unpackaged form. If packaged, the package must be sealed by an Exchange-approved assayer or producer of an approved brand so that it cannot be opened without destroying the seal. The package must bear the lot or bar number, weight, grade, name, or logo of the assayer or approved brand mark, and the symbol of the metal. If there is more than one plate or ingot in the package, each plate or ingot must be incised with the lot or bar number and the weight.

Inspection

Inspection must be made by an Exchange-approved assayer. Assay certificates are valid provided the metal covered is passed directly from the assayer to an Exchange-approved depository by means of an Exchange-approved carrier.

Position Accountability Levels and Limits

1000 contracts for all months combined or in any one month, but not to exceed 650 contracts from the beginning of the business day prior to the first notice day for any delivery month.

Margin Requirements

Margins are required for open futures positions.

Trading Symbol

PA