Futures Contract Specifications

Market size is estimated at approximately 40 billion miles that are subject to spot market rate volatility, which could be hedged using trucking freight futures. The addressable market represents approximately 40 million futures contract equivalent.

For more information about becoming a Trucking Freight Futures trading participant on the Nodal Exchange, click HERE.

For a downloadable version of our contract specifications, click HERE.


Trucking Freight Futures

Nodal Exchange Trucking Freight Futures contracts provide risk management solutions for businesses with exposure to the trucking freight market, including: 

  • Carriers
  • Shippers
  • Third-Party Logistics Companies
  • Financial Institutions

Futures contracts can be traded on Nodal Exchange both on a central limit order book and via block trades.

All transactions on Nodal Exchange are cleared through Nodal Clear, using its award-winning portfolio margining methodology.

Nodal Clear Risk Management tools, including portfolio margin limits and position limits, will be available for trucking freight market participants.

 
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DAT Freight Futures Indices

DAT will publish daily spot dry van rates in USD per mile for seven directional lanes from which there will be three calculated regional indices and one calculated national average.

Expanded Market Area (XMA) | 3-Digit Zip Codes

Los Angeles: 900-908, 910-928, 930-931

Seattle: 980-986, 988-989

Dallas: 750-762, 766-767

Chicago: 463-464, 600-611, 613

Atlanta: 300-312, 399

Philadelphia: 080-086, 173-176, 179-181, 189-198, 219

Index Name (Contract Code)

Los Angeles to Seattle Van (VLS) Pickup XMA: Los Angeles | Delivery XMA: Seattle

Seattle to Los Angeles Van (VSL) Pickup XMA: Seattle | Delivery XMA: Los Angeles

Los Angeles to Dallas Van (VLD) Pickup XMA: Los Angeles | Delivery XMA: Dallas

Dallas to Los Angeles Van (VDL) Pickup XMA: Dallas | Delivery XMA: Los Angeles

Chicago to Atlanta Van (VCA) Pickup XMA: Chicago | Delivery XMA: Atlanta

Atlanta to Philadelphia Van (VAP) Pickup XMA: Atlanta | Delivery XMA: Philadelphia

Philadelphia to Chicago Van (VPC) Pickup XMA: Philadelphia | Delivery XMA: Chicago

 
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Regional and National Methodology

Index Name (Contract Code)

West US Van (VWU) Pickup XMA: (Los Angeles to Seattle Van + Seattle to Los Angeles Van) / 2

South US Van (VSU) Pickup XMA: (Los Angeles to Dallas Van + Dallas to Los Angeles Van) / 2

East US Van (VEU) Pickup XMA: (Chicago to Atlanta Van + Atlanta to Philadelphia Van + Philadelphia to Chicago Van) / 3

National US Van (VNU) Pickup XMA: (West US Van + South US Van + East US Van) / 3


Contract Specifications

Monthly Truckload Freight Contract (DAT)

Contract Description: Monthly Cash Settled Truckload Freight Financial Contract (DAT): Los Angeles to Seattle Van; Seattle to Los Angeles Van; Los Angeles to Dallas Van; Dallas to Los Angeles Van; Chicago to Atlanta Van; Atlanta to Philadelphia Van; Philadelphia to Chicago Van; West US Van; South US Van; East US Van or National US Van

Contract Code: VLS; VSL; VLD; VDL; VCA; VAP; VPC; VWU; VSU; VEU or VNU

Hours of Trading: As defined at http://www.nodalexchange.com

Unit of Trading: 1 lot

Lot Size: 1,000 Miles

Currency: US Dollars

Minimum Tick: $0.001 per mile

Settlement Price Precision: $0.001 per mile

Last Trading Day: The Eighth Trading Day after the contract month

Contract Series: 16 months

Fixed Price: The traded price of the previous day’s settlement price.

Daily Settlement Price: Determined by the Exchange based on exchange activity, other market data, and extrapolation to traded contracts, as appropriate.

Final Settlement Price: The final settlement price is the average of the Origin Point to Destination Point Van Rate Index published daily by DAT starting from the first business day of the month through the last business day, inclusive.

Final Settlement (Payment) Date: The first business day following the Last Trading Day.

Spot Month Position Limit: TBD Lots

Margin Limit: US Dollars

 
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