Trading at Settlement (TAS) Explained

A TAS order states a permitted relationship to the daily settlement reference rather than only a fixed outright price visible at that moment. Where an exchange makes TAS available, its rules define the settlement reference and the allowed tick increments around it.

The final settlement value is unknown while the order is entered, but the relationship is known. If the order matches under the relevant rules, the exact price is resolved after the exchange determines the applicable reference value. That is different from leaving an order price blank or asking the exchange to choose a price later.

Futures settlement price versus last trade explains why an official daily settlement can differ from the latest displayed execution.

Daily settlement is an official exchange value produced under a product's stated process. It is used to mark open futures positions to market and to calculate daily gains, losses, and related margin flows. A TAS order refers to that outcome; it does not control the calculation or establish the final value.

For that reason, an order linked to settlement is not a prediction that the settlement will move in a particular direction, nor does it turn a later settlement difference into an exchange error. Compare the exact contract month, trading session, stated TAS differential, and official settlement before interpreting a fill or account entry.

TAS is not available for every futures product, month, session, or order configuration. An exchange can make it available for selected outright contracts and, where specified, selected intra-commodity calendar spreads. The permitted pricing increments, hours, submission method, and other operating details can differ by product and change under current rules.

Check the current exchange availability material, contract rulebook, and broker order-entry support before treating a screen label as an executable order type. Translate any permitted differential into cash with the relevant multiplier and tick value rather than assuming another product's convention applies.

Futures tick value and contract multipliers provides the conversion from an allowed price increment to a contract cash amount. Futures calendar spreads covers the separate two-month exposure that may be relevant only where a particular intra-commodity TAS spread format is available.

After a TAS execution, a futures position still has its contract month, multiplier, liquidity, daily mark-to-market, margin requirement, and eventual expiry process. A settlement-linked entry can clarify the entry reference for an eligible order, but it does not cap future P&L, remove a margin call, or guarantee the ability to exit later.

Keep the order confirmation, settlement date, official settlement, stated differential, contract month, quantity, and broker record together. Futures margin and leverage explains why collateral and daily variation remain important after any entry method.

This is a market-mechanics guide, not an instruction to enter a TAS order. Use the current contract specifications, exchange rules, and broker procedures for any actual order.