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Ticker SymbolYM
Contract Value$5 x CBOT mini-sized Dow futures price
Price QuotePrice quotation in full index points
Contract Months(March, June, September and December) Four nearest months in March quarterly cycle listed at all times.
Trading Hours (U.S. Central Time)Price limit corresponding to a 5% INCREASE or DECREASE from the Prior Settlement
Trading HoursElectronic: 7:15 p.m. - 4:00 p.m. Sun-Fri
Minimum Fluctuation1 index point = $5
Price Limits and Trading HaltsCurrent Price Limits and Trading Halts (Circuit-Breakers): 10% = 950; 20% = 1,900; 30% = 2,850
Position LimitsNet long/short position in all contract months combined of 50,000 contracts with a reportable limit of 100 contracts. One CBOT DJIA futures contract deemed equivalent to two CBOT mini-sized DowSM futures contracts.
MarginsInitial Margin: $2,700 - Maintenance and Hedge Margin: $2,000
FungibilityFull fungibility allows offset and liquidation of CBOT mini-sized DJIA futures positions against CBOT DJIA futures held in the same account, contract month, and year in the following ratios: 1 CBOT DJIA futures contract = 2 CBOT mini-sized Dow futures contracts.
Final Settlement Day3rd Friday of contract month
Last Day of Trading3:15 p.m. (U.S. Central time) on Thursday preceding Final Settlement Day
Final Settlement PriceSpecial Opening Quotation (SOQ) of DJIA calculated from opening prices of Dow stocks on final settlement day. Sept. 2003 SOQ = 9683.34
Exchange for Physicals Diamonds and suitable baskets of DJIA stocks are eligible EFP assets for CBOT Dow and CBOT DJIA mini-sized futures contracts.
Dow DivisorDJIA = Sum of 30 Dow stock share prices / Dow divisor Current Dow Divisor = 0.13500289
Fair Value CalculationFair value is the theoretical price of CBOT DJIA futures contract based on interest rates, the dividend yield, and the current price of the DJIA.
Ticker SymbolYM
Tick Size$5 x CBOT mini-sized Dow futures price
Strike Price IntervalsTwenty 100 index point intervals up and down from the futures price plus ten additional 200 point intervals above and below the highest and lowest 100 point intervals.
Daily Price LimitSuccessive 10%, 20%, and 30% price limits based on the average daily close of the cash index in the last month of the preceding quarter. Price limits are effective only for limit moves below the previous day's close. If trading in CBOT mini-sized Dow futures halts, options will also cease trading. Daytime price limits are coordinated with NYSE circuit- breakers. All price limits are recomputed at the beginning of every quarter.
Contract MonthsQuarterly cycle of March, June, September, December plus two monthly (serial) option contracts. The monthly option contract exercises into the nearby futures contract. For example, an August option exercises into a September futures position.
Trading HoursElectronic: 7:15 p.m. - 4:00 p.m. Chicago time, Sun.-Fri.
Last Trading DayFor standard quarterly option contracts: The Thursday immediately preceding the Final Settlement Day. Final Settlement Day is the third Friday of the contract month.
ExpirationUnexercised quarterly expiration options expire at 7:00 p.m.
Chicago time on the business day following the last trading day. Unexercised serial expiration options expire at 7:00 p.m. on the last trading day.

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