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FUTURES |
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SPECS |
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Ticker Symbol |
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YM |
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Contract Value |
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$5 x CBOT mini-sized
Dow futures price |
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Price Quote |
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Price
quotation in full index points |
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Contract Months
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(March, June, September
and December) Four nearest months in March quarterly
cycle listed at all times. |
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Trading Hours
(U.S. Central Time) |
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Price limit
corresponding to a 5% INCREASE or DECREASE from the Prior Settlem |
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Trading Hours
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Electronic: 7:15 p.m. -
4:00 p.m. Sun-Fri |
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Minimum Fluctuation |
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1 index
point = $5 |
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Price Limits
and Trading Halts
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Current Price Limits
and Trading Halts (Circuit-Breakers): 10% = 950; 20% = 1,900;
30% = 2,850 |
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Position Limits |
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Net
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. |
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Margins
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Initial Margin: $2,700
- Maintenance and Hedge Margin: $2,000 |
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Fungibility |
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Full
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. |
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Final Settlement Day |
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3rd Friday of contract
month |
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Last
Day of Trading |
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3:15 p.m.
(U.S. Central time) on Thursday preceding Final Settlement Day |
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Final Settlement Price |
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Special
Opening Quotation (SOQ) of DJIA calculated from opening prices of
Dow
stocks on final settlement day. Sept. 2003 SOQ = 9683.34 |
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Exchange for Physicals
EFPs |
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Diamonds and
suitable baskets of DJIA stocks are eligible EFP assets for CBOT Dow
and CBOT DJIA mini-sized futures contracts.
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Dow Divisor
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DJIA = Sum of 30 Dow
stock share prices / Dow divisor Current Dow Divisor =
0.13500289
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Fair
Value Calculation |
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Fair value
is the theoretical price of CBOT DJIA futures contract based on
interest
rates, the dividend yield, and the current price of the DJIA. |
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OPTIONS |
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SPECS |
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Ticker Symbol |
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OYM |
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Tick Size
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1 point equals $5. |
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Strike Price Intervals |
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Twenty 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.
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Daily Price
Limit |
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Successive 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.
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Contract Months |
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Quarterly 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.
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Trading Hours
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Electronic: 7:15 p.m. -
4:00 p.m. Chicago time, Sun.-Fri. |
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Last
Trading Day |
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For standard
quarterly option contracts: The Thursday immediately preceding the
Final
Settlement Day. Final Settlement Day is the third Friday of the
contract month.
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Expiration
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Unexercised 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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E-MINI DOW