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futures | Specs |
Ticker Symbol | YM |
Contract Value | $5 x CBOT mini-sized Dow futures price |
Price Quote | Price 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 Hours | Electronic: 7:15 p.m. - 4:00 p.m. Sun-Fri |
Minimum Fluctuation | 1 index point = $5 |
Price Limits and Trading Halts | Current Price Limits and Trading Halts (Circuit-Breakers): 10% = 950; 20% = 1,900; 30% = 2,850 |
Position Limits | 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. |
Margins | Initial Margin: $2,700 - Maintenance and Hedge Margin: $2,000 |
Fungibility | 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. |
Final Settlement Day | 3rd Friday of contract month |
Last Day of Trading | 3:15 p.m. (U.S. Central time) on Thursday preceding Final Settlement Day |
Final Settlement Price | Special 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 Divisor | DJIA = Sum of 30 Dow stock share prices / Dow divisor Current Dow Divisor = 0.13500289 |
Fair Value Calculation | 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. |
futures | Specs |
Ticker Symbol | YM |
Tick Size | $5 x CBOT mini-sized Dow futures price |
Strike Price Intervals | 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. |
Daily Price Limit | 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. |
Contract Months | 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. |
Trading Hours | Electronic: 7:15 p.m. - 4:00 p.m. Chicago time, Sun.-Fri. |
Last Trading Day | For standard quarterly option contracts: The Thursday immediately preceding the Final Settlement Day. Final Settlement Day is the third Friday of the contract month. |
Expiration | 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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