| CBOT®
Dow Complex: Product Overview |
| Contract |
CBOT®
mini-sized DJIASM
Futures |
CBOT®
DJIA Futures |
Options on
CBOT® DJIA Futures |
Ticker
Symbols |
YM
Vendor
Ticker Symbols |
Open Outcry: DJ
Electronic: ZD
Vendor
Ticker Symbols |
Open Outcry: DJC for calls / DJP for
puts,
Electronic: OZD
Vendor
Ticker Symbols |
| Contract Value |
$5 x DJIA Futures Price - e.g. $40,000
if DJIA futures price = 8,000 |
$10 x DJIA Futures Price - e.g.
$80,000 if DJIA futures price = 8,000 |
Same as CBOT® DJIA Futures |
Price Quotations
Option Strike Price Intervals |
Price quotation in full
index points, e.g. 8,502
Final settlement price in hundredths
of index points, e.g. 8,502.03
|
Premium quoted with implicit $100
multiplier, e.g. 34.64=$3,464, or quoted
as 3,464=$3,464.
Strike Price Intervals: Twenty 100
index point ($1,000) intervals up and
down from futures price plus twenty
additional 200 point intervals above
and below the highest and lowest 100
point intervals. |
| Minimum Fluctuation |
1 index point = $5 |
1 index point = $10 |
.5 index points = $5
If $100 multiplier used quoted as .05 |
| Contract Months |
(March, June, September and December)
Four nearest months in March quarterly
cycle listed at all times. |
(March, June, September and December)
Four nearest months in March quarterly
cycle and two additional Decembers listed
at all times. |
Same as futures quarterly cycle plus
2 to 3 nearest months ("serial" months)
such that four consecutive contract months
listed |
Trading Hours
(U.S. Central Time) |
Electronic:
8:15 p.m. - 4:00 p.m.
Sun-Fri |
Open Auction:
7:20 am - 3:15 pm Mon-Fri
Electronic:
8:15 pm - 7:00 am Sun-Fri |
Open Auction:
7:20 am - 3:15 pm Mon-Fri
Electronic:
8:15 pm - 7:00 am Sun-Fri |
Price Limits and Trading
Halts
|
Current Price Limits and
Trading Halts (Circuit-Breakers): 10%
= 950; 20% = 1,900; 30% = 2,850
Detailed Price
Limit & Trading Halt Information |
Limits and trading halts are the
same as for futures |
| Position Limits |
Net long/short position
in all contract months combined of 50,000
contracts with a reportable limit
of 25 contracts. One CBOT®
DJIA futures contract deemed equivalent
to two CBOT® mini-sized
DJIA futures contracts. |
Net equivalent futures position of 50,000
contracts with a reportable limit of 25
contracts |
| Margins |
Initial Margin: $2,700
Maintenance and Hedge Margin: $2,000
Detailed Margin
information |
Initial Margin: $5,400
Maintenance and Hedge Margin: $4,000
Detailed Margin
information |
Margins on options determined by SPAN
(Standard Portfolio Analysis of Risk) |
| 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 mini-sized DJIA futures contracts.
Written notification to Board of Trade
Clearing Corporation is required. For
more detailed information see BOTCC Bulletin
#193 at www.botcc.com. |
|
| 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 |
Quarterly expirations: same as futures
Serial expirations: close of third Friday
of contract month |
| Final Settlement Price |
Special Opening Quotation
(SOQ) of DJIA calculated from opening
prices of Dow stocks on final settlement
day.
June 02 SOQ = 9320.31
Detailed
SOQ (settlement) information |
Options are American style
Serial Options or non-expiring quarterly
options exercise into the underlying
futures contract. Exercise of expiring
quarterly options results in cash settlement based
on the SOQ |
Exchange for Physicals
EFPs |
Diamonds®
and suitable baskets of DJIA stocks are
eligible EFP assets for CBOT®
DJIA and CBOT®
DJIA mini-sized futures contracts. |
|
| Dow Divisor |
DJIA = Sum of 30 Dow stock
share prices / Dow divisor
Current Dow Divisor = 0.14418073
Detailed Dow Divisor
information |
|
| Contract |
CBOT®
mini-sized DJIA Futures |
CBOT®
DJIA Futures |
Options on CBOT®
DJIA Futures |
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