RULE 8 OPTIONS: EXCHANGE TRADED AND NEGOTIATED

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "RULE 8 OPTIONS: EXCHANGE TRADED AND NEGOTIATED"

Transcription

1 RULE 8 OPTIONS: EXCHANGE TRADED AND NEGOTIATED 8A.01 Definitions In this Rule: Part 8A Definitions and General Applicability a. Exchange Traded Option meansan option listed by WCE which is traded in accordance with rules of open outcry on the trading pits of the exchange. b. Class means, in the case of either Exchange Traded Options or Negotiated Options, all options of the same Type covering the same Underlying Interest. c. Type means, the classification of an option as either a put or a cal. d. Series meansall options of the same Type, covering the same Underlying Interest and having the same Exercise Price and Expiration Date. e. Negotiated Options means an option which is traded bi-lateraly of exchange, negotiated between a buyerand a seller, which meets all other parameters of the WCE Rules. 8A.02 Application of Rules 8A.03 Unit of Trade Except where specifically excluded in this Rules, or where the application thereof is clearly not appropriate, the Rules pertaining to trading in futures apply to Exchange Traded Options and Negotiated Options. The Unit of Trade for Exchange Traded Options and Negotiated Options shall be one option exercisable for one contract of the Underlying Futures Contract. 8A.04 Board Lots - Job Lots The definitions and practices of board lots and job lots applicable to trading in the futures contracts shall apply to trading in both Exchange Traded Options and Negotiated Options. 8B.01 Quotations Part 8B- Exchange Traded Options The Exchange shall post quotations for trades, and for both bids and offers on board lots of Exchange Traded Options. 01/04 Page 1 of 10

2 8B.02 Authorization of Trading Trading in Exchange Traded Options is authorized for the following Underlying Futures Contracts: a. Canola; b. Domestic Feed Wheat; c. Flaxseed; and d. Western Barley 8B.03 Strike Price Multiples Exchange Traded Option Series shall be traded at the following strike price multiples: a. Domestic Feed Wheat - Five dollars ($5.00)/tonne; b. Western Barley - Five dollars ($5.00)/tonne) c. Oilseeds - Ten dollars ($10.00)/tonne. 8B.04 Authorization of Series If requested and if facilities permit, trading may commence for authorized Exchange Trade Options upon the opening of the market on the day following the first trade of a board lot in the Underlying Futures Contract. In such event, the Exchange will provide facilities for the trading of the Exchange Traded Options by selecting seven (7) strike prices, as follows; a. the strike price closest to the previous day's futures settlement price. In the event that the previous day's futures settlement price is equidistant between two (2) strike price multiples, the higher strike price shall be selected; and b. the next three (3) strike prices higher and the next three (3) strike prices lower. 8B.05 Expansion and Removal of Series a. In the event that the settlement prices for the Underlying Futures Contracts increase or decrease, additional striking prices will be provided so that there will be striking prices at least two and one half (2 1/2) multiples above and below the latest futures settlement price. b. Trading in an additional series shall become effective with the opening of the first trading session following the need for such addition. c. Additional Series may be authorized at the discretion of the Exchange. d. Series without open interest may be removed at the discretion of the Exchange. 8B.06 Series During Month of Expiry No new Series shall be added during the calendar month in which its Class of options is due to expire. 01/04 Page 2 of 10

3 8B.07 Trading Hours Trading in Exchange Traded Options shall be permitted between 9:30 a.m. to 1:20 p.m. Central Time. 8B.08 Fluctuation Units a. Between 9:30 a.m. and 1:15 p.m. bids up and offers down from the preceding quotation may be made in units of up to fifty cents ($0.50) per tonne. b. Between 1:15 p.m. and 1:20 p.m. bids up and offers down from the preceding quotation shall be made in units of ten cents ($0.10) per tonne. 8B.09 Daily Limits on Premium Price Movement Daily limits on premium prices shall be the same as the daily limits for the Underlying Futures Contracts. 8B.10 Settlement Price a. The Black and Scholes formula, with adjustments subject to such modifications as may be deemed advisable by the Exchange, shall be used to calculate settlement premiums. b. The settlement price is the price that determines margins and the daily limit on the price movement of the succeeding trading day(s). c. The settlement price shall be calculated for each series by the Exchange immediately following the close, and recorded, displayed, and reported to the Clearinghouse. d. The Exchange shall be responsible for the procedures for calculation of absolute values of days to expiry, interest rates and volatilities specific to the approved formula. e. The options Pit Chairman may adjust the settlement price(s) for options if he/she deems necessary due to market conditions. In calculating such adjustments the Pit Chairman may consider, but is not limited to, the following; (1) trade activity during the session; (2) trades concluded and/or bids and offers posted near and during the close; (3) trade activity in other strikes and spreads to deferred contract months; (4) technical relationships between options of various strikes, put/call parity, or the change in value of the underlying futures contract. f. In the case of any appeal of an adjusted Exchange Traded Options settlement price, the Floor Committee shall make final determination of the settlement price. 01/04 Page 3 of 10

4 g. Any Trader may appeal an adjusted Exchange Traded Options settlement price to the Floor Committee: 8B.11 Premium Payments (1) The Trader shall verbally make known all reasons for the appeal. (2) Appeals must be made immediately after the announcement of the adjusted options settlement price. The total premium shall be paid in full by the Buyer to the Seller through the Clearinghouse on the day of the transaction. 8B.12 Advance Notice of Expiry Two (2) clear days before expiry day all Participants registered in the category of Futures Commission Merchants shall request instructions from each customer holding a long position regarding the exercise of the Exchange Traded Option. 8B.13 Cabinet Trades 8B.14 Expiry Day a. The premium for cabinet trades shall be discovered through competitive open outcry in multiples of one cent ($0.01) per tonne, up to a maximum of nine cents ($0.09) per tonne. b. Cabinet trades may only be executed for the purpose of offsetting existing options positions. a. The contractual rights and obligations relative to an Exchange Traded Option shall expire at 3:30 p.m. on the third (3rd) Friday in the month immediately preceding the delivery month of the Underlying Futures Contract. b. In the event that such third (3rd) Friday is not a trading day, the expiry day shall be the trading day first preceding. 8B.15 Last Day of Trading Trading in Exchange Traded Options shall cease on the expiry day at such time as the Exchange may prescribe. 8B.16 Right of Exercise Exchange Traded Options may be exercised by the Holder on any trading day up to and including the expiry day of the Exchange traded Options in accordance with Clearinghouse Rules. The Clearinghouse will assign appropriate positions in the Underlying Futures Contract to the Holder and to the Writer respectively at the Exercise Price in accordance with Clearinghouse Rules. 8B.17 Automatic Exercise Unless prior written notice has been received from the Clearing Participant, the Clearinghouse shall, after the close of trading of the Underlying Futures Contract on the last day of trading, automatically exercise each Exchange Traded Option for which the exercise price is In-The-Money by an amount at least: 01/04 Page 4 of 10

5 a. Where the Underlying Futures Contracts is a Grain - Five dollars ($5.00)/tonne; or b. Where the Underlying Futures Contracts is an Oilseed - Five dollars ($5.00)/tonne 8B.18 Method of Exercise 8B.19 Margins a. Exchange Traded Options may be exercised on any trading day by the Holder in accordance with Clearinghouse Rules. b. For each Exchange Traded Option being exercised, the Clearinghouse shall assign the appropriate Underlying Futures Contract as follows: (1) In the case of a Call Option the Writer shall be assigned a short position and the Holder shall be assigned a long position of one unit of the Underlying Futures Contract at the exercise price of that Series; or (2) In the case of a Put Option the Writer shall be assigned a long position and the Holder shall be assigned a short position of one unit of the Underlying Futures Contract at the exercise price of that Series. a. Minimum margin requirements for Exchange Traded Option Writers shall be determined daily by use of the Standard Portfolio Analysis of Risk (SPAN) procedure as modified by approval of the Exchange.. b. No Futures Commission Merchant may accept or carry an account for a customer who is short Exchange Traded Options, without maintaining at least the minimum required margins. c. All Futures Commission Merchants may require more than the minimum margins from a customer. d. Exchange Traded Option Holders, having paid the total premium, are not required to maintain margins. 8B.20 Risk Disclosure Statement Before opening an account permitting a new customer to trade Exchange Traded Options or Negotiated Options, or accepting the first Exchange Traded Option or Negotiated Option order from an existing customer, Trading Participants registered in the category of Canadian Futures Commission Merchant shall provide such customer with a copy of the relevant Risk Disclosure Statement. 8C.01 Method of Trade PART 8C NEGOTIATED OPTIONS The method of trade shall be off-exchange bilateral trade negotiated between a buyer and a seller in compliance with the provisions of the WCE Rules. 01/04 Page 5 of 10

6 8C.02 Acceptance of Trade Both parties to a Negotiated Options trade are required to complete the prescribed form and submit same to the Exchange. The Exchange reserves the right, in its sole discretion, to reject any Negotiated Option transaction submitted to it. The trade will not be deemed accepted until such time as it has been properly submitted to the Clearinghouse by the Exchange and cleared by the Clearinghouse. 8C.03 Submission Deadline Negotiated Options must be submitted to the Exchange no later than 2:00 p.m. CT on the form prescribed by the Exchange and signed by the authorized signatories for both parties. In the event that the form is received by the Exchange after 2:00 p.m. CT, it will be processed on the following business day. 8C.04 Dissemination of Trade Details The Exchange shall disseminate the following information on Negotiated Options; volume, open interest and trade summaries. The parties to Negotiated Options will not be identified. 8C.05 No Posting of Quotations The Exchange will not post quotations for Negotiated Options. 8C.06 Authorization of Trading a. Trading in Negotiated Options is authorized for the following Underlying Futures Contracts: (1) Canola; (2) Domestic Feed Wheat; (3) Flaxseed; and (4) Western Barley b. Trading in Negotiated Options is permitted to commence on the business day following the first trade of a board lot in the Underlying Futures Contract. c. Negotiated Options may not be traded with the same terms as a current listed Exchange traded Option. In the event that an Exchange Traded Option is listed which contains the same terms and provisions as a Negotiated Option the Negotiated Option shall be converted to an Exchange Traded Option by the Exchange and thereafter the rules relevant to Exchange Traded Options shall apply. 01/04 Page 6 of 10

7 8C.07 Rights of Exercise All Negotiated Options shall be exercisable at any time from the day after confirmation of trade until its Expiration Date. The Holder may exercise a Negotiated Option on any trading day up to and including the expiry day of such option in accordance with Clearinghouse Rules 8C.08 Strike Price Parameters a. Negotiated Option strike prices shall be stated in whole dollar amounts. b. Negotiated Option strike prices shall be stated in the currency of the Underlying Futures Contract. 8C.09 Advance Notice of Expiry 8C.10 Expiry Date 8C.11 Premiums Two (2) clear days before expiry day all Participants registered in the category of Futures Commission Merchants shall request instructions from each customer holding a long position regarding the exercise of the Exchange Traded Option. a. The expiry date of any new Negotiated Option Series may be any Exchange trade day that is: (1) up to one year less a day from the current trade date; and (2) not later than three (3) Business Days prior to the First Delivery Day of the underlying futures contract; and (3) at least one trade day after the day the transaction has been accepted by the Exchange. b. The contractual rights and obligations relative to a Negotiated Option shall expire at 3:30 p.m. CT on the day of expiry. c. If, at any time prior to the close of trading two business days prior to the day which would have been the expiry date in respect of a Contract, it becomes known to the Exchange that the market will not be open for business on that day, then the business day preceding the expiry date shall become the expiry date in respect of that Contract and the Exchange shall post a notice to that effect in the market. If, at any time following the close of trading two business days prior to the day which would have been the expiry date in respect of a Contract, it becomes known to the Exchange that the market will not be open for business on that day, then the first business day succeeding the expiry date shall become the expiry date in respect of that Contract and the Exchange shall post a notice to that effect in the market. a. Negotiated Option Premiums shall be stated in dollar amounts rounded to nearest $0.10. b. Negotiated Option Premiums shall be stated in the currency of the underlying futures contract. 01/04 Page 7 of 10

8 c. When both sides of the trade are closing transactions, the Negotiated Option premium may range from $0.01 to $0.09 in $0.01 increments per option contract. d. The total premium shall be paid in full by the Buyer to the Seller through the Clearing House on the day of the transaction. 8C.12 Settlement Price 8C.13 Exercise a. The Black and Scholes formula, with adjustments subject to such modifications as may be deemed advisable by the Exchange shall be used to calculate settlement premiums. In calculating the settlement premiums, the Exchange shall determine: (1) volatility using the daily continuation historical volatility of the underlying commodity futures. The Exchange will calculate the current 20 business day, 60 business day, 120 business day and 240 business day historical volatilities and use the higher of these. (2) interest rate using the current Canadian 3-month Treasury Bill as posted by the Bank of Canada. (3) value of the underlying futures contract using the current settlement price of the underlying futures contract. b. The Exchange may adjust the settlement price(s) for options as it deems necessary due to market conditions. In calculating such adjustments the Exchange may consider, but is not limited to, the following: (1) trades registered during the current or recent business day; (2) trades registered in other Negotiated options series during the current or previous business days; (3) technical relationships between options of various strikes, put/call parity, or the change in value of the underlying futures contract; c. The settlement price is the price that determines margins. d. The settlement price shall be calculated for open series by the Exchange following the deadline for submissions, and recorded, posted, and reported to the Clearinghouse. e. The Exchange shall be responsible for the procedures for the calculation of absolute values of days to expiry, interest rates, and volatilities specific to the approved formula. Upon exercise of a Negotiated Option, the Clearinghouse will assign appropriate positions in the Underlying Futures Contract to the Holder and to the Writer respectively at the Exercise Price in accordance with Clearinghouse Rules. 01/04 Page 8 of 10

9 8C.14 Automatic Exercise a. Unless prior written notice has been received from the Clearing Participant, the Clearinghouse shall, after the close of trading of the Underlying futures contract on the last day of trading, automatically exercise each Negotiated Option for which the Exercise Price is In-The- Money by an amount at least; 8C.15 Method of Exercise 8C.16 Margins (1) where the Underlying Futures Contract is a Grain - Five dollars ($5.00)/tonne (2) where the Underlying Futures Contract is an Oilseed - Five dollars ($5.00)/tonne a. For each Negotiated Option exercised, the Clearinghouse shall assign the appropriate Underlying Futures Contract(s) as follows: (1) In the case of a Call Option the Writer shall be assigned a short position and the Holder shall be assigned a long position of one unit of the Underlying Futures Contract at the Exercise Price of that Series; or (2) In the case of a Put Option the Writer shall be assigned a long position and the Holder shall be assigned a short position of one unit of the Underlying Futures Contract at the Exercise Price of that Series. a. Minimum margin requirements for Writers of Negotiated Options shall be determined daily by use of the Standard Portfolio Analysis of Risk (SPAN) procedure as modified by approval of the Exchange. b. No Futures Commission Merchant may accept or carry an account for a customer who is short Negotiated Options, without maintaining at least the minimum required margins. c. All Futures Commission Merchants may require more than the minimum margins from a customer. d. Option Holders, having paid the total premium, are not required to maintain margins. 8C.17 Delta Neutral Trades Negotiated Options may be traded on a delta neutral spread against the Underlying Futures Contract. The futures leg must be reported at the same time and on the same form as the Negotiated Option trade. In this case, the price of the Negotiated Options leg of the trade should represent fair market value and the price of the futures leg should be consistent with the then prevailing market prices. 01/04 Page 9 of 10

10 8C.18 Risk Disclosure Statement Before opening an options account for a new customer, or accepting the first options order, including Negotiated Options, from an existing customer, Trading Participants registered in the category of Canadian Futures Commission Merchant shall provide such customer with a copy of a Risk Disclosure Statement. 01/04 Page 10 of 10

ICE Futures Europe 2010 1

ICE Futures Europe 2010 1 CONTRACT RULES: ICE FUTURES BRENT CRUDE OPTIONS CONTRACT; ICE SECTION N - CONTRACT RULES: ICE FUTURES BRENT CRUDE OPTIONS CONTRACT; ICE FUTURES GASOIL OPTIONS CONTRACT; ICE FUTURES WEST TEXAS INTERMEDIATE

More information

ICE Futures U.S., Inc.

ICE Futures U.S., Inc. ICE Futures U.S., Inc. 5,000 oz. SILVER FUTURES OPTIONS TABLE OF CONTENTS Rule Subject 35.1. Scope of Chapter 35.2. Options Characteristics 35.3. Exercise and Assignment 35.4. Corrections to Options Exercises

More information

RE: Self-Certification of Hard Red Spring Wheat Calendar Spread Options Pursuant to CFTC Regulation 40.2(a)

RE: Self-Certification of Hard Red Spring Wheat Calendar Spread Options Pursuant to CFTC Regulation 40.2(a) Via Portal Submission November 18, 2014 MGEX Submission No. 14-27 Mr. Christopher J. Kirkpatrick Secretary of the Commission Commodity Futures Trading Commission Three Lafayette Centre 1155 21 st Street

More information

ICE Futures U.S., Inc.

ICE Futures U.S., Inc. ICE Futures U.S., Inc. ICE FUTURES EURO INDEX* Effective with the close of business May 20, 2011 all Euro Index Futures and Option Contracts will no longer be listed for trading. TABLE OF CONTENTS Rule

More information

Contract Specifications

Contract Specifications Contract Specifications ASX SPI 200 Index Futures... 4 Options on ASX SPI 200 Index Futures... 5 S&P/ASX 200 VIX Futures... 6 S&P/ASX 200Resources Index Futures... 7 S&P/ASX 200 Financials-x-A-REIT Index

More information

Bourse de Montréal Inc. 15-1 RULE FIFTEEN FUTURES CONTRACTS SPECIFICATIONS. Section 15001-15050 General Provisions

Bourse de Montréal Inc. 15-1 RULE FIFTEEN FUTURES CONTRACTS SPECIFICATIONS. Section 15001-15050 General Provisions Bourse de Montréal Inc. 15-1 RULE FIFTEEN FUTURES CONTRACTS SPECIFICATIONS Section 15001-15050 General Provisions 15001 Scope of Rule (24.01.86, 22.04.88, 08.09.89, 16.04.92, 19.01.95, 07.09.99, 31.01.01,

More information

POLICY STATEMENT Q-22

POLICY STATEMENT Q-22 POLICY STATEMENT Q-22 DISCLOSURE DOCUMENT FOR COMMODITY FUTURES CONTRACTS, FOR OPTIONS TRADED ON A RECOGNIZED MARKET AND FOR EXCHANGE-TRADED COMMODITY FUTURES OPTIONS 1. In the case of commodity futures

More information

CME Group Equity FLEX Options

CME Group Equity FLEX Options CME Group Equity FLEX Options American- and European-style flexible options enhancements are available on certain CME Group equity contracts. This document outlines contract specs, trading parameters and

More information

ICE Futures U.S., Inc.

ICE Futures U.S., Inc. ICE Futures U.S., Inc. 100 OZ GOLD FUTURES OPTIONS TABLE OF CONTENTS Rule Subject 32.1 Scope of Chapter 32.2 Options Characteristics 32.3 Exercise and Assignment 32.4 Corrections to Options Exercises 32.5

More information

Reference Manual Currency Options

Reference Manual Currency Options Reference Manual Currency Options TMX Group Equities Toronto Stock Exchange TSX Venture Exchange TMX Select Equicom Derivatives Montréal Exchange CDCC Montréal Climate Exchange Fixed Income Shorcan Energy

More information

Sub: Introduction of Australian Dollar, Canadian Dollar and Swiss Francs Currency Futures Contracts

Sub: Introduction of Australian Dollar, Canadian Dollar and Swiss Francs Currency Futures Contracts Notice to all Members, Sub: Introduction of Australian Dollar, Canadian Dollar and Swiss Francs Currency Futures Contracts In pursuance of By-Laws of DGCX, Clearing Rules of DCCC; the following is hereby

More information

Note: Trading of the Options on US Stock Futures Contracts has been suspended until further notice.

Note: Trading of the Options on US Stock Futures Contracts has been suspended until further notice. CONTRACT SPECIFICATIONS FOR OPTIONS ON STOCK FUTURES CONTRACTS I. OPTIONS ON US STOCK FUTURES Note: Trading of the Options on US Stock Futures Contracts has been suspended until further notice. STKO -

More information

OPTIONS CALCULATOR QUICK GUIDE. Reshaping Canada s Equities Trading Landscape

OPTIONS CALCULATOR QUICK GUIDE. Reshaping Canada s Equities Trading Landscape OPTIONS CALCULATOR QUICK GUIDE Reshaping Canada s Equities Trading Landscape OCTOBER 2014 Table of Contents Introduction 3 Valuing options 4 Examples 6 Valuing an American style non-dividend paying stock

More information

Introduction to Options. Commodity & Ingredient Hedging, LLC www.cihedging.com 312-596-7755

Introduction to Options. Commodity & Ingredient Hedging, LLC www.cihedging.com 312-596-7755 Introduction to Options Commodity & Ingredient Hedging, LLC www.cihedging.com 312-596-7755 Options on Futures: Price Protection & Opportunity Copyright 2009 Commodity & Ingredient Hedging, LLC 2 Option

More information

1 CASH SETTLED AGRICULTURAL CONTRACT SPECIFICATIONS - FUTURES

1 CASH SETTLED AGRICULTURAL CONTRACT SPECIFICATIONS - FUTURES 1 CASH SETTLED AGRICULTURAL CONTRACT SPECIFICATIONS - FUTURES FUTURES CONTRACT CHICAGO CORN CHICAGO WHEAT KCBT HARD RED Trading system code CORN REDW KANS BEAN MEAL OILS Trading Hours 09h00 12h00 South

More information

OPTIONS MARKETS AND VALUATIONS (CHAPTERS 16 & 17)

OPTIONS MARKETS AND VALUATIONS (CHAPTERS 16 & 17) OPTIONS MARKETS AND VALUATIONS (CHAPTERS 16 & 17) WHAT ARE OPTIONS? Derivative securities whose values are derived from the values of the underlying securities. Stock options quotations from WSJ. A call

More information

Contract Specifications: ICE Brent Crude Futures and Options Contract

Contract Specifications: ICE Brent Crude Futures and Options Contract Contract Specifications: ICE Brent Crude Futures and Options Contract ICE Brent Crude Futures Contract: Description The ICE Brent Crude Futures Contract is a deliverable contract based on EFP delivery

More information

Article I - Definitions

Article I - Definitions By Laws Article I - Definitions Definitions SECTION 1. Unless the context requires otherwise (or except as otherwise specified in the By-Laws or Rules), the terms defined herein shall, for all purposes

More information

metals products Options Strategy Guide for Metals Products

metals products Options Strategy Guide for Metals Products metals products Options Guide for Metals Products As the world s largest and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges CME, CBOT, NYMEX

More information

CME Group 2012 Commodities Trading Challenge. Competition Rules and Procedures

CME Group 2012 Commodities Trading Challenge. Competition Rules and Procedures Competition Rules and Procedures CME Group with assistance from CQG and the University of Houston, is sponsoring a commodities trading competition among colleges and universities. Students will compete

More information

Stock Options. Definition

Stock Options. Definition Stock Options Definition Contractual instruments whereby two parties enter into an agreement To give something of value to each other Option contract gives the holder the right to buy/ sell a certain amount

More information

The basic concepts of grain price options are

The basic concepts of grain price options are Grain Price Options Basics File A2-66 December 2009 www.extension.iastate.edu/agdm The basic concepts of grain price options are discussed below. Methods of using grain price options to market grain are

More information

The basic concepts of grain price options

The basic concepts of grain price options Grain Price Options Basics File A2-66 January, 1996 The basic concepts of grain price options are discussed below. Methods of using grain price options to market grain are presented in: Options Tools to

More information

CANTOR EXCHANGE FOREIGN EXCHANGE RATE SPOT INDEX DAILY FUTURES AND BINARY FLEX OPTION CONTRACT RULES

CANTOR EXCHANGE FOREIGN EXCHANGE RATE SPOT INDEX DAILY FUTURES AND BINARY FLEX OPTION CONTRACT RULES CANTOR EXCHANGE FOREIGN EXCHANGE RATE SPOT INDEX DAILY FUTURES AND BINARY FLEX OPTION CONTRACT RULES I-1. Scope and Underlying (a) This Chapter governs transactions involving all Contracts derived from

More information

Chapter 15 OPTIONS ON MONEY MARKET FUTURES

Chapter 15 OPTIONS ON MONEY MARKET FUTURES Page 218 The information in this chapter was last updated in 1993. Since the money market evolves very rapidly, recent developments may have superseded some of the content of this chapter. Chapter 15 OPTIONS

More information

Answers to Concepts in Review

Answers to Concepts in Review Answers to Concepts in Review 1. Puts and calls are negotiable options issued in bearer form that allow the holder to sell (put) or buy (call) a stipulated amount of a specific security/financial asset,

More information

WHS FX options guide. Getting started with FX options. Predict the trend in currency markets or hedge your positions with FX options.

WHS FX options guide. Getting started with FX options. Predict the trend in currency markets or hedge your positions with FX options. Getting started with FX options WHS FX options guide Predict the trend in currency markets or hedge your positions with FX options. Refine your trading style and your market outlook. Learn how FX options

More information

Section III Advanced Pricing Tools

Section III Advanced Pricing Tools Section III Learning objectives The appeal of options Puts vs. calls Understanding premiums Recognizing if an option is in the money, at the money or out of the money Key terms Call option: The right,

More information

EXHIBIT A. Rule Asset Duration/ Close Time Action Effective Date

EXHIBIT A. Rule Asset Duration/ Close Time Action Effective Date EXHIBIT A Rule Asset Duration/ Close Time Action Effective Date 1.1 Definitions N/A Add definitions for Foreign Bank and Correspondent Account; remove subsection indexing 3.1 Trading Members Applications,

More information

ICE Futures U.S., Inc. CASH-SETTLED US AGRICULTURAL FUTURES AND OPTIONS CONTRACTS

ICE Futures U.S., Inc. CASH-SETTLED US AGRICULTURAL FUTURES AND OPTIONS CONTRACTS ICE Futures U.S., Inc. CASH-SETTLED US AGRICULTURAL FUTURES AND OPTIONS CONTRACTS TABLE OF CONTENTS Rule Subject SUBCHAPTER A FUTURES CONTRACTS 14.00A Scope 14.01A Contract Size 14.02A Contract Months

More information

OPTIONS TRADING SIMULATOR QUICK GUIDE. Reshaping Canada s Equities Trading Landscape

OPTIONS TRADING SIMULATOR QUICK GUIDE. Reshaping Canada s Equities Trading Landscape OPTIONS TRADING SIMULATOR QUICK GUIDE Reshaping Canada s Equities Trading Landscape OCTOBER 2014 Orders Trading Market order A market order will be executed at the current marketable price. Limit order

More information

ICE BARLEY FUTURES & OPTIONS. www.theice.com. April 2013. IntercontinentalExchange ICE Futures Canada ICE Clear Canada

ICE BARLEY FUTURES & OPTIONS. www.theice.com. April 2013. IntercontinentalExchange ICE Futures Canada ICE Clear Canada ICE BARLEY FUTURES & OPTIONS April 2013 IntercontinentalExchange ICE Futures Canada ICE Clear Canada www.theice.com Page 2 of 5 ICE Futures Canada is pleased to introduce new Barley futures and options

More information

Margining Overview for London Stock Exchange Derivatives Market Equities

Margining Overview for London Stock Exchange Derivatives Market Equities Margining Overview for London Stock Exchange Derivatives Market Equities Department: Risk Management Document Type: Guide Issue no.: 1.0 Issue Date: March 2012 Document History Date Version Author Summary

More information

June 2008 Supplement to Characteristics and Risks of Standardized Options

June 2008 Supplement to Characteristics and Risks of Standardized Options June 2008 Supplement to Characteristics and Risks of Standardized Options This supplement supersedes and replaces the April 2008 Supplement to the booklet entitled Characteristics and Risks of Standardized

More information

DGCX Contract Specifications

DGCX Contract Specifications DGCX Contract Specifications Products Gold futures Options on Gold Futures Silver Futures Currencies: Indian Rupee - US Dollar FX Futures Contract Options on Indian Rupee Futures Euro - US Dollar FX Futures

More information

The Futures Markets Canadian Securities Institute 1

The Futures Markets Canadian Securities Institute 1 The Futures Markets Canadian Securities Institute 1 Introduction This chapter provides an introduction to futures markets where exchange-traded, forward-based derivatives are traded. Forward-based derivatives

More information

Table of Contents. Operations Manual April 2016 Page 2 of 40

Table of Contents. Operations Manual April 2016 Page 2 of 40 Table of Contents SECTION 1 ICE CLEAR CANADA, INC.... 5 Introduction... 5 The... 5 Contact Information... 5 Clearing Systems... 5 SECTION 2 TIME FRAMES, DEADLINES, AND REPORTS... 6 Staff Availability...

More information

AGRICULTURAL COMMODITY What you need to know

AGRICULTURAL COMMODITY What you need to know AGRICULTURAL COMMODITY What you need to know Product Disclosure Statement Issue date: 12 March 2014 Issued by: Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 You should read all sections

More information

For example, someone paid $3.67 per share (or $367 plus fees total) for the right to buy 100 shares of IBM for $180 on or before November 18, 2011

For example, someone paid $3.67 per share (or $367 plus fees total) for the right to buy 100 shares of IBM for $180 on or before November 18, 2011 Chapter 7 - Put and Call Options written for Economics 104 Financial Economics by Prof Gary R. Evans First edition 1995, this edition September 24, 2011 Gary R. Evans This is an effort to explain puts

More information

Contract Specifications

Contract Specifications Contract Specifications Contract Specifications... SFE SPI 00 Index Futures...3 Options on SFE SPI 00 Index Futures...4 30 Day Interbank Cash Rate Futures...5 Options on 30 Day Interbank Cash Rate Futures...6

More information

Instruction of 28 April 2014

Instruction of 28 April 2014 Instruction of 28 April 2014 SPECIAL RULES AND REGULATIONS GOVERNING THE NO. 2 MILLING WHEAT FUTURES CONTRACT Statement in relation to the MATIF Delivery Process : Potential users of the Milling Wheat

More information

PENSON FINANCIAL FUTURES, INC.

PENSON FINANCIAL FUTURES, INC. PENSON FINANCIAL FUTURES, INC. TRACK DATA SECURITIES CORP. COMMODITY FUTURES RISK DISCLOSURE STATEMENT THE RISK OF LOSS IN TRADING COMMODITY FUTURES CONTRACTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE,

More information

Appendix 1 to Fish Pool Rulebook. Product Specifications and Trading schedule for Trading at Fish Pool markets

Appendix 1 to Fish Pool Rulebook. Product Specifications and Trading schedule for Trading at Fish Pool markets Appendix 1 to Fish Pool Rulebook Product Specifications and Trading schedule for Trading at Fish Pool markets Table of contents General provisions:... 2 Product Specifications Forwards and Futures:...

More information

CONTRACT RULES: ICE FUTURES SHORT TERM INTEREST RATE, SWAPNOTE AND GOVERNMENT BOND OPTIONS CONTRACTS

CONTRACT RULES: ICE FUTURES SHORT TERM INTEREST RATE, SWAPNOTE AND GOVERNMENT BOND OPTIONS CONTRACTS CONTRACT RULES: ICE FUTURES SHORT TERM INTEREST RATE, SECTION CONTRACT RULES: ICE FUTURES SHORT TERM INTEREST RATE, SWAPNOTE AND GOVERNMENT BOND OPTIONS CONTRACTS.1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18

More information

Currency Options. www.m-x.ca

Currency Options. www.m-x.ca Currency Options www.m-x.ca Table of Contents Introduction...3 How currencies are quoted in the spot market...4 How currency options work...6 Underlying currency...6 Trading unit...6 Option premiums...6

More information

Grain Marketing Terms

Grain Marketing Terms Grain Marketing Terms File A2-05 January 2010 www.extension.iastate.edu/agdm Actuals - The physical commodities that are being traded. Arbitrage - The simultaneous purchase of commodities in one market

More information

eurex circular 096/09

eurex circular 096/09 eurex circular 096/09 Date: Sender: Recipients: Authorized by: Frankfurt, May 25, 2009 1. Eurex Deutschland und Eurex Zürich 2. Eurex Clearing AG All Trading Members of Eurex Deutschland and Eurex Zürich,

More information

Underlier Filters Category Data Field Description

Underlier Filters Category Data Field Description Price//Capitalization Market Capitalization The market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share. Market Capitalization is not applicable

More information

OPTIONS EDUCATION GLOBAL

OPTIONS EDUCATION GLOBAL OPTIONS EDUCATION GLOBAL TABLE OF CONTENTS Introduction What are FX Options? Trading 101 ITM, ATM and OTM Options Trading Strategies Glossary Contact Information 3 5 6 8 9 10 16 HIGH RISK WARNING: Before

More information

CHAPTER VI CASH SETTLEMENT, DELIVERY AND EXCHANGE OF FUTURES. Cash Settled Contracts and Physical Delivery Contracts

CHAPTER VI CASH SETTLEMENT, DELIVERY AND EXCHANGE OF FUTURES. Cash Settled Contracts and Physical Delivery Contracts CHAPTER VI CASH SETTLEMENT, DELIVERY AND EXCHANGE OF FUTURES Cash Settled Contracts and Physical Delivery Contracts 601. (a) Cash Settled Contracts shall be settled by payment of cash in the Settlement

More information

How options are traded

How options are traded Course #: Title Module 10 How options are traded Topic 1: How options are traded... 3 Trading system... 3 Order types... 3 Combinations... 4 Trading hours... 4 Options taxation is a complex area... 5 The

More information

Volatility as an indicator of Supply and Demand for the Option. the price of a stock expressed as a decimal or percentage.

Volatility as an indicator of Supply and Demand for the Option. the price of a stock expressed as a decimal or percentage. Option Greeks - Evaluating Option Price Sensitivity to: Price Changes to the Stock Time to Expiration Alterations in Interest Rates Volatility as an indicator of Supply and Demand for the Option Different

More information

DEFINITIONS. ACT OR CEA The term "Act" or CEA shall mean the Commodity Exchange Act, as amended from time to time.

DEFINITIONS. ACT OR CEA The term Act or CEA shall mean the Commodity Exchange Act, as amended from time to time. DEFINITIONS ACT OR CEA The term "Act" or CEA shall mean the Commodity Exchange Act, as amended from time to time. BLOCK TRADE A privately negotiated futures, option on futures or swaps transaction that

More information

These rulebook modifications will be effective for trade date Monday, September 23, 2013.

These rulebook modifications will be effective for trade date Monday, September 23, 2013. Timothy R. Elliott Executive Director and Associate General Counsel Legal Department September 8, 2013 Ms. Melissa Jurgens Office of the Secretariat Commodity Futures Trading Commission Three Lafayette

More information

Options Scanner Manual

Options Scanner Manual Page 1 of 14 Options Scanner Manual Introduction The Options Scanner allows you to search all publicly traded US equities and indexes options--more than 170,000 options contracts--for trading opportunities

More information

Glossary of Futures Terms

Glossary of Futures Terms NATIONAL FUTURES ASSOCIATION Glossary of Futures Terms An Introduction to the Language of the Futures Industry 1 Glossary of Futures Terms: An Introduction to the Language of the Futures Industry National

More information

Bid - An expression indicating a desire to buy a commodity at a given price, opposite of offer.

Bid - An expression indicating a desire to buy a commodity at a given price, opposite of offer. Actuals - An actual physical commodity someone is buying or selling, e.g., soybeans, corn, gold, silver, Treasury bonds, etc. Also referred to as actuals. Analogous Years Analysis - An analytical methodology

More information

Subject: Introduction to Dubai India Crude Oil Quanto Futures (DICO) Cash Settled Contract

Subject: Introduction to Dubai India Crude Oil Quanto Futures (DICO) Cash Settled Contract Notice to all Members, In pursuance of the By-Laws of DGCX and Clearing Rules of DCCC, the following is hereby notified: The Exchange shall introduce Dubai India Crude Oil Quanto Futures (DICO) Cash Settled

More information

Forex Account Application

Forex Account Application In order to expedite your account opening process, if you have been working with a Representative, please enter that person s name below: Representative s Name: _ Promotional Code: _ Leverage 1:50 1:100

More information

9. MARGIN REQUIREMENT

9. MARGIN REQUIREMENT 9. 9.1 Marginable Position SEOCH requires margin for open option positions and pending stock positions. This is calculated and collected, where necessary, on a daily basis using routine procedures which

More information

Session IX: Lecturer: Dr. Jose Olmo. Module: Economics of Financial Markets. MSc. Financial Economics

Session IX: Lecturer: Dr. Jose Olmo. Module: Economics of Financial Markets. MSc. Financial Economics Session IX: Stock Options: Properties, Mechanics and Valuation Lecturer: Dr. Jose Olmo Module: Economics of Financial Markets MSc. Financial Economics Department of Economics, City University, London Stock

More information

Business Regulations (as of September 24, 2015)

Business Regulations (as of September 24, 2015) Business Regulations (as of September 24, 2015) Tokyo Stock Exchange, Inc. Contents: Chapter 1: General Provisions Chapter 2: Trading Sessions Chapter 3: Trading During Trading Sessions Section 1: Types

More information

CME Options on Futures

CME Options on Futures CME Education Series CME Options on Futures The Basics Table of Contents SECTION PAGE 1 VOCABULARY 2 2 PRICING FUNDAMENTALS 4 3 ARITHMETIC 6 4 IMPORTANT CONCEPTS 8 5 BASIC STRATEGIES 9 6 REVIEW QUESTIONS

More information

Grain and Oilseed Futures and Options

Grain and Oilseed Futures and Options commodity products Grain and Oilseed Futures and Options The global benchmark products you already trade. Now with the power of CME Group. Overview Grains and Oilseeds are renewable resources with continuously

More information

6. Foreign Currency Options

6. Foreign Currency Options 6. Foreign Currency Options So far, we have studied contracts whose payoffs are contingent on the spot rate (foreign currency forward and foreign currency futures). he payoffs from these instruments are

More information

ASX 3 and 10 Year Treasury Bonds Futures and Options

ASX 3 and 10 Year Treasury Bonds Futures and Options ASX 3 and 10 Year Treasury Bonds Futures and Options Interest Rate Markets Fact Sheet ASX s 3 and 10 Year Treasury Bond Futures and Options are the benchmark derivative products for investors trading and

More information

Notice reference number: 0964.15.08 Notice date: 19/08/2015

Notice reference number: 0964.15.08 Notice date: 19/08/2015 Notice Notice reference number: 0964.15.08 Notice date: 19/08/2015 What s this about? Effective date: 21/09/2015 ASX Trade ASX 24 Trading Clearing Settlement Operations Technology Market Data Rules Compliance

More information

Flexible Put Option on ishares Ibovespa Index Fund (BOVA11) Specifications

Flexible Put Option on ishares Ibovespa Index Fund (BOVA11) Specifications Flexible Put Option on ishares Ibovespa Index Fund (BOVA11) Specifications 1. Definitions Contract (specifications): The terms and rules under which the transactions shall be executed and settled. ishares

More information

Risk Explanation for Exchange-Traded Derivatives

Risk Explanation for Exchange-Traded Derivatives Risk Explanation for Exchange-Traded Derivatives The below risk explanation is provided pursuant to Hong Kong regulatory requirements relating to trading in exchange-traded derivatives by those of our

More information

Introduction. Part IV: Option Fundamentals. Derivatives & Risk Management. The Nature of Derivatives. Definitions. Options. Main themes Options

Introduction. Part IV: Option Fundamentals. Derivatives & Risk Management. The Nature of Derivatives. Definitions. Options. Main themes Options Derivatives & Risk Management Main themes Options option pricing (microstructure & investments) hedging & real options (corporate) This & next weeks lectures Introduction Part IV: Option Fundamentals»

More information

WHAT ARE OPTIONS OPTIONS TRADING

WHAT ARE OPTIONS OPTIONS TRADING OPTIONS TRADING WHAT ARE OPTIONS Options are openly traded contracts that give the buyer a right to a futures position at a specific price within a specified time period Designed as more of a protective

More information

Commodity Futures and Options

Commodity Futures and Options Understanding Commodity Futures and Options for Producers of Livestock and Livestock Products CIS 1100 The Authors Larry D. Makus, C. Wilson Gray and Neil R. Rimbey* Introduction Risk associated with an

More information

Chapter 1: Financial Markets and Financial Derivatives

Chapter 1: Financial Markets and Financial Derivatives Chapter 1: Financial Markets and Financial Derivatives 1.1 Financial Markets Financial markets are markets for financial instruments, in which buyers and sellers find each other and create or exchange

More information

EXAMINING FUTURES AND OPTIONS

EXAMINING FUTURES AND OPTIONS EXAMINING FUTURES AND OPTIONS TABLE OF 130 Grain Exchange Building 400 South 4th Street Minneapolis, MN 55415 www.mgex.com mgex@mgex.com 800.827.4746 612.321.7101 Fax: 612.339.1155 Acknowledgements We

More information

Interest Rate Options

Interest Rate Options Interest Rate Options A discussion of how investors can help control interest rate exposure and make the most of the interest rate market. The Chicago Board Options Exchange (CBOE) is the world s largest

More information

General Information Series

General Information Series General Information Series 1 Agricultural Futures for the Beginner Describes various applications of futures contracts for those new to futures markets. Different trading examples for hedgers and speculators

More information

UBS AG ANNOUNCEMENT. Proposed Issue of 15,000,000 European Style Index Put Warrants relating to the Hang Seng Index

UBS AG ANNOUNCEMENT. Proposed Issue of 15,000,000 European Style Index Put Warrants relating to the Hang Seng Index UBS AG (Incorporated with limited liability in Switzerland) ANNOUNCEMENT Proposed Issue of 15,000,000 European Style Index Put Warrants relating to the Hang Seng Index Introduction UBS AG (the Issuer )

More information

General Electric Capital Corporation

General Electric Capital Corporation Filed pursuant to Rule 424(b)(2) Registration Statement No. 333-178262 PROSPECTUS SUPPLEMENT (To Prospectus dated December 5, 2012) General Electric Capital Corporation GE Capital* InterNotes Due From

More information

Vanilla Options. Product Disclosure Statement. 21 May 2015

Vanilla Options. Product Disclosure Statement. 21 May 2015 Vanilla Options Product Disclosure Statement Issued by Western Union Business Solutions (Australia) Pty Limited (NZ Branch) (Company Number 3527631, FSP 168204) 21 May 2015 This document provides important

More information

INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I OF THE INCOME TAX ACT, 1962 (the Act)

INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I OF THE INCOME TAX ACT, 1962 (the Act) REPUBLIC OF SOUTH AFRICA SOUTH AFRICAN REVENUE SERVICE PRACTICE NOTE : NO. 4 DATE : 8 MARCH 1999 INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I

More information

DAILY SETTLEMENT PRICE PROCEDURES FOR FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS

DAILY SETTLEMENT PRICE PROCEDURES FOR FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS DAILY SETTLEMENT PRICE PROCEDURES FOR FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS 1. RULE Article 6390 of the Rules of Bourse de Montréal Inc. (the Bourse) stipulates that: The daily settlement

More information

NOREXECO Rulebook. Appendix 10. Definitions and abbreviations

NOREXECO Rulebook. Appendix 10. Definitions and abbreviations NOREXECO Rulebook Appendix 10 Definitions and abbreviations Table of Contents Definitions and abbreviations... 3 Page 2 of 16 Definitions and abbreviations In the Rulebook, including the Appendices and

More information

Risk Disclosure Statement for CFDs on Securities, Indices and Futures

Risk Disclosure Statement for CFDs on Securities, Indices and Futures Risk Disclosure on Securities, Indices and Futures RISK DISCLOSURE STATEMENT FOR CFDS ON SECURITIES, INDICES AND FUTURES This disclosure statement discusses the characteristics and risks of contracts for

More information

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS

MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS CLIENT SERVICE AGREEMENT Halifax New Zealand Limited Client Service Agreement Product Disclosure Statement for MARGIN FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS Halifax New Zealand Limited Financial

More information

WHEAT RANDFONTEIN + PAARL REF.POINTS

WHEAT RANDFONTEIN + PAARL REF.POINTS SPECIFICATIONS - FUTURES FUTURES 10 ton & Trading system code WMAZ 100 ton WNCI YMAZ 100 ton YNCI WOPT / YOPT WEAT / CAPE SUNS SOYA SORG GM1 SGBT GH1 Trading Hours 09:00 to 12:00 09:00 to 12:00 09:00 to

More information

SPREAD BETTING OPTIONS (cash)

SPREAD BETTING OPTIONS (cash) SPREAD BETTING OPTIONS (cash) Market Symbol Dealing Spread Tradefair IM Factor Trading (Margin Req) Hours Min margin per stake (applicable to all short positions) Contract Months Last Dealing Day Basis

More information

STANDARD TERMS OF FX, CURRENCY OPTION AND FX SWAP TRANSACTIONS

STANDARD TERMS OF FX, CURRENCY OPTION AND FX SWAP TRANSACTIONS 2009 STANDARD TERMS OF FX, CURRENCY OPTION AND FX SWAP TRANSACTIONS MOS242148/11 151276-0001 MOS242148/11 151276-0001 Page 2 2009 STANDARD TERMS OF FX, CURRENCY OPTION AND FX SWAP TRANSACTIONS These Standard

More information

Options Markets: Introduction

Options Markets: Introduction Options Markets: Introduction Chapter 20 Option Contracts call option = contract that gives the holder the right to purchase an asset at a specified price, on or before a certain date put option = contract

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

General Forex Glossary

General Forex Glossary General Forex Glossary A ADR American Depository Receipt Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, with the aim of creating profits without

More information

Contract Specifications For Hang Seng Index (HSI) Options

Contract Specifications For Hang Seng Index (HSI) Options Contract Specifications For Hang Seng Index (HSI) Options The following Contract Specifications shall apply to the Hang Seng Index ( HSI ) Option Contract**:- Underlying Index/Index Contract Multiplier

More information

Option Theory Basics

Option Theory Basics Option Basics What is an Option? Option Theory Basics An option is a traded security that is a derivative product. By derivative product we mean that it is a product whose value is based upon, or derived

More information

Content. 15 An Example of FX Option Trade. 3 About 4 Fast, Transparent, Liquid ve Secure Investment Environment. 16 An Example of FX Option Trade

Content. 15 An Example of FX Option Trade. 3 About 4 Fast, Transparent, Liquid ve Secure Investment Environment. 16 An Example of FX Option Trade FX DERIVATIVES Content 3 About 4 Fast, Transparent, Liquid ve Secure Investment Environment 5 When Trading a FX Contract, One Buys/ Sells the Amount of Contract Size 6 In, Contract Expiry Months Are Standard

More information

Chapter 261A Options on Euro/U.S. Dollar (EUR/USD) Futures

Chapter 261A Options on Euro/U.S. Dollar (EUR/USD) Futures 261A00. SCOPE OF CHAPTER Chapter 261A Options on Euro/U.S. Dollar (EUR/USD) Futures This chapter is limited in application to options on Euro/U.S. dollar futures. In addition to this chapter, options on

More information

RISKS DISCLOSURE STATEMENT

RISKS DISCLOSURE STATEMENT RISKS DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

Milk Hedging Strategies Utilizing Futures & Options

Milk Hedging Strategies Utilizing Futures & Options Milk Hedging Strategies Utilizing Futures & Options A Basic Understanding of hedging and forward pricing scenarios Utilizing both futures & options traded at the Chicago Mercantile Exchange focusing on

More information

NYBOT CURRENCY FUTURES AND OPTIONS CONTRACTS

NYBOT CURRENCY FUTURES AND OPTIONS CONTRACTS NYBOT CURRENCY FUTURES AND OPTIONS CONTRACTS TABLE OF CONTENTS Rule Currency Futures 16.00 Unit of Trading 16.01 Months Traded 16.02 Quotation Basis 16.03 Last Day of Trading 16.04 Delivery Procedures

More information

January 2011 Supplement to Characteristics and Risks of Standardized Options The February 1994 version of the booklet entitled Characteristics and Risks of Standardized Options (the Booklet ) is amended

More information

DEPARTMENT OF INSURANCE OFFICE OF THE COMMISSIONER

DEPARTMENT OF INSURANCE OFFICE OF THE COMMISSIONER DEPARTMENT OF INSURANCE OFFICE OF THE COMMISSIONER Statutory Authority: 18 Delaware Code, Sections 311, 1333 and 29 Delaware Code, Chapter 101 (18 Del.C. 311 and 1333 and 29 Del.C. Ch. 101) PROPOSED Regulation

More information

EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574

EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 EXCHANGE TRADED OPTIONS PRODUCT DISCLOSURE STATEMENT INTERACTIVE BROKERS LLC ARBN 091 191 141 AFSL 245 574 Date of Issue: 12 February 2014 INDEX 1. GENERAL INTRODUCTION 4 1.1 Important Information 4 1.2

More information