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Settlement and Delivery |
Daily Settlement Prices The daily settlement price for security futures is set at the sum of the last captured sale price of the underlying security and the average intraday future to stock differential as determined by OneChicago monitoring systems. Notwithstanding the aforementioned, the exchange may in its sole discretion establish a settlement price that it deems to be a fair and reasonable reflection of the market. The Exchange will consider all relevant factors when establishing such a settlement price. Final Settlement and Delivery At expiration, holders of short positions of single stock futures and futures on ETFs are required to deliver physical shares of the underlying securities, and holders of long positions take delivery of the underlying securities. This process is facilitated by the OCC and DTCC on behalf of your brokerage firm. Futures on Select Indexes are cash settled and have special final settlement procedures that differ from those of single stock futures and ETF futures. For physically settled security futures, the actual delivery date of the underlying security is three business days after the expiration date of the contract, reflecting the standard "T+3" settlement process in the U.S. securities industry. Because OneChicago's physically settled contracts typically have Friday expiration dates, delivery will normally occur on the Wednesday following expiration. Assuming a standard, non-holiday schedule. Except as noted below regarding exceptions for trading holidays, the last day of trading and expiration date for OneChicago single stock futures and ETF futures will normally be the third Friday of the contract month. Holidays affect the standard schedule as follows: If the scheduled last trading day / expiration date is a holiday, the last day of trading will be the prior business day (normally a Thursday for single stock futures and ETFs). Delivery of the underlying securities for single stock futures and ETF futures is postponed by one calendar day for each holiday that occurs after the expiration date prior to delivery. Delivery therefore always takes place on the third business day after expiration. For example, if the Monday following a Friday expiration date is a holiday, delivery would occur on Thursday.
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Copyright ©2000 CMB Trade Group All rights reserved |
CMB Trade
Group Is an online commodity trading and online futures trading broker providing
$3.00 commodity futures trading. As an online commodity futures trading
broker we provide the technology to accommodate the new trader in today's markets.
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CMB Trade Group is a National Futures Association member, and is
registered with the Commodity Futures Trading Commission
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