VOLUME 20 - BULLETIN #36
TO:
|
ALL CLEARING MEMBERS
|
FROM:
|
BUSINESS SYSTEMS GROUP
|
DATE:
|
February 11, 2000
|
SUBJECT:
|
New Expiration Processing Schedule
|
Effective with the expiration of the March 2000 option contracts on Friday, February 18, 2000, the time that option contracts close for trading will change. Expiring options will continue to trade until the close of the underlying future. Rather than the current noon closing, expiring Agricultural options will close at 1:15 p.m. and expiring Financial options will close at 2:00 p.m. with the exception of Holiday schedule changes that impact the trading hours for the underlying futures. The 3:15 p.m. trading deadline for expiring Index options does not change, however, trade checking for expiring Index options will move from 5:00 p.m. to 4:30 p.m. To accommodate additional trading activity in the option contracts, BOTCC will change the final reconciliation to 8:00 p.m. on expiration Fridays.
Due to the changes in the trading hours for expiring options, the Board of Trade Clearing Corporation has established the following expiration processing schedule:
11:30 am., 12:30 p.m. and 1:30 p.m.
|
Expiring unmatched trade reports are sent to INFOPAC and Document Direct.
|
|
|
|
2:50 p.m.
|
Expiring unmatched trade reports are distributed to the firms' lock boxes, INFOPAC and Document Direct. Reports reflect transactions entered prior to 2:15 p.m.
|
|
|
|
3:15 p.m.
|
Mandatory trade checking session for expiring Agricultural options. (Financials will also be trade checked at this time when the futures close early due to the holiday processing schedule).
|
|
|
|
3:30 p.m.
|
Expiring option transactions processed.
|
|
|
|
4:00 p.m.
|
Expiring option reports available on INFOPAC and Document Direct. Reports reflect transactions entered prior to 3:30 p.m.
|
|
|
|
4:15 p.m.
|
Expiring unmatched trades are distributed to the trading floor. Reports reflect transactions entered prior to 3:45 p.m.
|
|
|
|
4:30 p.m.
|
Mandatory trade checking session for expiring Financial and Index options. (Trade checking for financials will move to 3:15 p.m. when the futures close early due to the holiday processing schedule).
|
|
|
|
5:00 p.m.
|
Expiring option transactions are processed.
|
|
|
|
5:30 p.m.
|
Expiring option reports available on INFOPAC and Document Direct. Reports reflect transactions entered prior to 5:00 p.m.
|
|
|
|
|
|
|
Volume 20 - Bulletin
|
#36 Page 2
|
|
|
|
6:00 p.m.
|
Deadline for submission of exercise records and cancellation of automatic exercise records. Exercise and automatic cancellation records will be held for Saturday Expiration processing.
|
|
|
|
8:00 p.m.
|
A final reconciliation involving equal quantities cleared will be run for Friday day trades.
|
As of the first option expiration that is impacted by the changes in the trading hours falls on the Friday before a Monday holiday, the schedule exceptions detailed above and noted in bold will be in place.
Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
|
Printer
Friendly Version