VOLUME 20 - BULLETIN #269
TO:
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ALL CLEARING MEMBERS
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FROM:
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BUSINESS SYSTEMS GROUP
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DATE:
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September 14, 2000
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SUBJECT:
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Expiration of October 2000 Option Contracts
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On Saturday, September 23, 2000, the following October, 2000 option contracts for the Chicago Board of Trade and MidAmerica Commodity Exchange will officially expire:
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(CBOT)
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10-Year Treasury Inflation Adjusted Notes, Corn, 10 Yr. Agency Long Term
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U.S. Treasury Bonds, 10-Year Treasury Notes, 5-Year Treasury Notes,
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Wheat, Oats, Soybeans, Soybean Oil, Soybean Meal, Rice & Silver
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2-Year Treasury Notes, U.S. Treasury Inflation Adjusted Bonds
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(MACE)
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U.S. Treasury Bonds, Corn, Wheat, Soybeans,
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New Soybean Oil, and NY Gold
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Firms should note that all option positions that are in-the-money will be exercised unless firms submit exercise cancellation records. For further information on canceling automatic exercises refer to Chapter 4.D1 of the OTIS Trade Entry Manual.
Firms are reminded that all unmatched trades for expiring option contracts should be reconciled and corrected by the 7:00 p.m. final reconciliation on Friday, the last day of trading.
Firms are also reminded that the give-up system is available Saturdays and all expiration reports will be distributed to Infopac as well as to the firm’s Lockbox.
Firms who have trading activity or open positions in expiring option contracts must have staff available in their offices by 7:30 a.m. on Saturday. Firms who fail to have representative available in their offices are subject to a $500 fine per offense.
Firms are reminded if they have any questions or problems during expiration processing on Saturday, please call 786-5732 to contact the Board of Trade Clearing Corporation’s Business Systems Group.
Volume 20 - Bulletin #269 Page 2
Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
Volume 20 - Bulletin # 269 Page 3
EXHIBIT A
1. Friday
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1:15 p.m.
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Trading stops in expiring agricultural option contracts
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2:00 p.m.
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Trading stops in expiring financial options contracts *
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2:50 p.m.
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Expiring unmatched option reports distributed to firm lockboxes. Reports reflect transactions entered prior to 2:15 p.m.
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3:15 p.m.
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Mandatory trade checking session for expiring options (Agricultural).
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3:30 p.m.
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Expiring option transactions are processed.
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4:00 p.m.
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Expiring option reports available on INFOPAC. Reports reflect transactions entered prior to 3:30 p.m.
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4:15 p.m.
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Expiring unmatched trade reports are distributed to the trading floor. Reports reflect transactions entered prior to 3:45 p.m.
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4:30 p.m.
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Mandatory trade checking session for expiring options (Financial and Index) *
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5:00 p.m.
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Expiring option transactions are processed.
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5:30 p.m.
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Expiring option reports available on INFOPAC. Reports reflect transactions entered prior to 5:00 p.m.
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6:00 p.m.
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Deadline for submission of exercise records and cancellation of automatic exercise records. Exercise and automatic exercise cancellation records will be held for Saturday Expiration processing.
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8:00 p.m.
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A final reconciliation involving equal quantities cleared will be run for Friday day trades.
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2. Saturday
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8:30 a.m.
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MATCH (EXCHANGE 01,03). Changes made after this deadline will result in a fine being assessed to the firm.
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9:00 a.m.
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Unmatched Trade, Option Expiration and Matched Trade reports will be distributed to firms' lockboxes.
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10:00 a.m.
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Deadline for firms to submit exercise, adjustment, and transfer records to the Clearing Corporation. Exercises records must be submitted in accordance with the rules and regulations of the CBOT and MIDAM Exchanges.
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10:00 a.m.
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MATCH
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10:30 a.m.
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Edit Error, Matched Trade and Option Expiration Reports will be distributed to firms' lockboxes. Any errors must be reported to the Clearing Corporation IMMEDIATELY. Any additional entries required will result in a fine being assessed to the firm. Exercise and assignment procedures begin 30 minutes after these reports are issued.
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* Financial contracts close early on expirations that fall on the Friday before a Monday holiday. For those contracts trade checking will move from 4:30 p.m. to 3:15 p.m.
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