VOLUME 23 - BULLETIN #061
TO:
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ALL CLEARING MEMBERS
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FROM:
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CLIENT SERVICES AND SUPPORT
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DATE:
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March 27, 2003
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SUBJECT:
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Conversion of MidAm Commodities to CBOT® Mini-Sized Contracts
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Effective with the close of business, Friday, April 4th, 2003, the following contracts will no longer be pit traded on the MidAm. Beginning on Monday, April 7th, 2003, these contracts will be exclusively pit traded on the Chicago Board of Trade as mini-sized contracts. One CBOT mini-sized Corn, Soybean or Wheat contract shall be equal to one-fifth of a corresponding Corn, Soybean or Wheat contract. Settlement prices will be the same as the primary markets.
Firms must report open interest and large trader for the business day of April 4th, 2003 for the MidAm using MidAm Exchange/Commodity codes. Cleared positions in the MidAm products will be converted to the new CBOT mini-sized products effective with Monday’s business. Any trades that remain unmatched after Friday, April 4th, 2003 will need to be deleted and resubmitted under the new CBOT commodity code.
The highlighted salient features provided below are different from the current MidAM contracts.
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CBOT® Mini-sized Corn, Soybeans, and Wheat Futures
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Exchange Code:
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01
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Commodity Code:
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Corn –YC
Soybeans – YK
Wheat – YW
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Trading Unit:
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1 Lot
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Contract Size:
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1,000 bushels
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Clearing Price Format:
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Actual $3.55
7 Digit: 0003550
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Price Tick Size:
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One eighth (1/8) of one cent per bushel ($0.00125)
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Tick Size:
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$1.25 per tick
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Last Trading Day:
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Same as primary markets – business day prior to the 15th calendar day of the month.
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Trading Hours (CST):
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Exchange Trading 9:30 AM to 1:45 PM
Monday – Friday
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Contract Months:
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Corn: March, May, July, September, December
Soybeans: January, March, May, July, August, September, November
Wheat: March, May, July, September, December
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Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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