VOLUME 23 - BULLETIN #128
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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September 11, 2003
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SUBJECT:
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Quarterly Expiration of the CBOT Dow Jones Industrial Average™ Index Futures Options Contract
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Thursday, September 18, 2003 is the last day of trading in the September CBOT® Dow Jones Industrial AverageSM Futures and Futures Options contracts. Firms should be aware of the following procedures:
• The cash settlement value for the futures contract is determined on the morning of Friday, September 19, 2003. In-the-money option positions will be determined using this cash settlement value.
• In-the-money option positions will be automatically exercised during the 7:00 p.m. final reconciliation beginning on September 19, 2003. Unmatched option trades can be resolved anytime prior to September 30, 2003, with in-the-money option trades for the June contract automatically exercising during the final reconciliation on the day that they clear. Between Friday, September 19, 2003 and Tuesday, September 30, 2003, out-of-the-money option trades will expire during the final reconciliation on the day that they clear.
• Cleared futures positions will be cash settled beginning with the final reconciliation on Friday evening, September 19, 2003. Unmatched futures trades can be resolved anytime prior to September 30, 2003 and will be automatically cash settled on the day that they clear.
As firms have until the end of the month to resolve unmatched futures and options trades for the September contract, no special expiration reports will be produced.
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“Dow JonesSM”, “The DowSM”, “Dow Jones Industrial AverageSM” and “DJIASM” are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by the Board of Trade of the City of Chicago (“CBOT”). The CBOT’s futures and futures options contracts based on the Dow Jones Industrial AverageSM are not sponsored, endorsed, sold or promoted by Dow JonesSM, and Dow JonesSM makes no representation regarding the advisability of trading such product(s).
CBOT is a registered trademark of the Board of Trade of the City of Chicago.
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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