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Hurricane Options
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Type

American Options | Binary Options | Cat-In-A-Box

 
CME Hurricane Index Options
Contract Size $1,000 times the seasonal total for the respective CHI
Quotation CHI Index Points
Tick Size 0.1 CHI Index Point
Tick Value 0.1 CHI Index Point = $100 x 10 = 1 tick/$1,000
Contracts Traded At the beginning of each season storm names are used from a list, starting with A and ending with Z, maintained by the World Meteorological
Organization. In the event that more than 21 named events occur in a season, additional storms will take names from the Greek alphabet:
Alpha, Beta, Gamma, Delta, and so on
Locations Named hurricanes making landfall in the Eastern U.S. (Brownsville, TX to Eastport, ME)
CHI-Cat-In-A-Box − Galveston-Mobile
(area bounded by 95°30’0”W on the West, 87°30’0”W on the East, 27°30’0”N on the South, and the corresponding segment of the U.S. coastline on the North)
Ticker Symbols Events begin with a one and ends with a zero (0 represents 10)
HX1-HX0 = CHI Hurricane Index storms beginning with the letters A − J
HP1-HP0 = CHI-Cat-In-A-Box − Galveston-Mobile storms A − J
Termination of Trading First business day that is at least five calendar days following the earlier of 1) the last forecast/advisory issued by the National Hurricane Center for that particular named storm, or 2) December 31; 9:00 a.m.
Strike Price Interval 1 Index Point (e.g., 10, 11, 12, etc.)
Exercise American-style (exercised any time up to and including last trading
day (LTD))
Settlement N/A
Position Limits Position accountability for positions exceeding 10,000 futures-equivalent contracts net on the same side of the market in any contract month
Trading Hours Traded via open outcry in the NASDAQ-100 pit on Mondays through Fridays, 8:30 a.m.–3:15 p.m. CT (9:00 a.m. CT LTD)
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.
CME Hurricane Index Binary Options
Contract Size $10,000
Quote Points (percent of $10,000)
Minimum Price Increment 0.01 point
Tick Value 0.01 point = $1
Contracts Traded Binary contract in which buyer receives $10,000 if the respective CHI value is equal to or greater than strike price; buyer receives nothing if the respective CHI value is less than strike price. Separate binary contracts will be listed for trading on named hurricanes making landfall in a specific geographic location (e.g., Eastern U.S.) between January 1 and December 31 inclusive of a calendar year. Storm names are used from a list, starting with A and ending with Z, maintained by the World Meteorological Organization (e.g., Arthur, Bertha, Cristobal, etc.).
Locations Named hurricanes making landfall in the Eastern U.S. (Brownsville, TX to Eastport, ME)
Termination of Trading First business day that is at least five calendar days following the earlier of 1) the last forecast/advisory issued by the National Hurricane Center for that particular named storm, or 2) December 31; 9:00 a.m.
Strike Price Interval 1 CHI Index Point (e.g., 10, 11, 12, etc.)
Excercise American-style (exercised any time up to and including LTD)
Position Limits Position accountability for positions exceeding 10,000 futures-equivalent contracts net on the same side of the market in any contract month.
Trading Hours 8:30 a.m. to 3:15 p.m. CT (9:00 a.m. on LTD)
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.
CME Hurricane Index Cat-In-A-Box Binary Options
Contract Size $10,000
Quote Points (percent of $10,000)
Minimum Price Increment 0.01 point
Tick Value 0.01 point = $1
Contracts Traded Binary contract in which buyer receives $10,000 if the respective CHI Cat-In-A-Box value is equal to or greater than strike price; buyer receives nothing if the respective CHI Cat-In-A-Box value is less than strike price. Separate binary contracts will be listed for trading on named hurricanes entering a specific geographic area (e.g., Galveston-Mobile) between January 1 and December 31 inclusive of a calendar year. Storm names are used from a list, starting with A and ending with Z, maintained by the World Meteorological Organization (e.g., Arthur, Bertha, Cristobal, etc.).
Locations Galveston-Mobile (area bounded by 95º30’0”W on the west, 87º30’0”W on the east, 27º30’0”N on the south, and the corresponding segment of the U.S. coastline on the north)
Termination of Trading First business day that is at least five calendar days following the earlier of 1) the disssipation or exit from the designated area of that particular named storm, or 2) December 31; 9:00 a.m.
Strike Price Interval 1 CHI Index Point (e.g., 10, 11, 12, etc.)
Excercise American-style (exercised any time up to and including LTD)
Position Limits Position accountability for positions exceeding 10,000 futures-equivalent contracts net on the same side of the market in any contract month.
Trading Hours 8:30 a.m. to 3:15 p.m. CT (9:00 a.m. on LTD)
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.