Client Management Advisory Notice
From | Systems Liaison
Subject | E-Mini Feeder Cattle Futures & Options to be listed on 09/19
Effective Date | 08/22/00
Notice Number | NP#0006
CONTRACT NAME: E-mini Feeder Cattle Futures and Options LISTING DATE: September 19, 2000 for Futures Contracts, Options to follow at a later date. DESCRIPTION: E-mini Feeder Cattle Futures will be traded electronically on GLOBEX; All-or-None (AON) futures will be traded in the pit on the Trading Floor. CONTRACT SIZE: Futures Each futures contract shall be valued at 10,000 pounds times the CME Feeder Cattle Index� per pound for 700 to 849 pound Medium Frame #1 and Medium and Large Frame #1 feeder steers. Options One option to buy, in the case of the call, or to sell, in the case of the put, one E-mini Feeder Cattle futures and options. GLOBEX2 TRADING HOURS: 9:05 a.m. � 1:00 p.m. CST. TRADING FLOOR HOURS - All-Or-None (AON) Trades Only: 9:05 a.m. � 1:00 p.m. CST. VALID CONTRACT MONTHS: Same as large Feeder Cattle contract: January, March, April, May, August, September, October, and November. INITIAL CONTRACT MONTHS: October 2000, November 2000 and January 2001. Only three contract months will be listed concurrently. TCC COMMODITY CODE/TICKER SYMBOL: FM AON TICKER SYMBOL: OF (AON Minimum order size of 41 contracts). MINIMUM PRICE INTERVALS: Minimum price fluctuations shall be in multiples of $.001 per pound. UNDERLYING FUTURES CONTRACT: The underlying futures contract is the futures contract for the month in which the option expires. DOLLAR VALUE PER TICK: Each tick ($.001 per pound) is equivalent to $10.00. GLOBEX2 PRICE LIMITS: There shall be no trading at a price more than $.015 per pound above or below the previous day�s settlement price. TERMINATION OF TRADING: Trading shall terminate on the last Thursday of the contract month, except: 1. The November contract shall terminate on the Thursday prior to Thanksgiving Day, unless a holiday falls on the Thursday or on any of the four weekdays prior to that Thursday, in which case trading shall terminate on the first prior Thursday that is not a holiday and is not so preceded by a holiday. Weekdays shall be defined as Monday, Tuesday, Wednesday, Thursday and Friday. 2. Any contract month in which a holiday falls on the last Thursday of the month or on any of the four weekdays prior to that Thursday shall terminate on the first prior Thursday that is not a holiday and is not so preceded by a holiday. 3. Options trading shall terminate on the same date and at the same time as the underlying futures contract. EXERCISE: An option may be exercised by the buyer on any business day that the option is traded. To exercise an option, the clearing member representing the buyer shall present an exercise notice to the Clearing House by 7:00 p.m. on the day of exercise. An option that is in-the-money and has not been liquidated or exercised prior to the termination of trading shall, in the absence of contrary instruction delivered to the Clearing House by 7:00 p.m. on the business day following the termination of trading by the clearing member representing the option buyer, be exercised automatically. EXERCISE PRICES: The exercises prices shall be stated in terms of cents per pound. For all contract months, exercise prices shall be at intervals of 2 cents; e.g., $.60, .62, .64, etc. In addition, for the first two contract months, some exercise prices shall be at intervals of 1 cent; e.g., $.61, .62, .63, etc. For the expiring contract month, some exercise prices shall also be at intervals of .50 cents; e.g., $.6050, .6150, .6250, etc. FINAL SETTLEMENT: Cash settled upon the CME Feeder Cattle Index TM for 700 to 849 pound Medium Frame #1 and Medium and Large Frame #1 feeder steers for the seven days ending on the Thursday on which trading terminates, as calculated per Rule 2303. DELIVERY: Cash settlement. MINIMUM REPORTABLE LEVEL: 25 contracts or greater. CFTC REPORTABLE NUMBER: Contact Judy Sepsey, CFTC, at (312) 353-9028. PERFORMANCE BOND REQUIREMENTS: To be published by the Clearing House. ELIGIBLE MEMBERSHIP DIVISIONS: CME Division. GEM, IMM and IOM may trade as part of new product access program. PRICE CONVENTIONS:
| Trade Price | Premium (Trade Price) | Exercise Price
Actual Price: | 62.300 | 1.300 | 63.000
TREX/TES Format: | 62300 | 1300 | 0630
Trade Register: | 62.300 | 1.300 | 63.000
Recap Ledger: | N/A | N/A | 0630
Unmatched Trade Notice: | 62300 | 1300 | 0630
Cabinet Price Format: | N/A | CAB or 9999999 | 0630
Trade Register File: | 62.300 | 1.300 | 0630
Settlement Price File: | 62300 | 1300 | 0000630
SPAN File (SPAN): | 62300 | 1300 | 0000630
GLOBEX Price Entry Format | 6230 | 130 | 63.000
GLOBEX Cabinet Price Format: | N/A | N/A | 63.000
APS/GUS File Format: | 62300 | 1300 | 0000630
FOR FURTHER INFORMATION: Please contact one of the following for further information: Settlement/Delivery Information: John Verde (312) 930-3185& Linda Elliott (312) 930-3174 Performance Bond Information: Risk Management Department (312) 648-3888 Position Limits: Ken Lovett (312) 648-3259 GLOBEX Information: John Restivo (312) 648-5475 General Information: Steve Mazur (312) 930-2035 & Lisa Amato (312) 338-2654