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At its Regular Meeting on Wednesday, November 5, 2003, the Board of Directors approved a recommendation to adopt expanded
daily price limits in Feeder Cattle futures. The expanded limits will operate in the same manner as those recently adopted
for Live Cattle futures. The expanded limits for Feeder Cattle futures will become effective on Monday, November 17, 2003.
The text of the amended rule is noted below.
CHAPTER 102
FEEDER CATTLE FUTURES
10202. FUTURES CALL
- Daily Price Limits
There shall be a daily price limit of $.015 per pound above or below the previous day’s settlement price.
If either of the two contracts nearest to expiration settles on the limit bid for two successive days or on the limit offer
for two successive days, then the price limit shall be raised to $.030 per pound for all contract months.
If the daily price limit is $.030 and either of the two contracts nearest to expiration settles on the limit bid for two successive
days or on the limit offer for two successive days, then the price limit shall be raised to $.050 per pound for all contract
months.
If the daily price limit is $.050 and neither of the two contracts nearest to expiration settles on the limit bid or limit
offer, without regard to market direction, then the daily price limit for all contract months shall revert to $.030 on the
next business day.
If the daily price limit is $.030 and neither of the two contracts nearest to expiration settles on the limit bid or limit
offer, without regard to market direction, then the daily price limit for all contract months shall revert to $.015 on the
next business day.
For the purposes of this rule, “two contracts nearest to expiration” may involve different contract months.
If you have any questions regarding this notice, please contact:
Marilee Radecki 312.930.8193 mradecki@cme.com
Lisa Amato 312.338.2654 lamato@cme.com
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