• Valley National Bancorp (VLY)

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      • Clearing Member Firms
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      • CME Clearing
      • #
      • 09-189
      • Notice Date
      • 05 May 2009
      • Effective Date
      • 05 May 2009
    • ACTION:                                                           Valley National Bancorp (“VLY”) declared a 5% Stock Dividend to VLY Shareholders. The Ex-distribution Date will be Wednesday, May 6, 2009. The Payable Date is May 22, 2009. The Record Date is May 8, 2009.
       
                                                                              This corporate event will be coordinated with the Options Clearing Corporation.
       
      CATEGORY:                                                     Stock Dividend
                             
      EQUITY SYMBOL:                                            Valley National Bancorp (“VLY”)
       
      ONECHICAGO SYMBOL:                                  VLY1C changes to VLY2C; a new VLY1C will be re-listed on Thursday, May 7, 2009.   
       
      CME FUTURES SYMBOL:                                 VL9 for the VLY2C; VLY for the re-listed VLY1C
       
      EFFECTIVE DATE:                                           Wednesday, May 6, 2009
       
      MULTIPLIER:                                                   100 (e.g., 1.00 equals $100.00)
       
      NEW DELIVERABLE PER CONTRACT:             For the VLY2C:
       
      105 Valley National Bancorp (“VLY”) Common Shares
       
                                                                              For the re-listed VLY1C:
       
      100 Valley National Bancorp (“VLY”) Common Shares
       
      APPLICABLE CONTRACT MONTHS:                 May, June, September, and December 2009
       
      SETTLEMENT PRICES AND POSITIONS:         The underlying price for VLY2C will be determined as follows:
       
      VLY2C = 1.05 * VLY
       
      Please note that the valuation would apply only to the VLY2C deliverable in terms of current market value of the deliverable securities. The resulting price would not be equivalent to the daily settlement price of a futures contract month, whose determination would include cost of money carrying charges, adjustment for dividends, and other factors.
       
      NOTES:                                                            The forecasted effect of the upcoming corporate event on each clearing firm’s positions can be viewed in infopac in the Corporate Event Initial Forecast Report (ONE712), the Corporate Event Final Forecast Report (ONE713), and the Corporate Event Forecast Audit Report (CPDBU710).
       
                                                                              The details after the corporate event has been applied can be viewed in the Corporate Event Activity Report (ONE711).
       
                                                                              If you have any questions regarding the information provided in the document, please call CME Clearing Risk Management hotline at (312) 648-3888.

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