This notice addresses two upcoming changes to the S&P GSCI futures and options contracts. The first change listed will take place on CME Globex Monday afternoon, November 17, 2008 (trade date November 18). The second change will impact floor-traded options and will be effective Tuesday, November 18, 2008.
Change in CME Globex Trading Hours for S&P GSCI Futures
In response to requests from market participants, the current halt in CME Globex trading hours for S&P GSCI futures from 1:40 PM to 2:00 PM will be eliminated. Electronic trading of S&P GSCI will be allowed to continue uninterrupted from 5:00 PM the previous day to 4:00 PM, when it will be shut down for a one-hour scheduled maintenance, as is the current practice for all other CME commodities.
Please note that S&P GSCI options are not available on Globex and therefore will not be affected by this change.
In response to customer requests resulting from the increased volatility in commodity prices, the strike price ranges for S&P GSCI options will be doubled, to 20 index points up and down in 2-point intervals and to 12 index points up and down in 1-point intervals. These expanded ranges will be implemented on Tuesday, November 18, following the roll and final settlement of the November 2009 contract.