Contract Name
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Short Dated Options on New Crop KCBT Hard Red Winter Wheat Futures
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Contract Unit
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One new crop KCBT Wheat futures contract (July) of 5,000 bushels
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Minimum Fluctuation
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1/8 of one cent per bushel ($6.25 per contract)
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Strike Price Intervals
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Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in KCBT Rule 2511.01.
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Contract Months
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On the first trading day following the expiration of September option, list 3 contract months: December (Z), March (H), and May (K). Each of these options will exercise into the July futures contract that is nearest to the expiration of the option. A new listing cycle will begin on the first trading day following the expiration of the next September option.
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Daily Price Limit
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Same as the daily price limit applied to standard and serial options. There shall be no price limits on the last trading day.
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Last Trade Date
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Same as the last trade date of existing December, March, and May standard options.
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Exercise
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American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
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Expiration
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Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
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Hours
(All Times are Chicago Time/CT) |
CME Clearport: 5:00 pm CT Sunday through 4:15 pm CT Friday, with a 45-minute break between 4:15 pm and 5:00 pm on Mondays through Thursdays.
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Open Outcry: 8:30 am - 1:15 pm CT, Monday - Friday
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Globex: 7:00 pm - 1:15 pm CT, Sunday - Friday with a 45-minute break each day between 7:45 am and 8:30 am
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Product Ticker Symbols
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Globex: KWE
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Open Outcry: KWO
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Rulebook Chapter
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Chapter 25
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Note: Please insert following link and open in a new window.
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http://www.kcbt.com/20130604_kcbt_rules_clean.pdf
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Exchange Rule
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These contracts are listed with, and subject to, the rules and regulations of KCBT.
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Level
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CBOT Account Owner 2
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Execution Type
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Platform
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Exchange Fee
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Individual Member
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1
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Individual Members
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Member Trading
Own Account
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Open Auction
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$0.00
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Electronic
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$0.14
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Individual Delegates
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Delegate Trading Own Account
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Open Auction
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$0.00
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Electronic
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$0.29
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Equity Members (Individual Equity members, Clearing Firms and Equity Firms)
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2
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Equity Members 1
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Member or Delegate
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Open Auction
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$0.00
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Electronic
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$0.14
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Equity Members 1
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Non Member
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Electronic
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$0.45
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(Exception) Rule 106.S. Family of Funds Equity Member Firms
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Member, Delegate or Non Member
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Open Auction
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$0.00
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Electronic
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$0.45
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Level
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CBOT Account Owner 2
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Platform
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Exchange Fee
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Trading Members (Individual Non-Equity Members and Non-Equity Member Firms)
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3
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Individual Non-Equity Members (other member/delegate executing); Rule 106.H. Corporate Trading Firms; Rule 106.H. Trading FCMs; & Rule 106.I. Affiliate Trading Member Firms
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Open Auction
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$0.00
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Electronic
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$0.75
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Individual Delegates (Other Member or Delegate executing the trade) & Rule 106.I. Affiliate Trading Member Firms
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Open Auction
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$0.00
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Electronic
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$0.90
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Rule 106.S. Family of Funds Equity Member Firms
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Open Auction
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$0.00
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Electronic
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$0.75
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Electronic Corporate Member Firms
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4
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Electronic Corporate Members
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Electronic
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$0.90
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Current Fee Programs Eligibility
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(Inclusion/Exclusion)
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Grain & Oilseed KCBT Wheat Options
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Inclusion
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Level
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CME Account Owners 1
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Execution Type
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Platform
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Exchange Fee
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Individual Member
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1
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Individual Members
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Member Trading
Own Account
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Open Auction
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$0.00
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Electronic
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$0.14
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Individual Delegates
(Rule 106.D Lessees / Rule 106.F Employees)
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Delegate Trading Own Account
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Open Auction
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$0.00
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Electronic
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$0.29
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Clearing and Equity Firms
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2
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Clearing Member Firms,/ Rule 106.J Equity Member Firms/Rule 106.I Members/
106.S Family of Hedge Funds
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Member or Delegate
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Open Auction
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$0.00
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Electronic
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$0.14
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Non Member
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Electronic
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$0.45
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Level
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CME Account Owners 1
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Platform
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Exchange Fee
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Individual Members - Not Trading For Own Account (Execution not a Factor)
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3
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Individual Members
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Open Auction
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$0.00
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Electronic
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$0.75
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Individual Delegates
(Rule 106.D Lessees / Rule 106.F Employees)
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Open Auction
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$0.00
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Electronic
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$0.90
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Other CBOT Processing Fees
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Rate
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Clearing Fee 1
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$0.06
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Ex-Pit Surcharge (EFR)
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$0.50
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Exchange Fees for Non Trades
(Exercise, Assignment, Delivery, Future from Exercise and Future from Assignment)
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$0.05 Member
$0.20 Delegate
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Exchange Fees for Expired Options
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$0.05
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Brokerage (With or Without Discretion)
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$0.002
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KCBT Permit Holders - KC Wheat SDNC Options
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Exchange Fees
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Account Type
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Platform
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Wheat Options Exchange Fee
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Individual Permit Holder
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Open Auction
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$0.00
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Electronic
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$0.15
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Other Permit Holder
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Open Auction
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$0.00
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Electronic
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$0.50
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Non-Permit Holder
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Open Auction
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$0.55
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Electronic
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$1.70
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Clearing Fees
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Account Type
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Platform
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Wheat Options Exchange Fee
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Permit Holder
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Open Auction
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$0.00
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Electronic
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$0.00
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Non-Permit Holder
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Open Auction
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$0.10
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Electronic
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$0.10
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Surcharges
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Trade Types
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Open Auction
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Exchange For Risk
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All Trades
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$0.50
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Delegate Permit Holder
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CTI Type 1
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$0.20
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CTI Type 2,3&4
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$0.10
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