KC HRW Wheat Calendar Spread Options: Consecutive
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Contract Size
|
One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
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Tick Size (Minimum Fluctuation)
|
1/8 of one cent per bushel ($6.25 per contract)
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Pricing Basis
|
The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
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Strike Price Intervals
|
Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
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Contract Months
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The nearby five consecutive futures calendar spreads.
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Daily Price Limit
|
$1.20 cents per bushel, expandable to $1.80 and then to $2.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
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Last Trade Date
|
The last Friday preceding the first notice day of the corresponding nearby KC HRW Wheat futures contract month by at least two business days.
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Exercise
|
The buyer of a futures calendar spread option may exercise the option only upon 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 absent contrary instructions.
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Position Limits
|
12,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 12,000 futures-equivalent contracts net long or net short in all months combined.
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Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
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Trading Hours
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CME Globex (Electronic Platform)
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Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Open Outcry (Trading Floor)
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Ticker Symbol
|
CME Globex: KZC for nearby and next 4 consecutive calendar spreads.
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Open Outcry: K7C for nearby and next 4 consecutive calendar spreads.
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Exchange Rule
|
These contracts are listed with, and subject to, the rules and regulations of CBOT.
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KC HRW Wheat Calendar Spread Options: March-July
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Contract Size
|
One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
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Tick Size (Minimum Fluctuation)
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1/8 of one cent per bushel ($6.25 per contract)
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Pricing Basis
|
The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
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Strike Price Intervals
|
Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
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Contract Months
|
The nearest March-July KC HRW Wheat futures spread.
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Daily Price Limit
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$1.20 cents per bushel, expandable to $1.80 and then to $2.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
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Last Trade Date
|
The last Friday preceding the first notice day of the corresponding nearby KC HRW Wheat futures contract month by at least two business days.
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Exercise
|
The buyer of a futures calendar spread option may exercise the option only upon 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 absent contrary instructions.
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Position Limits
|
12,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 12,000 futures-equivalent contracts net long or net short in all months combined.
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Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
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Trading Hours
|
CME Globex (Electronic Platform)
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Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Open Outcry (Trading Floor)
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Ticker Symbol
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CME Globex: CK3 for the nearest March - July calendar spread.
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Open Outcry: KC3 for the nearest March - July calendar spread.
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Exchange Rule
|
These contracts are listed with, and subject to, the rules and regulations of CBOT.
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KC HRW Wheat Calendar Spread Options: July-Dec
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Contract Size
|
One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
|
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Tick Size (Minimum Fluctuation)
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1/8 of one cent per bushel ($6.25 per contract)
|
|
Pricing Basis
|
The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
|
|
Strike Price Intervals
|
Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
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Contract Months
|
The nearest July-December KC HRW Wheat futures spread.
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Daily Price Limit
|
$1.20 cents per bushel, expandable to $1.80 and then to $2.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
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Last Trade Date
|
The last Friday preceding the first notice day of the corresponding nearby KC HRW Wheat futures contract month by at least two business days.
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Exercise
|
The buyer of a futures calendar spread option may exercise the option only upon 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 absent contrary instructions.
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Position Limits
|
12,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 12,000 futures-equivalent contracts net long or net short in all months combined.
|
|
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
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Trading Hours
|
CME Globex (Electronic Platform)
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Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Open Outcry (Trading Floor)
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Ticker Symbol
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CME Globex: KCR for the nearest July - December calendar spread.
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Open Outcry: CKM for the nearest July - December calendar spread.
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Exchange Rule
|
These contracts are listed with, and subject to, the rules and regulations of CBOT.
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KC HRW Wheat Calendar Spread Options: Dec-July
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Contract Size
|
One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
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Tick Size (Minimum Fluctuation)
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1/8 of one cent per bushel ($6.25 per contract)
|
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Pricing Basis
|
The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
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Strike Price Intervals
|
Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
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Contract Months
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The nearest December-July KC HRW Wheat futures spread.
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Daily Price Limit
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$1.20 cents per bushel, expandable to $1.80 and then to $2.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
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Last Trade Date
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The last Friday preceding the first notice day of the corresponding nearby KC HRW Wheat futures contract month by at least two business days.
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Exercise
|
The buyer of a futures calendar spread option may exercise the option only upon 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 absent contrary instructions.
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Position Limits
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12,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 12,000 futures-equivalent contracts net long or net short in all months combined.
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|
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
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Trading Hours
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CME Globex (Electronic Platform)
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Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Open Outcry (Trading Floor)
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Ticker Symbol
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CME Globex: KC6 for the nearest December - July calendar spread.
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Open Outcry: CK6 for the nearest December - July calendar spread.
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Exchange Rule
|
These contracts are listed with, and subject to, the rules and regulations of CBOT.
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KC HRW Wheat Calendar Spread Options: July-July
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Contract Size
|
One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
|
|
Tick Size (Minimum Fluctuation)
|
1/8 of one cent per bushel ($6.25 per contract)
|
|
Pricing Basis
|
The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
|
|
Strike Price Intervals
|
Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
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Contract Months
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The nearest July-July (1 year) KC HRW Wheat futures spread.
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Daily Price Limit
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$1.20 cents per bushel, expandable to $1.80 and then to $2.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
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Last Trade Date
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The last Friday preceding the first notice day of the corresponding nearby KC HRW Wheat futures contract month by at least two business days.
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Exercise
|
The buyer of a futures calendar spread option may exercise the option only upon 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 absent contrary instructions.
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Position Limits
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12,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 12,000 futures-equivalent contracts net long or net short in all months combined.
|
|
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
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Trading Hours
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CME Globex (Electronic Platform)
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Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Open Outcry (Trading Floor)
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Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Ticker Symbol
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CME Globex: 12K for the nearest July - July (1 year) calendar spread.
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Open Outcry: CKN for the nearest July - July (1 year) calendar spread.
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Exchange Rule
|
These contracts are listed with, and subject to, the rules and regulations of CBOT.
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KC HRW Wheat Calendar Spread Options: Dec-Dec
|
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Contract Size
|
One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
|
|
Tick Size (Minimum Fluctuation)
|
1/8 of one cent per bushel ($6.25 per contract)
|
|
Pricing Basis
|
The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
|
|
Strike Price Intervals
|
Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
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Contract Months
|
The nearest December-December (1 year) KC HRW Wheat futures spread.
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|
Daily Price Limit
|
$1.20 cents per bushel, expandable to $1.80 and then to $2.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
|
|
Last Trade Date
|
The last Friday preceding the first notice day of the corresponding nearby KC HRW Wheat futures contract month by at least two business days.
|
|
Exercise
|
The buyer of a futures calendar spread option may exercise the option only upon 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 absent contrary instructions.
|
|
Position Limits
|
12,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 12,000 futures-equivalent contracts net long or net short in all months combined.
|
|
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
|
||
Trading Hours
|
CME Globex (Electronic Platform)
|
Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
|
Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
|
||
Open Outcry (Trading Floor)
|
Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
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Ticker Symbol
|
CME Globex: CKZ for the nearest December - December calendar spread.
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Open Outcry: KCZ for the nearest December - December calendar spread.
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Exchange Rule
|
These contracts are listed with, and subject to, the rules and regulations of CBOT.
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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
|
Open Auction
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$0.18
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Electronic
|
$0.28
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Individual Delegates
|
Delegate Trading Own Account
|
Open Auction
|
$0.48
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Electronic
|
$0.58
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Equity Members (Individual Equity members, Clearing Firms and Equity Firms)
|
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2
|
Equity Members 1
|
Member or Delegate
|
Open Auction
|
$0.18
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Electronic
|
$0.28
|
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Equity Members 1
|
Non Member
|
Electronic
|
$0.90
|
|
(Exception) Rule 106.S. Family of Funds Equity Member Firms
|
Member, Delegate or Non Member
|
Open Auction
|
$0.18
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Electronic
|
$0.90
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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
|
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
|
Open Auction
|
$0.40
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Electronic
|
$1.50
|
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Individual Delegates (Other Member or Delegate executing the trade) & Rule 106.I. Affiliate Trading Member Firms
|
Open Auction
|
$0.70
|
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Electronic
|
$1.80
|
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Rule 106.S. Family of Funds Equity Member Firms
|
Open Auction
|
$0.40
|
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Electronic
|
$1.50
|
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Electronic Corporate Member Firms
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4
|
Electronic Corporate Members
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Electronic
|
$1.80
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Incentive Programs
|
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5
|
Latin American Commercial Incentive Program; Asian Incentive Program; Latin American Bank Incentive, formerly know South American Incentive Program, Central Bank Incentive Program, & Latin American Fund Manager Incentive Program, International Incentive Program
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Electronic
|
$1.50
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|
Non-Members
|
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5
|
Non-Members
|
Open Auction
|
$1.30
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|
Electronic
|
$3.78
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Other CBOT Processing Fees
|
Rate
|
Clearing Fee 1 (including give-up execution and EFPs, EFRs & blocks)
|
$0.06
|
Ex-Pit Surcharge (EFP)
|
$0.75
|
Ex-Pit Surcharge (EFR)
|
$1.25
|
Exchange Fees for Non Trades
(Exercise, Assignment, Delivery, Future from Exercise and Future from Assignment)
|
$0.05 Member
$0.20 Delegate
$0.50 Non-Member
|
Exchange Fees for Non-Trade Expired Options
|
$0.05
|
Expired Option Clearing Fee
|
$0.05
|
Exercise or Assignment (Future From) Surcharge Clearing Fee
|
$0.05
|
Brokerage (With or Without Discretion)
|
$0.04/$0.17
|
Futures Delivered or Cash Settled Clearing Fee
|
$0.05
|
Position Adjustment and Position Transfers (transfers $2500 min)
|
$0.10
|
Other CBOT Processing Fees
|
Include/Exclude
|
Ag Back Month
|
Exclude
|
Ags Volume Discount Program
|
Exclude
|
Grain & Oilseed Market Maker
|
Exclude
|
New Trader Incentive Program
|
Include
|
IVIP
|
Exclude
|
Ags ETH Program
|
Exclude
|