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CBOT Contract Changes Spell New Trading Opportunities
Rough Rice Options
| Contract Size |
|
One CBOT Rough Rice futures contract (of a specified contract month) of 2,000 hundredweight (cwt.) |
| Tick Size |
| 1/4 cent/hundredweight ($5/contract) |
| Strike Price Intervals |
| At the commencement of trading, list 5 strikes above and 5 strikes below the at-the-money strike in 20 cents per hundredweight intervals and also list 4 strikes above this initial band in 40 cents per hundredweight intervals are listed. |
| Contract Months |
|
Jan, Mar, May, Jul, Sep, Nov; a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an August option exercises into a September futures position. |
| Last Trading Day |
| For standard option contracts: The last Friday preceding the first notice day of the corresponding rough rice futures contract month by at least two business days.
For serial option contracts: The last Friday which precedes by at least two business days the last business day of the month preceding the option month. |
| Exercise |
| Option buyers may exercise an option contract on any business day prior to expiration by giving notice to the clearinghouse by 6:00 p.m. Chicago time on such day. Exercised options are randomly assigned to option sellers. Options in-the-money after the close on the last trading day are automatically exercised. |
| Expiration |
|
Unexercised Rough Rice futures options shall expire at 7:00 p.m. on the last day of trading. |
| Trading Hours |
| Electronic: 6:00 p.m. - 6:00 a.m. and 9:30 a.m. - 1:15 p.m. Central Time, Sun.-Fri. Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri. |
| Ticker Symbols |
| Open Auction: RRC for calls/RRP for puts Electronic: OZR |
| Daily Price Limit |
| Fifty cents ($0.50) per hundredweight ($1,000/contract) above and below the previous day's option premium settlement. Limits are lifted on the last trading day. |
| Margin Information |
| Find information on margins requirements for the Rough Rice Options. |
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