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Contract Symbols/Trading Hours
| Contract Name | Hard Red Winter Wheat Futures | Value Line® Stock Index Futures | Hard Red Winter Wheat Options | Value Line® Stock Index Options |
| Ticker Symbol(s) | Open Outcry: KW Electronic: KE | Open Outcry: n/a Electronic: MV |
Open Outcry: OKE (P or C) |
OMV (Put/Call Codes "P", "C") |
| Unit of Trading | One contract (5,000 bushels) of deliverable | One contract ($25 x futures price) |
One KCBT Hard Red Winter Wheat Futures Contract |
One KCBT Value Line Index futures contract |
| Delivery Standards/Exercise Procedures | No. 2 at contract price; No. 1 at a 1 1/2-cent premium, No. 3 at a 5-cent discount (No. 3 no longer acceptable with the onset of the July 2008 contract) | Cash Settled | American style with automatic exercise at the expiration |
American style with automatic exercise at the expiration |
| Clearing House Code | KE | MV | EC or EP |
MC or MP |
| Contract Month Cycle | March, May, July, September, December | March, June, September, December | Serial |
Serial |
| Minimum Price Fluctuation (Tick Value) | 1/4 cent ($12.50 per contract) | 0.50 point ($12.50 per contract) | 1/8 cent ($6.25 per contract) |
0.50 point ($12.50 per contract) |
| Price & Strike Price Formats | Dollars, cents and 1/4 cents | Points and .50 points |
Dollars, cents and 1/8 cents |
Points and .50 points |
| Strike Increments | n/a | n/a | 10 cents |
5.00 (e.g. 395.00, 400.00, etc.) |
| Levels of Strike Price Increments (+/- the previous day's settlement price (at the money strike)) | n/a | n/a | 30 (30 above and 30 below ATM to a minimum strike
of 1.00) |
24 (24 above and 24 below ATM) |
| Underlying Futures Contract | n/a | n/a | KE |
MV |
| Exercise Style | n/a | n/a | American |
American |
| Trading Hours, Schedule | Open Outcry: 9:30 a.m. to 1:15 p.m.
Monday through Friday Electronic: 6:00 p.m. to 6:00 a.m. Sunday
through Friday;
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Open Outcry: n/a Electronic: 5:00 p.m. to 3:15 p.m. Sunday through Friday
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Open Outcry: 9:30 a.m. to 1:25 p.m. Monday through
Friday Electronic: 6:00 p.m. to 6:00 a.m. Sunday through Friday;
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Open Outcry: n/a Electronic: 5:00 p.m. to 3:15 p.m. Sunday through Friday
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| Last Trading Day | The business day preceding the 15th calendar day of the month | The Thursday preceding the third Friday of the month | Ordinary cycle months - The last Friday which precedes
by at least two (2) business days the first notice day for Hard
Red Winter Wheat Futures. Serial months - The last Friday which
precedes by at least two (2) business days the last business day
of the calendar month immediately preceding the option serial month. |
For options that expire in the quarterly cycle, the last trading day is the same as the underlying futures contract. For options that expire in other months, the last trading day is the third Friday of the contract month. |
| Expiration Time on Last Trading | 1:15 p.m. | 3:15 p.m. | 10:00 a.m. the day following the last trading day |
4:00 p.m. |
| Daily Price Limits | Price limits will be set at 60 cents per bushel above or below the previous day’s settlement price and will increase by 50 percent the following trading session when the price of two or more futures contract months within the first five listed non-spot contract months, or the final contract month of a crop year, closes at limit bid or limit offer. Price limits can expand two consecutive times: to a 90 cent per bushel limit and then to a maximum $1.35 per bushel limit. Daily price limits will step back to their prior levels when no futures contract month closes at limit bid or limit offer that day. If price limits are $1.35 per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 90 cents per bushel the next business day. If price limits are 90 cents per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 60 cents per bushel the next business day. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month. | http://www.kcbt.com/vl_limits.html circuit breakers apply | Price limits will be set at 60 cents per bushel above or below the previous day’s settlement price and will increase by 50 percent the following trading session when the price of two or more futures contract months within the first five listed non-spot contract months, or the final contract month of a crop year, closes at limit bid or limit offer. Price limits can expand two consecutive times: to a 90 cent per bushel limit and then to a maximum $1.35 per bushel limit. Daily price limits will step back to their prior levels when no futures contract month closes at limit bid or limit offer that day. If price limits are $1.35 per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 90 cents per bushel the next business day. If price limits are 90 cents per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 60 cents per bushel the next business day. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month. |
http://www.kcbt.com/vl_limits.html |
| Position Limits | Combined futures - equivalent futures/option
limits. |
5,000 in all months combined | Combined futures - equivalent futures/option limits. Spot month - 600 Single month - 5,000 All months - 6,500 |
5,000 in all months combined |
| Daily Settlement Procedures | Price is settled on the trading floor | Weighted average of the last 30 seconds of trading | Open Outcry |
AQS implied fair value after close of market with settlement disseminated via electronic ticker. |
| Final Settlement Procedures | Same as daily settlement procedures | Based on special "Final Settlement Price:" calculation performed the business day following the last trading day based upon the opening value of all stocks in the index | Open Outcry |
Based on special "Final Settlement Price:" calculation performed the business day following the last trading day based upon the opening value of all stocks in the index |
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