Daily Settlement Price Based on trading conditions at 3:15pm or a fair value calculation Final Settlement Price The settlement value is calculated using the opening (first) reported sales price in the primary market of each component stock on the last business day (usually a Friday) before the settlement date. If a stock in the index does not open on the day in which the settlement value is determined, the last reported sales price will be used in calculating the settlement value. Fair Value Method On the last business day of the month, the exchange will use a fair value calculation of the index futures as the settlement price of the next futures contract to expire instead of the normally calculated daily settlement price. The fair value calculation is based on the closing values of the component stocks and accounts for both the remaining time to final futures settlement and expected dividends. Trading Session 7:15am - 4:00pm Monday through Friday, Chicago Time. Final Settlement Time 8:30am Chicago Time Last Trading Day The last trading day is the third Friday of the month. Trading in the expiring contract ceases at 8:30 a.m.on the third Friday of the expiration month. Expiration Cycle Four consecutive contracts on a March quarterly cycle (March, June, September, December). Delivery Details The settlement amount is equal to the settlement value multiplied by $100. Settlement will result in the delivery of cash on the business day following settlement. ISE Gold™, ISE HomeBuilders™, ISE-Revere Natural Gas™, ISE SINdex™, and ISE Water™ indexes are trademarks of ISE and are calculated and maintained by Standard and Poor’s. The ISE-Revere Natural Gas Index was jointly developed by ISE and Revere Data, LLC (Revere). Revere, an independent and privately owned provider of research data and investment analytics, provides specific research and support for the index. Disclaimer Neither USFE, nor its representatives, agents, or employees are responsible for omissions contained on any pages of the USFE website, which is designed for informational purposes only and shall not constitute investment advice, nor is it intended for solicitation purposes. USFE offers services directly to USFE members. Those who desire to trade, offer, or sell any products available on the USFE market should consider the legal and regulatory requirements of those jurisdictions relevant to them, and the risks associated with such products. © U.S. Futures Exchange 2006 |
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