Daily Settlement Price Based on trading conditions at 3:15pm or a fair value calculation. Final Settlement Price The final settlement price is based on the opening prices of the component stocks on the final settlement day as reported by the Morningstar Company. Fair Value Method On the last business day of the expiration 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 7:15 a.m. to 4:00 p.m., Monday through Friday, Chicago Time Final Settlement Time 8:30 am 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 Cash settled. 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 | ||||||||||||||||||||||||||||