Equity products dow Jones industrial Average Futures and ...
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Dow Jones Industrial Average Futures and Options
E-mini Dow ($5), DJIA ($10) and Big Dow DJIA ($25) contracts offer flexible opportunities to trade the large-cap U.S. equity market.
About the Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA) is a price-weighted index of 30 blue-chip U.S. companies representing nine economic sectors including financial service, technology, retail, entertainment and consumer goods. The leadership position of the component stocks in the DJIA tends to result in an extremely high correlation of the DJIA to broader U.S. indexes, such as the S&P 500 Index providing additional opportunities.
Trading Resources
? Spreading Stock Index Futures: S&P 500 vs DJIA. equityindexresearch
? Monthly Stock Index Update. Monthly highlights including volume, correlations, volatility and more. equityindexresearch
Benefits
? Liquidity ? Transparent, deep liquid markets
? Access ? Through the advanced CME Globex platform, global access virtually 24 hours a day to the speed and efficiency of electronically traded contracts
? Benchmark Exposure ? Large-cap U.S. equity exposure using a contract on one of the most widely followed benchmarks
? Security ? Central clearing and counterparty guarantee of CME Clearing
E-mini Dow ($5) Futures Average Daily Volume by Month
325,000 300,000 275,000 250,000 225,000 200,000 175,000 150,000 125,000 100,000
75,000 50,000 25,000
0
Apr - 02 Jun - 02 Aug - 02 Oct - 02 Dec - 02 Feb - 03 Apr - 03 Jun - 03 Aug - 03 Oct - 03 Dec - 03 Feb - 04 Apr - 04 Jun - 04 Aug - 04 Oct - 04 Dec - 04 Feb - 05 Apr - 05 Jun - 05 Aug - 05 Oct - 05 Dec - 05 Feb - 06 Apr - 06 Jun - 06 Aug - 06 Oct - 06 Dec- 06 Feb - 07 Apr - 07 Jun - 07 Aug - 07 Oct - 07 Dec - 07 Feb - 08 Apr - 08 Jun - 08 Aug - 08 Oct - 08 Dec- 08 Feb - 09 Apr - 09 Jun - 09 Aug - 09 Oct - 09 Dec - 09
For more information, visit equities.
Dow Jones Industrial Average Futures and Options Contract Specifications
Ticker Symbols
E-mini Dow ($5) Futures
YM
E-mini Dow ($5) Options*
Calls: OYMC Puts: OYMP
Contract Size
$5 x the E-mini Dow futures price
One E-mini Dow futures contract of a specified contract month
Settlement/Expiration
Minimum Price Fluctuation
Cash settlement to the Special Opening Quotation of the index on Final Settlement Day, which is generally the third Friday of the contract month
1 index point = $5 per contract
Quarterly options: Expires with the futures contract on the third Friday of the contract month Serial options: Expires or settles into the nearest futures contract on the third Friday of the contract month
1 index point = $5 per contract. For example, an option with a premium of 20 points has a value of $100
Venue
CME Globex
Trading Hours All times listed in Central Time (CT) Contract Months
Last Trading Day
Daily Price Limits
Position Limits
Exchange Rules
Monday ? Thursday: 3:30 p.m. ? 4:30 p.m. and 5:00 p.m. ? 3:15 p.m. the next day, closing Friday at 3:15 p.m. (Daily maintenance shut down period 4:30 p.m. ? 5:00 p.m.) Sunday and Holidays: 5:00 p.m. ? 3:15 p.m. the next day
March, June, September, December. Four contract months listed at all times
Monday ? Thursday: 3:30 p.m. ? 4:30 p.m. and 5:00 p.m. ? 3:15 p.m. the next day, closing Friday at 3:15 p.m. (Daily maintenance shut down period 4:30 p.m. ? 5:00 p.m.) Sunday and Holidays: 5:00 p.m. ? 3:15 p.m. the next day
Four months in the March quarterly cycle (March, June, September, December) and two months not in the March quarterly cycle (serial months)
Trading can occur up to 8:30 a.m. CT on the third Friday of the contract month
Quarterly: Trading can occur up to 8:30 a.m. CT on the third Friday of the contract month Serial: Trading can occur up to 3:15 p.m. CT on the third Friday of the contract month
Successive 10%, 20%, and 30% limits for regular trading hour and 5% for overnight trading hour. For details, please see CBOT Regulation 27102. D.
Aggregate position limit in Big Dow futures ($25 multiplier), E-mini Dow futures and options ($5 multiplier) and DJIA futures and options ($10 multiplier) is 50,000 DJIA futures ($10 multiplier) equivalent contracts, net long or short in all contract months combined
These contracts are listed at and subject to the rules and regulations of CBOT.
* Options Exercise: American-style. An option can be exercised until 7:00 p.m. CT on any business day the option is traded. An option that is in-the-money and has not been exercised prior to the termination of trading shall, in the absence of contrary instructions, be delivered to CME Clearing by 7:00 p.m. CT on the day of determination of the Final Settlement Price and be automatically exercised.
Ticker Symbols Contract Size
DJIA ($10) Futures
Electronic: ZD Open auction: DJ
$10 x DJIA futures price
DJIA ($10) Options
Electronic: OZDC for calls, OZDP for puts Open auction: DJC for calls, DJP for puts
One DJIA futures contract of a specified contract month
Settlement/Expiration
Minimum Price Fluctuation Venue Trading Hours All times listed in Central Time (CT)
Contract Months Last Trading Day
Daily Price Limits Position Limits Exchange Rules
Cash settlement to the Special Opening Quotation of the index on Final Settlement Day, which is generally the third Friday of the contract month
1 index point = $10
Quarterly options: Expires with the futures contract on third Friday of the contract month Serial options: Expires or settles into the nearest futures contract on the third Friday of the contract month
Minimum price fluctuation is 0.05 point of option premium or 0.5 index points, which is equal to $5
CME Globex Open outcry
CME Globex Open outcry
CME Globex: Monday ? Thursday 3:30 p.m. ? 4:30 p.m. and 5:00 p.m. ? 8:15 a.m. the next day, closing Friday at 8:15 a.m. (Daily maintenance shut down period 4:30 p.m. ? 5:00 p.m.) Sunday and Holidays 5:00 p.m. ? 8:15 a.m. the next day Open outcry: 8:30 a.m. ? 3:15 p.m.
Four contract months listed at all times
CME Globex: Monday ? Thursday 3:30 p.m. ? 4:30 p.m. and 5:00 p.m. ? 8:15 a.m. the next day, closing Friday at 8:15 a.m. (Daily maintenance shut down period 4:30 p.m. ? 5:00 p.m.) Sunday and Holidays 5:00 p.m. ? 8:15 a.m. the next day Open outcry: 8:30 a.m. ? 3:15 p.m.
Four months in the March quarterly cycle (March, June, September, December) and two months not in the March quarterly cycle (serial months)
Open outcry: Trading occur up to 3:15 p.m. CT on the day prior to third Friday of the contract month Electronically traded: Trading can occur up to 8:15 a.m. CT on the third Friday of the contract month
Successive 10%, 20% and 30% limits for regular trading hour and 5% for overnight trading hour. For details, please see CBOT Regulation 26102. D.
Electronically traded: Trading can occur up to 8:15 a.m. CT on the third Friday of the contract month Open outcry, quarterly: Trading can occur up to 3:15 p.m. CT on the day prior to third Friday of the contract month Open outcry, serial: Trading can occur up to 3:15 p.m. CT on the third Friday of the contract month
Successive 10%, 20% and 30% for regular trading hour and 5% for overnight trading hour
Aggregate position limit in Big Dow futures ($25 multiplier), E-mini futures and options ($5 multiplier) and DJIA futures and options ($10 multiplier) is 50,000 DJIA futures ($10 multiplier) equivalent contracts, net long or short in all contract months combined
These contracts are listed at and subject to the rules and regulations of CBOT.
Ticker Symbols
BIG Dow ($25) Futures
DD
Contract Size
$25 x the Big Dow futures price
Settlement/Expiration
Minimum Price Fluctuation Venue
Cash settlement to the Special Opening Quotation of the index on Final Settlement Day, which is generally the third Friday of the contract month 1 index point = $25
CME Globex
Trading Hours All times listed in Central Time (CT)
Contract Months
Monday ? Thursday: 3:30 p.m. ? 4:30 p.m. and 5:00 p.m. ? 3:15 p.m. the next day, closing Friday at 3:15 p.m. (Daily maintenance shut down period 4:30 p.m. ? 5:00 p.m.) Sunday and Holidays: 5:00 p.m. ? 3:15 p.m. the next day
March, June, September, December. Four contract months listed at all times
Last Trading Day
Trading can occur up to 8:30 a.m. CT on the third Friday of the contract month
Daily Price Limits Position Limits Exchange Rules
Successive 10%, 20% and 30% limits for electronic trading hour and 5% for overnight trading hour. For details, please see CBOT Regulation 28102. D.
Aggregate position limit in BIG Dow futures ($25 multiplier), mini-sized futures and options ($5 multiplier) and DJIA futures and options ($10 multiplier) is 50,000 DJIA futures ($10 multiplier) equivalent contracts, net long or short in all contract months combined
These contracts are listed at and subject to the rules and regulations of CBOT.
For more information on trading futures and options on the Dow Jones Industrial Average, visit equities.
CME GROUP HEADQUARTERS
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info@ 800 331 3332 312 930 1000
CME GROUP REGIONAL OFFICES
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Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract's value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, E-mini and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX is a registered trademark of the New York Mercantile Exchange, Inc. All other trademarks are the property of their respective owners.
"Dow Jones Industrial Average" is a service mark and "Dow Jones" is a registered trademark of Dow Jones & Company, Inc. and has been licensed for use for certain purposes by the Board of Trade of the City of Chicago. Futures and options based on the Dow Jones Industrial Average Index are not sponsored, endorsed, or promoted by Dow Jones or any of their respective subsidiaries or affiliates, and Dow Jones makes no representation regarding the advisability of investing or trading in such product(s). All other trademarks are the property of their respective owners.
The information within this brochure has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and NYMEX rules. Current rules should be consulted in all cases concerning contract specifications.
Copyright ? 2010 CME Group. All rights reserved.
EQ248/0/0410
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