STOCK INDEX PRODUCT UPDATE
Modified Versions of Financial, Technology SPCTR Futures to Launch Monday
Beginning trade date July 27, 2009, modified versions of the Financial SPCTR and Technology SPCTR futures were listed for trading on the CME Globex trading platform.
Driven by customer demand, these contracts offer your customers more cost-efficient, precise tools for hedging sector price exposure to the Financials as well as the Information Technology and Telecommunications stocks in the benchmark S&P 500 Index.
The Financial SPCTR futures track the S&P 500 Financial Index, whereas the Technology SPCTR futures track the S&P 500 Information Technology and Telecommunications Index - offering the same sector exposure offered by the Financial Select (XLF) and Technology Select (XLK) Sector SPDR Funds, respectively.
Key changes include:
- Increase in the Multiplier from $125 to $250 to better reflect the current market environment.
Following the revision to the contract multiplier, the notional value of the contracts will be approximately $30,000-$50,000, comparable to our E-mini equity index futures.
- Change to Dollar Value of the Minimum Tick Fluctuation, from $12.50 per contract to $25.00 per contract for outrights.
- Waived CME Clearing and Globex fees for CME Members on these products through December 31, 2009, as we build liquidity in the contracts.
These contracts are block eligible. Trading hours on CME Globex are from 5:00 p.m. Sundays to 3:15 p.m. Fridays Chicago Time, with a daily maintenance shutdown from 4:30 p.m. -5:00 p.m.
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