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Options Contract Specifications

The Dow Industrial futures contract specifications tell you how the Dow Industrial futures options trade, not how to trade Dow Industrial futures options. Before you consider opening a futures account, you should consult with a licensed futures broker.

Contract Size

One CBOT DJIA futures contract of a specified contract month.

Tick Size

Minimum price fluctuation is 0.05 point of option premium or 0.5 index points, which is equal to $5.

Premium Quotation

Option premium is quoted with an implicit multiplier of $100. For example, 34.65 points of option premium is equal to $3,465, which is also equal to 346.5 index points.

Strike Price Intervals

Twenty 100 index point intervals up and down from the futures price plus ten additional 200 point intervals above and below the highest and lowest 100 point intervals.

Contract Months

The first three consecutive contract months (two serial expirations and one quarterly expiration) plus the next four months in the quarterly cycle (Mar, Jun, Sep, Dec).  Serials will exercise into the first nearby quarterly futures contract.  Quarterlies will exercise into futures contracts of the same delivery period.

Expiration

Unexercised quarterly expirations of options on DJIA futures shall expire at 7:00 pm Chicago time on the business day following the last day of trading.  Unexercised serial expirations of options on DJIA futures shall expire at 7:00 pm Chicago time on the last day of trading.

Exercise
American Style.  The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of Trade clearing services provider by 6:00 pm, Chicago time.  Options that expire in-the-money are automatically exercised into a futures position, unless specific instructions are given to the Board of Trade clearing services provider.
Last Trading Day
For quarterly expirations:  The trading day immediately preceding the third Friday of the quarterly contract month.  For serial expirations:  The third Friday of the serial contract month.  
Trading Hours

FLOOR TRADED: Monday - Friday, 8:30 am to 3:15 pm Central Time (CT)
Last Trading Day, quarterly options: Trading can occur up to 3:15 pm on the day prior to third Friday of the contract month 
Last Trading Day, serial options: Trading can occur up to 3:15 pm on the third Friday of the contract month
ELECTRONICALLY TRADED: Monday - Thursday, 3:30 pm - 4:30 pm and 5:00 pm - 8:15 am next day 
Sunday: 5:00 pm - 8:15 am next day. 
Last Trading Day: Trading can occur up to 8:15 am on expiration day.

Ticker Symbols

Open Auction: DJC for calls, DJP for puts
Electronic: OZDC for calls, OZDP for puts

Daily Price Limit

Successive 10%, 20%, and 30% 

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