OneChicago OCX.Weekly Futures with next day stock settlement

COMING SOON — PENDING REGULATORY APPROVALS
 
Press Release – OneChicago Launches OCX.Weekly® Futures
 

Product Highlights

OCX.Weekly futures are physically delivered.

The delivery cycle is shortened to be Expiration+1, meaning OCX.Weekly futures expire on Friday with physical delivery settling on Monday in contrast to the traditional Wednesday (T+3) settlement.

OCX.Weekly futures will overlay the same underlyings as our OCX.Original (“1C”) futures and our OCX.NoDivRisk futures.

OCX.Weekly futures will list each Friday, expiring the following Friday.

Detailed Product Characteristics

Pricing Format Same as all OneChicago futures. $$$$. CC for regular (non-block, non-EFP) trades and $$$$. CCCC for EFP and Block trades.
OneChicago symbol Stock ticker plus 1W for the first Friday of the month, 2W for the 2nd Friday of the month, 3W for the 3rd Friday of the month, 4W for the 4th Friday of the month, and 5W for the 5th Friday of the month.
Product Type (OCX.Original or OCX.NoDivRisk) OCX.NoDivRisk
Trading Hours 8:30-3:00 Central time for non ETFs for regular trades. 8:30-3:15 for ETFs for regular trades,  8:00-4:00 for EFPs and Blocks.
EFP and Blocks via OCX.BETS® Yes
Block Roll Via OCX.BETS On expiration date, the expiring contract can be rolled to the next week’s contract.
Regular trading Yes
Calendar Spread on CBOEdirect/regular trades Yes
Expiration Cycle 7 Day
Deliverable Underlying Security
Daily Settlement Normal settlement process
Final Settlement  Normal final settlement process and pricing.  Final settlement will be equal to closing price of the underlying on expiration day.
Stock Settlement Cycle Next day stock settlement, so expiring futures will settle into stock on the first business day of the following week.
Listing Standards Normal Listing Standards
Minimum Price Fluctuation  (Tick Size) $.0001 x 100 = $0.01 for 100 share deliverable for Blocks and EFPs ; $.01 x 100 = $1.00 for 100 share deliverable for regular (non-Block, non-EFP) trades.
Listing Cycle Contract will be eligible for trading on Friday, expiring on the following Friday, for a total of 6 trading days.  Each weekly will have a separate ticker symbol.
Month Listed Any month up to two years from listing date.
Multiplier/Contract Size Consistent with the regular OneChicago product, 100 shares of the underlying.
Reportable Position and Position Limit Aggregated with the monthly expirations for reportable position and position limit purposes.  Each product will have its own large trader reporting code.
Corporate Action Treatment  Normal.  See here for more information

 

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