OneChicago OCX.Weekly Futures with next day stock settlement
The delivery cycle is shortened to be Expiration+1, meaning OCX.Weekly settle to stock at NSCC the business after expiration. For example Friday 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.NoDivRisk (‘1D’) futures.
OCX.Weekly futures will list each day of the week, so each day there will be an expiring futures and a newly listed future which will expire 1 week later. For example, each Monday will have a Monday futures expiring and a newly listed Monday future.
Similar to other OneChicago futures, the ticker symbols will be the underlying stock appended with a number and letter to designate the specific weekly future during that month. All ticker symbols are based on the expiration date, not the listing date.
For instance, the Monday weekly futures overlaying AAPL is AAPL1M expiring the first Monday of the month, AAPL2M expiring on the second Monday of the month and so on through the balance of the Mondays for the month. Likewise, the Tuesday Weekly futures overlying AAPL is AAPL1T expiring the first Tuesday of the month, AAPL2T expiring on the second Tuesday of the month and so on through the balance of the Tuesdays for the month. See the chart below for the additional days and weeks of the month.
|Day of the week||
1st Occurrence in the month
2nd Occurrence in the month
3rd Occurrence in the month
4th Occurrence in the month
5th Occurrence in the month
Detailed Product Characteristics
|OneChicago symbol||Stock ticker plus 1M for the first Monday of the month, 1T for the first Tuesday of the month, 1W for the first Wednesday of the month, 1H for the first Thursday of the month, and 1F for the first Friday of the month. The second week of the month will have stock ticker plus 2M for the second Monday of the month, 2T for the second Tuesday of the month, 2W for the second Wednesday of the month, 2H for the second Thursday of the month, and 2F for the second Friday of the month. The other weeks of the month will follow in the same pattern.|
|Product Type (OCX.Original or OCX.NoDivRisk®)||OCX.NoDivRisk|
|Pricing Format||Same as all OneChicago futures. $$$$.CC for regular (non-block, non-EFP) trades and $$$$.CCCC for EFP and Block trades|
|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|
|Calendar Spread on CBOEdirect/regular trades||No|
|Listing Cycle||*7 Day|
|Daily Settlement||Normal settlement process.|
|Final Settlement||Final settlement will be equal to closing price of the underlying on expiration day.|
|Final Settlement Type||Physical with delivery through NSCC/DTCC|
|Stock Settlement Cycle||Next day stock settlement, so expiring futures will settle into stock on the first business day following expiration.|
|Listing Standards||Normal Listing Standards|
|Minimum Price Fluctuation (Tick Size)||$.0001 x 100 = $0.01 for Blocks and EFPs ; $.01 x 100 = $1.00 for for regular (non-Block, non-EFP) trades|
|Listing Cycle||Contract will be list on the respective days of the week and expire on the same day the following week. Each weekly will have a separate ticker symbol.For holiday processing, weekly futures will generally not be listed when there is an existing weekly future expiring on the same day.|
|Month Listed||Any month up to two years from listing date|
|Multiplier/Contract Size||100 shares of the underlying|
|Reportable Position and Position Limit||All products with the same expiration day and overlaying the same equity will be aggregated together for position limits. Each product will have its own large trader reporting code.|
|Corporate Action Treatment||Normal. See Link|
*In the case of holidays; weekly futures normally beginning on the holiday will start one day prior and thus will have a listing cycle of 8 days.