OneChicago OCX.Weekly Futures with next day stock settlement

Press Release – OneChicago Launches OCX.Weekly® Futures

Press Release – OneChicago OCX.Weekly® Futures to List Each Friday

Click to view Current Weekly Listings

Product Highlights

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.

Listing Cycle

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.

Symbology

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

Monday 1M 2M 3M 4M 5M
Tuesday 1T 2T 3T 4T 5T
Wednesday 1W 2W 3W 4W 5W
Thursday 1H 2H 3H 4H 5H
Friday 1F 2F 3F 4F 5F

Click here for Weekly’s Calendar

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
Regular trading Yes
Calendar Spread on CBOEdirect/regular trades No
Listing Cycle *7 Day
Deliverable Underlying Security
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.

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