gric. Opt.Agric. Opt.Agric. Opt.
1,2492,5903094,1482,500,878
1,5705285402,6381,842,863
17,54812,2145,97935,74121,120,468
17,75816,0725,40539,23525,744,922
507,892
4,155,8003,000205,092408,0254,771,917
7,259,7793,000245,049147,4822007,655,510
4,771,917
2,0002,0007,657,510
8,025,26810,305,31874160118,331,92817,6431,262,9941,280,63719,612,565(continues)
Gas OilRubberFutures Total
EnergyAgricultural
Gold OptionsOptions TotalTokyo Commodity ExchangeTotal
Precious Opt.
TOKYO GRAIN EXCHANGEU.S. SoybeansNon-GMO SoybeansSoybean MealArabica CoffeeAzuki (Red Beans)CornReﬁned SugarRobusta CoffeeRaw SugarFutures TotalU.S. Soybeans OptionCorn OptionsRaw Sugar OptionsOptions TotalTokyo Grain Exchange Total
Dec.2003
TOKYO INTERNATIONAL FINANCIAL FUTURES EXCHANGEThree-Month EuroyenInterest299,116Three-Month Euroyen LIBORInterestFive-Year Yen SwapnoteInterest58,384Ten-Year Yen SwapnoteInterest33,460U.S. Dollar-Japanese YenForeignFutures Total390,960Options on Three-Month EuroyenInterest Opt.Options TotalTokyo International Financial FuturesExchange TotalTOKYO STOCK EXCHANGETen-Year Yen Gov’t BondTOPIX Stock IndexElectric Applicance IndexBank IndexFutures TotalTOPIX OptionsYen Gov’t Bond (10-Year) OptionsOptions TotalTokyo Stock Exchange Total
InterestEquityEquityEquity
Equity Opt.Interest Opt.
10,35010,680200529,122
390,960
0529,122
533,4701,187,790
819,3921,380,132
1,721,260
2,199,524
6,465,0739,359,047724140,33115,965,175
1,03064,99166,0211,787,281
2,880104,270107,1502,306,674
98,137972,5181,070,65517,035,830
250
THE COMPLETE GUIDE TO FUTURES TRADING
International Exchanges Futures, Options, and Options on Equities Volume (Continued)CommodityGroup
YOKOHAMA COMMODITY EXCHANGEJapan Raw SilkAgriculturalInternational Raw SilkAgriculturalDried CocoonAgriculturalPotatoAgriculturalVegetablesAgricultural
Dec.2003
Dec.2004
55,8788536755,955
16,932711
112,753
TOTAL FUTURESPercent Change
Jan.–Dec.2003
Jan.–Dec.2004
919,04911,58127,368894,160
239,4468,47091869,58947,215
115,985
1,852,158
1,164,811
151,733,082
169,208,79511.52%
1,927,572,093
2,139,293,50110.98%
TOTAL OPTIONSPercent Change
315,073,006
263,574,697–16.34%
4,012,631,132
3,901,937,421–2.76%
GRAND TOTALPercent Change
466,806,088
432,783,492–7.29%
5,940,203,225
6,041,230,9221.70%
73,724,06334,413,83814,076,9747,430,4532,495,9942,785,3388,095,43108,710,991151,733,082
88,286,64236,346,38511,361,6037,725,1754,059,7871,968,5808,190,148011,270,475169,208,795
1,069,762,500391,339,615152,144,551105,081,46329,043,84242,441,47583,405,58778054,352,2801,927,572,093
1,206,747,668417,390,392148,819,727109,926,01440,367,08833,249,70597,016,742085,774,1652,139,291,501
7,203,169253,806,55279,9533,0321,056,7936,110388,804
7,302,066199,182,54591,3257,270987,93050,462377,241
133,206,4083,147,284,0171,185,51582,87412,699,401255,8703,738,173
136,737,7182,871,452,9161,166,12974,10711,145,690362,7444,734,928
52,528,593315,073,006466,806,088
55,575,858263,574,697432,783,492
714,178,8744,012,631,1325,940,203,225
876,265,1893,901,939,4216,041,230,922
Yokohama Commodity Exchange Total
INTERNATIONAL COMMODITY GROUPSFuturesInterest RateEquity IndexesAgricultural CommoditiesEnergy ProductsForeign Currency/IndexPrecious MetalsNonprecious MetalsOtherFutures on Individual EquitiesTotalOPTIONSInterest RateEquity IndexesAgricultural CommoditiesEnergy ProductsForeign Currency/IndexPrecious MetalsNonprecious MetalsOtherOptions on Individual EquitiesTotalGRAND TOTAL
51,12747,215
Source: Futures Industry Association. Information provided by exchanges at FIA’s request.
APPENDIX B
Futures ContractSpecifications
T
he exchanges where these products trade determine what the contract specifications are and have the ability to change them based on exchange rulesand market conditions.These “specs” are for the products traded as of December 2004. The best wayto ensure that you have the most current and accurate information is to visit theweb site of the exchange where the contract you’re interested in is traded.Explanations of the acronyms used for the exchanges, special codes and symbols, and the letters that represent each contract’s delivery months follow.
ExchangesCBOTCMECOMEXEUREXEUSHKEIDEMIPEKCBTLIFFEMATIF
Chicago Board of TradeChicago Mercantile ExchangeCOMEX Division of NYMEXEurexEurex USHong Kong ExchangesItalian Derivatives MarketInternational Petroleum ExchangeKansas City Board of TradeEuronext.liffeEuronext Paris
MEMEFFMPLSNQLXNYBOTNYFENYMEXOCXSFESGXWCE
Montreal ExchangeMercados FinancierosMinneapolis Grain ExchangeNasdaq Liffe MarketsNew York Board of TradeNew York Futures ExchangeNew York Mercantile ExchangeOneChicagoSydney Futures ExchangeSingapore ExchangeWinnipeg Commodity Exchange
Codes❉✖✦◆✱
Can be mutually offset at CME and SGX.GLOBEX only.e-cbot only.No limit last trading day.When the “primary” futures contract is limitbid or limit offer (at its daily price limit),trading in options will be suspended.
Delivery MonthsF JanuaryG February
HJ
MarchApril
K MayM June
N JulyQ August
◗▲▼✚
UV
Available for 1/2 tick trading at prices ofless than ﬁve ticks.Circuit breakers.No limits last 30 minutes daily; adjustableintraday limits.Trading halted when underlying ishalted.
SeptemberOctober
XZ
NovemberDecember
251
252
U.S. FuturesTrading Hours(Central Time)
Months
DeliverySize
ContractQuoted in
Price PointValue
MinimumPriceFluctuation
Price Limit
Contract
Exchange
Australian Dollar
CME
7:20 am–2:00 pm7:20 am–9:16 am LTDspotGLOBEX: Mon–Thurs:5:00 pm–4:00 pm,Sun & holidays:5:30 pm–4:00 pm
H,M,U,Z
100,000 AD
¢/AD
1pt=$10.00
1pt=$10.00
None
British Pound
CME
7:20 am–2:00 pm7:20 am–9:16 am LTDspotGLOBEX: Mon–Thurs:4:30 pm–4:00 pm, Sun& holidays: 5:30 pm–4:00 pm
H,M,U,Z
62,500 BP
¢/£
1pt=$6.25
1pt=$6.25
None
Canadian Dollar
CME
7:20 am–2:00 pm7:20 am–9:16 am LTDspotGLOBEX: Mon–Thurs:5:00 pm–4:00 pm,Sun & holidays:5:30 pm–4:00 pm
H,M,U,Z
100,000 CD
¢/CD
1pt=$10.00
1pt=$10.00
None
Cattle, Feeder
CME
9:05–1:00 pmGLOBEX: 9:05 am–12:00 pm LTD
F,H,J,K,Q,U,V,X 50,000 lbs
$/cwt
1pt=$5.00
21/2pts=$12.50
3¢ expandable=300 pts
Cattle, Live
CME
9:05 am–1:00 pmGLOBEX: 9:05 am–12:00 pm LTD ofexpiring contracts
G,J,M,Q,V,Z
40,000 lbs
$/cwt
1pt=$4.00
21/2pts=$10.00
3¢ expandable=300 pts
Cocoa (Metric)
NYBOT
7:00 am–10:50 am
H,K,N,U,Z
10M ton
$/M ton
1pt=$10.00
1pt=$10.00
None
Coffee “C”
NYBOT
8:15 am–11:30 am
H,K,N,U,Z
37,500 lbs
¢/lb
1pt=$3.75
5pts=$18.75
None
Coffee “C,” Mini
NYBOT
8:15 am–11:30 am
G,J,M,Q,X
12,500 lbs
¢/lb
1pt=$1.25
5pts=$6.25
None
Copper, High Grade COMEX
7:10 am–12:00 pmACCESS: Sun: 6:00 pm–7:00 am, Mon–Thurs:2:15 pm–7:00 am
All Months
25,000 lbs
¢/lb
1pt=$2.50
5pts=$12.50
20¢ ▲
Corn
CBOT
9:30 am–1:15 pme-cbot: Sun–Fri7:30 pm–6:00 am
F,H,K,N,U,X,Z
5,000 bu
¢/bu
1¢=$50.00
1
/4¢=$12.50
20¢=$1,000No limit during+2 days prior
Corn, Mini
CBOT
9:30 am–1:45 pm9:30 am–12:15 pm LTD
F,H,K,N,U,X,Z
1,000 bu
¢/bu
1¢=$10.00
1
/8¢=$1.25
20¢=$200
Cotton
NYBOT
9:30 am–1:15 pm
H,K,N,V,Z
50,000 lbs
¢/lb
1pt=$5.00
1pt=$5.00
3¢=$1,500=300 ptsVariabledepending onprice
CRB Index
NYBOT
9:00 am–1:30 pm
F,G,J,M,Q,X
500 × CRBIndex
100ths/pt
1pt=$5.00
5pts=$25.00
None
Crude Oil
NYMEX
9:00 am–1:30 pmACCESS: Sun:6:00 pm–8:30 am,Mon–Thurs: 2:15 pm–8:30 am
All Months
1,000 barrels
$/barrel
1pt=$10.00
1pt=$10.00
Expandable
Dow Jones Average
CBOT
7:20 am–3:15 pme-cbot: Sun–Fri:7:15 pm–7:00 am
H,M,U,Z
$10 × DJIAIndex
pts
1pt=$10.00
1pt=$10.00
▲
Dow Jones Average, e-cbotMini ✦
7:15 pm to 4:00 pmSun–Fri, 7:15 pm to3:15 pm LTD
H,M,U,Z
$5 × DJIAIndex
pts
1pt=$5.00
1pt=$5.00
▲
Eurodollar ❉
7:20 am–2:00 pmGLOBEX: Mon–Thurs:5:00 pm–4:00 pm, Sun& holidays: 5:30 pm–4:00 pm
H,M,U,X
$1,000,000
Basis pts
1pt=$25.00
1
/2pt=$12.50/4pt nearestmonth
None
7:20 am–2:00 pm
H,M,U,Z
1
None
Euroyen ❉
CME
CME
1
100 Million Yen Basis pts
1pt=2500 Yen
/2pt=1250 Yen
253
(continues)
254
U.S. Futures (Continued)Trading Hours(Central Time)
Months
DeliverySize
ContractQuoted in
Price PointValue
MinimumPriceFluctuation
Price Limit
Contract
Exchange
EuroFX
CME
7:20 am–2:00 pm7:20 am–9:16 am LTDGLOBEX: Mon–Thurs:5:00 pm–4:00 pm, Sun& holidays: 5:30 pm–4:00 pm
H,M,U,Z
125,000 Euro
US$ perEuro
1pt=$12.50
1pt=$12.50
None
E-Mini EuroFX ✖
CME
5:00 pm–4:00 pm M–Th H,M,U,ZGLOBEX only: 5:30 pm–4:00 pm Sun & holidays
62,500 Euro
US$ per Euro 1pt=$6.25
1pt=$6.25
None
30-Day FederalFunds
CBOT
7:20 am–2:00 pme-cbot: Sun–Fri:7:01 pm–4:00 pm
H,M,U,Z
$5,000,000
pts
1
/2pt=20.835
1
None
GSCI
CME
8:45 am–1:40 pm
All Months
$250 × GSCI
pts
.05=$12.50
1
/2pt =$12.50
None
Gasoline, Unleaded NYMEX
9:05 am–1:30 pmACCESS: Sun: 6:00 pm–8:30 am, Mon–Thurs:2:15 pm–8:30 am
All Months
42,000 gal
¢/gal
1pt=$4.20
1pt=$4.20
None
Gold
COMEX
7:20 am–12:30 pmACCESS: Sun: 6:00 pm–7:00 am, Mon–Thurs:1:00 pm–7:00 am
G,J,M,Q,V,Z
100 troy oz
$/oz
1¢=$1.00
10¢=$10.00
$75.00 ▲
Heating Oil
NYMEX
9:05 am–1:30 pmACCESS: Sun: 6:00 pm–8:30 am, Mon–Thurs:2:15pm–8:30 am
All Months
42,000 gal
¢/gal
1pt=$4.20
1pt=$4.20
Expandable
Hogs, Lean
CME
9:10 am–1:00 pmGLOBEX: 9:10 am–12:00 pm LTD
G,J,K,M,N,Q,V,Z
40,000 lbs
$/cwt
1pt=$4.00
21/2pts=$10.00
2¢=$800=200 pts (nolimits—last 2spot month)
/2pt=20.835
Japanese Yen
CME
7:20 am–2:00 pm7:20 am–9:16 am LTDGLOBEX: Mon–Thurs:5:00 pm–4:00 pm,Sun & holidays:5:30 pm–4:00 pm
H,M,U,Z
12,500,000 JY
¢/JY
1pt=$12.50
1pt=$12.50
None
E-Mini JapaneseYen ✖
CME
5:00 pm–4:00 pm M–Th5:30 pm–4:00 pm Sun& holidays
H,M,U,Z
6,250,000 JY
¢/JY
1pt=$6.25
1pt=$6.25
None
Lumber
CME
9:00 am–1:05 pm9:00 am–12:05 pm LTD
F,H,K,N,U,X
110,000 bd ft
$/m/bd ft
1pt=$1.10
10pts=$11.00
$10=$1,100=1,000 pts
Mexican Peso
CME
7:20 am–2:00 pmGLOBEX: Mon–Thurs:5:00 pm–4:00 pm, Sun& holidays: 5:30 pm–4:00 pm
H,M,U,Z
500,000 NMP
$/NMP
1pt=$5.00
21/2pts=$12.50
None
Municipal Bonds
CBOT
7:20 am–2:00 pme-cbot: Sun–Fri:7:04 pm–4:00 pm
H,M,U,Z
$1,000 × Index 32nds/pt
1
/32=$31.25
1
/32=$31.25
None
Nasdaq-100 Index
CME
8:30 am–3:15 pmGLOBEX: Mon–Thurs:3:30 pm–8:15 am, Sun& holidays: 5:30 pm–8:15 am
H,M,U,Z
$100 × Index
100ths/pt
1pt=$1.00
5pt=$5
▲
E-Mini Nasdaq-100 ✖ CME
3:30 pm–3:15 pm M–Th H,M,U,Z5:30 pm-3:15 pm Sun& holidays
$20 × Nasdaq100 Index
100ths/pt
1pt=$.20
50pt=$10
▲
Natural Gas
9:00 am–1:30 pmACCESS: Sun:6:00 pm–8:30 am,Mon–Thurs: 2:15 pm–8:30 am
10,000 MMBtu
$/MMBtu
1pt=$10.00
1pt=$10.00
1,000 pts=$10,000Initial limit allmonthsexpandable
NYMEX
All Months
(continues)
255
256
U.S. Futures (Continued)
Contract
Exchange
Trading Hours(Central Time)
Months
DeliverySize
ContractQuoted in
Price PointValue
MinimumPriceFluctuation
Price Limit
New Zealand Dollar CME
7:20 am–2:00 pmGLOBEX: Mon–Thurs:5:00 pm–4:00 pmSun & holidays:5:30 pm–4:00 pm;9:16 pm LTD
H,M,U,Z
100,000 NewZealand Dollar
¢/NE
.0001=$10
.0001=$10.00
None
Nikkei 225 StockIndex
CME
8:00 am–3:15 pmGLOBEX: 3:30 pm–4:30 pm; 2:00 am–3:15 pm Mon–Fri
H,M,U,Z
$5.00 × Index
100ths/pt
1pt=$5.00
5pts=$25.00
♦
Nikkei 225 StockIndex ✖Eligible for MOSwith SGX
CME
5:00 am–3:15 pmH,K,U,Z + 3(CST)serials3:30 pm–4:30 pm (CST),6:00 am–3:15 pm,3:30 pm–4:30 pm,5 pm–6 pm (CDT)
¥500 × Index
NYSE CompositeIndex Reg.
NYBOT
8:30 am–3:15 pm
H,M,U,Z
Oats
CBOT
9:30 am–1:15 pme-cbot: Sun–Fri:7:33 pm–6:00 am
One-Month LIBOR
CME
Orange Juice
NYBOT
Varies accordingto index level100ths/pt
5pts=¥2,500
5pts=¥2,500
1,000–2,000 ptslead-month set
500 × NYFE100ths/ptComposite Index
1pt=$5.00
5pts=$25.00
▲
H,K,N,U,Z
5,000 bu
¢/bu
1¢=$50.00
1
/4¢=$12.50
20¢=$1,000No limit spot+2 days prior
7:20 am–2:00 pm7:20 am–5:00 am LTDGLOBEX: Mon–Thurs:5:00 pm–4:00 pm,Sun & holidays:5:30 pm–4:00 pm
All Months
$3,000,000
Basis pts
1
/2pt=$12.50
1
/2pt=$12.50
None
9:00 am–12:30 pm
F,H,K,N,U,X
15,000 lbs
¢/lb
1pt=$1.50
5pts=$7.50
500 pts; Spot+second mo.after FND,1,000 pts
Palladium
NYMEX
7:30 am–12:00 pmACCESS: Sun: 6:00 pm–7:00 am, Mon–Thurs:2:15 pm–7:00 am
H,M,U,Z
100 troy oz
$/oz
1pt=$1.00
5pts=$5.00
None
Platinum
NYMEX
7:20 am–12:05 pmACCESS: Sun: 6:00 pm–7:00 am, Mon–Thurs:2:15 pm–7:00 am
F, J, N, V
50 troy oz
$/oz
1pt=$.50
10pts=$5.00
$50=$2,500No limitnearest cyclemonth
Pork Bellies
CME
9:10 am–1:00 pmGLOBEX: 9:10 am–12:00 pm LTD ofexpiring contracts
G,H,K,N,Q
40,000 lbs
¢/lb
1pt=$4.00
21/2pts=$10.00
3¢=$1,200=300 pts
Rough Rice
CBOT
9:15 am–1:30 pm9:15 am–12:00 pm LTDof expiring contractse-cbot: Sun–Fri:7:33 pm–6:00 am
F,H,K,N,U,X
2,000 cwt
¢/cwt
1pt=$20
.5pts=$10.00
50¢=$1,000No limit spot+2 days prior
Russell 2000
CME
8:30 am–3:15 pmGLOBEX: Mon–Thurs:3:30 pm–8:15 am, Sun& holidays: 5:30 pm–3:15 pm
All Months
$500 × Index
pts
.01=$5.00
.05=$25.00
▲
E-Mini Russell2000 ✖
CME
Mon–Thurs: 3:30 pm–3:15, pm Sun &holidays: 5:30 pm–3:15 pm, 3:30 pm–8:30 am LTD
All Months
$100 × Index
pts
.01=$1.00
.1=$10.00
▲
Silver
COMEX
7:25 am–12:25 pmACCESS: Sun: 6:00 pm–7:00 am, Mon–Thurs:1:00 pm–7:00 am
H,K,N,U,Z
5,000 troy oz
¢/oz
1pt=$.50
50pts=$25.00
$1.50 ▲
Soybean Meal
CBOT
9:30 am–1:15 pme-cbot: Sun–Fri:7:31 pm–6:00 am
F,H,K,N,Q,U,V,Z
100 tons
$/ton
1pt=$1.00
10pts=$10.00
$20=$2,000No limit spot+2 days prior(continues)
257
258
U.S. Futures (Continued)Trading Hours(Central Time)
Months
DeliverySize
ContractQuoted in
Price PointValue
MinimumPriceFluctuation
60,000 lbs
¢/lb
1pt=$6.00
1pt=$6.00
2¢=$1,200No limit spot+2 days prior
Contract
Exchange
Price Limit
Soybean Oil
CBOT
9:30 am–1:15 pme-cbot: Sun–Fri:7:31 pm–6:00 am
F,H,K,N,Q,U,V,Z
Soybeans
CBOT
9:30 am–1:15 pme-cbot: Sun–Fri:7:31 pm–6:00 am
F,H,K,N,Q,U,X 5,000 bu
¢/bu
1pt=$50.00
1
/