CHANGE IN CLOSING TIME OF SXF, SXM, SCF, SXA, SXB, SXH, SXK, SXU, SXY INDEX FUTURES

Similar documents
Index Futures and Options Contract Information

REQUEST FOR COMMENTS AMENDMENTS TO THE RULES OF BOURSE DE MONTREAL INC. TO INCREASE THE S&P/TSX 60 INDEX OPTION (SXO) CONTRACT SIZE

REQUEST FOR COMMENTS AMENDMENTS TO THE DAILY SETTLEMENT PRICE PROCEDURES FOR FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS

SELFCERTIFICATION NEW PRODUCT: MINI FUTURES CONTRACTS ON THE S&P/TSX 60 INDEX

Montréal Exchange Quarterly Derivatives Market Activity Update Q3 2017

Need help with your options portfolio: Introducing OptionsPlay, a stock and options analysis suite. November 4, 2017

REQUEST FOR COMMENTS

Montréal Exchange Quarterly Derivatives Market Activity Update Q1 2018

SELF-CERTIFICATION AMENDMENTS TO ARTICLE 6380 OF RULE SIX OF BOURSE DE MONTRÉAL INC

Bourse de Montréal Inc RULE FOURTEEN DERIVATIVE INSTRUMENTS MISCELLANEOUS RULES ( , , , , ,

SELFCERTIFICATION NEW PRODUCT: THE FTSE EMERGING MARKETS INDEX FUTURES (EMF) CONTRACT

MODIFICATION TO THE TRADING HOURS

Options ABCs. Jason Ayres, DMS Director, R N Croft Financial Group

ETFs in your portfolio?

AMENDMENTS TO THE LIST OF FEES OF BOURSE DE MONTRÉAL INC. (EFFECTIVE JULY 1, 2018)

RE-LISTING OF THE 5-YEAR GOVERNMENT OF CANADA BOND FUTURES CONTRACT (CGF)

Trading Equity and Index Derivatives SELF-CERTIFICATION AMENDMENTS TO ARTICLE 6381 OF THE RULES OF BOURSE DE MONTRÉAL INC.

MONTREAL CLIMATE EXCHANGE (MCeX) NEW PRODUCT : FUTURES CONTRACTS ON CARBON DIOXIDE EQUIVALENT (CO 2 e) UNITS

AMENDMENTS TO THE LIST OF FEES OF BOURSE DE MONTRÉAL INC. (EFFECTIVE JUNE 1, 2018)

AMENDMENTS TO THE LIST OF FEES OF BOURSE DE MONTRÉAL INC. (EFFECTIVE JANUARY 4, 2018)

SELFCERTIFICATION NEW PRODUCT OVERNIGHT INDEX SWAP FUTURES CONTRACTS (OIS)

AMENDMENTS TO THE LIST OF FEES OF BOURSE DE MONTRÉAL INC. (EFFECTIVE SEPTEMBER 1, 2017)

SELF-CERTIFICATION REGULATION RESPECTING ELECTRONIC TRADING

Option strategies when volatilities are low. Alan Grigoletto, CEO Grigoletto Financial Consulting

How is an option priced and what does it mean? Patrick Ceresna, CMT Big Picture Trading Inc.

AMENDMENTS TO THE LIST OF FEES OF BOURSE DE MONTRÉAL INC.

SELF-CERTIFICATION MODIFICATIONS TO THE TERMS OF POSITION LIMITS FOR OPTIONS

AMENDMENTS TO THE LIST OF FEES OF BOURSE DE MONTRÉAL INC. (EFFECTIVE JANUARY 1, 2017)

CIRCULAR October 21, 2016

REQUEST FOR COMMENTS

Document version 1.2 June 5, 2014

PROCEDURE FOR THE EXECUTION AND REPORTING OF EXCHANGE FOR PHYSICAL (EFP) AND EXCHANGE FOR RISK (EFR) TRANSACTIONS

CADerivatives. Table of contents BAX OBX ONX CGZ CGF CGB OGB LGB SCF SXF SXM SXA SXB SXH SXY EQUITY OPTIONS CURRENCY OPTIONS INDEX OPTIONS ETF OPTIONS

REQUEST FOR COMMENTS

Removing the Bias from 5-10 Steepeners

REQUEST FOR COMMENTS IMPLEMENTATION OF COMMITTED ORDERS

Driven Leverage and Credit Overlay

Appendix 1. A -- Proposed Amendments to the Rules. B -- Rationale. C Objectives. D Impact of the Proposed Rule

Z18 - H19 Roll Update

SELF-CERTIFICATION AMENDMENTS TO RULES ONE, SIX, EIGHT, NINE, FOURTEEN AND FIFTEEN OF BOURSE DE MONTRÉAL INC.

OPTIONS TRADING SIMULATOR QUICK GUIDE

Trading Equity and Index Derivatives SELF-CERTIFICATION TRADE EXECUTION

BASIS TRADES ON CLOSE

MONTRÉAL EXCHANGE Index options and correlation trading

REQUEST FOR COMMENTS

REQUEST FOR COMMENTS

CANADIAN EQUITY DERIVATIVES

bulletin Amendments to IDA Regulations and Relating to CDCC Cleared Currency Options

REQUEST FOR COMMENTS

REQUEST FOR COMMENTS INTEREST RATE SWAPS ACCEPTABLE FOR THE EXECUTION OF EXCHANGE FOR RISK (EFR) TRANSACTIONS

Proposed Amendments to the Definition of Basis Order

REQUEST FOR COMMENTS

Trading Equity and Index Derivatives SELF-CERTIFICATION

REQUEST FOR COMMENTS ADOPTION OF RULES APPLICABLE TO MARKET MAKERS FOR FUTURES CONTRACTS AMENDMENT TO RULE SIX OF BOURSE DE MONTRÉAL INC.

TO : Approved Participants February 5, 2003 Registered Options Principals Options Traders NEW EQUITY OPTION CLASSES

CANADIAN EQUITY DERIVATIVES

REQUEST FOR COMMENTS

SELF-CERTIFICATION AMENDMENTS TO THE RULES AND PROCEDURES OF BOURSE DE MONTRÉAL INC

Bourse de Montréal Inc RULE FIFTEEN FUTURES CONTRACTS SPECIFICATIONS. Section General Provisions

Statistics. September Interest Rate Derivatives. Index Derivatives. Equity Derivatives

Trading Equity and Index Derivatives SELF-CERTIFICATION

REQUEST FOR COMMENTS

Montreal Exchange. List of Fees

Montreal Exchange. List of Fees

REQUEST FOR COMMENTS

REQUEST FOR COMMENTS

List of Fees Effective as of July 1, 2015

List of Fees Effective as of October 1, 2014

CIRCULAR February 12, 2016

DERIVATIVES CANADIAN EQUITY. Quarterly Newsletter - April 2016 MANAGER S COMMENTARY THE OPTIONS PLAYBOOK

RULE FIFTEEN FUTURES CONTRACTS SPECIFICATIONS. Section General Provisions

Annual Report Additional information

Hydro Quebec Trust for Management of Nuclear Fuel Waste. Financial Statements December 31, 2005

Al Repo Annu 2008tion AddiRmAtion info

ACCESSING THE MONTRÉAL EXCHANGE

OPTIONS CALCULATOR QUICK GUIDE

ANNUAL REPORT ADDITIONAL INFORMATION

Al Repo Annu 2007tion AddiRmAtion info

January 17, CBOE Futures Exchange, LLC Rule Certification Submission Number CFE

NOTICE TO MEMBERS No December 14, 2012

CAPITAL REQUIREMENTS FOR UNDERWRITING COMMITMENTS

NOTICE TO MEMBERS No November 2, 2005

NOTICE TO MEMBERS No August 16, 2016

Performance Review. University of Guelph Endowment Funds. 2 nd Quarter 2018

REQUEST FOR COMMENTS

NOTICE TO MEMBERS No February 12, 2018

Guidance Respecting the Expansion of Single-Stock Circuit Breakers

Trading Firms Incentive Program

>>>>>>>>>>> EQUITY OPTIONS MARKET MODEL.

Form of Proof of Claim CRO Claims Process

Securities (the Fund ) Source EURO STOXX 50 ETF

System Trading Detailed Rules

The following securities commenced trading pursuant to unlisted trading privileges on NYSE Arca on September 22, 2017:

NOTICE TO MEMBERS No July 29, 2014

Performance Review. University of Guelph Pension Plans. 4 th Quarter 2014

INFORMATION CIRCULAR: MANAGED PORTFOLIO SERIES

BZX Information Circular EDGA Information Circular BYX Information Circular EDGX Information Circular

Investors Growth Portfolio

Investors Income Plus Portfolio

REQUEST FOR COMMENTS AMENDMENT TO THE RISK MANUAL SHORT OPTION MINIMUM

Transcription:

CIRCULAR 124-18 July 24, 2018 CHANGE IN CLOSING TIME OF SXF, SXM, SCF, SXA, SXB, SXH, SXK, SXU, SXY INDEX FUTURES Bourse de Montréal Inc. (the Bourse ) hereby announces that, effective on September 24, 2018, the market closing time for the following Index Futures will be modified from 4:15 p.m. to 4:30 p.m: S&P/TSX 60 Index Standard Futures (SXF) S&P/TSX 60 Index Mini Futures (SXM) S&P/TSX Composite Index Mini Futures (SCF) Sector Index Futures: o S&P/TSX Global Gold Index (SXA) o S&P/TSX Capped Financials Index (SXB) o S&P/TSX Capped Information Technology Index (SXH) o S&P/TSX Composite Index Banks (Industry Group) (SXK) o S&P/TSX Capped Utilities Index (SXU) o S&P/TSX Capped Energy Index (SXY) This change will also apply to any related index futures strategies created both by the user and the exchange. Please note that the closing time of all index options and index options strategies will remain the same. Effective September 24, 2018, the daily settlement price for these products will be calculated using the Volume Weighted Average Price (VWAP) of the trades from 3:59 p.m. to 4:00 p.m. The updated products specifications that will come into force on September 24, 2018 are attached to this circular. For further information, please contact the Market Operations Department at (514) 871-7877. Gladys Karam Director, Equity Derivatives Financial Markets Tour Deloitte 1800-1190 avenue des Canadiens-de-Montréal, P.O. Box 14, Montreal, Quebec H3B 0G7 Telephone: 514 871-2424 Toll free within Canada and the U.S.A.: 1 800 361-5353 Website: www.m-x.ca 1

S X F S&P/TSX 60 INDEX STANDARDS FUTURES The S&P/TSX 60 Index, which is designed to represent leading companies in leading industries. Minimum Price Fluctuation Market Capitalization: Larger companies, as measured by the float adjusted market capitalization, are considered for the S&P/TSX 60 Index. A company's float adjusted market capitalization is calculated by removing control blocks of 10% or more. C$200 times the S&P/TSX 60 Index Standard Futures contract value. One index point equals $200. 0.10 index points for outright positions. 0.01 index points for calendar spreads. 0.05 index points for outright Basis Trades on Close. of the underlying index on the final settlement day. Trading ceases on the trading day prior to the final settlement day. If it is not a business day, final settlement will occur on the preceding business day. 1,000 futures contracts (standard and mini combined) on the S&P/TSX 60 Index, gross long and short, in all contract months combined. There are no position limits. A trading halt will be coordinated with the triggering of "circuit breakers" on the underlying interest. Information on minimum margin limits can be obtained from the Bourse as they are subject to periodic changes. Early session*: 6:00 a.m. to 9:15 a.m. ET Regular session: 9:30 a.m. to 4:30 p.m. ET Basis Trades on Close: Regular session: 9:30 a.m. to 3:30 p.m. ET * Note: A trading range of 5% to + 5% (based on previous day s settlement price) has been established only for this session. Canadian Derivatives (CDCC). SXF Basis Trade on Close: BSF

S X M S&P/TSX 60 INDEX MINI FUTURES The S&P/TSX 60 Index, which is designed to represent leading companies in leading industries. Minimum Price Fluctuation Market Capitalization: Larger companies, as measured by the float adjusted market capitalization, are considered for the S&P/TSX 60 Index. A company's float adjusted market capitalization is calculated by removing control blocks of 10% or more. C$50 times the S&P/TSX 60 Index Mini Futures contract value. One index point equals $50. 0.10 index points for outright positions. 0.01 index points for calendar spreads. of the underlying index on the final settlement day. Trading ceases on the trading day prior to the final settlement day. If it is not a business day, final settlement will occur on the first preceding business day. 1,000 futures contracts (standard and mini combined) on the S&P/TSX 60 Index, gross long and short, in all contract months combined. There are no position limits. A trading halt will be coordinated with the triggering of "circuit breakers" on the underlying interest. Information on minimum margin requirements can be obtained from the Bourse as they are subject to periodic changes. Early session*: 6:00 a.m. to 9:15 a.m. ET Regular session: 9:30 a.m. to 4:30 p.m. ET * Note: A trading range of 5% to + 5% (based on previous day s settlement price) has been established only for this session. Canadian Derivatives (CDCC). SXM

S C F S&P/TSX COMPOSITE INDEX MINI FUTURES Minimum Price Fluctuation The S&P/TSX Composite Index, a capitalisation-weighted index designed to measure the market activity of Canadian-based TSXlisted companies. C$5 times the level of the S&P/TSX Composite Index Mini futures contract. One index point equals C$5. Five (5) index points for outright positions. One (1) index point for calendar spreads. of the underlying index on the final settlement day. Trading ceases on the business day prior to the final settlement day. If it is not a business day, final settlement will occur on the preceding business day. 1,000 contracts, gross long and short, in all contract months combined. Information on position limits can be obtained from the Bourse as they are subject to periodical changes. A trading halt in the index futures contract will be coordinated with the triggering of "circuit breakers" on the underlying interest. Information on minimum margin requirements can be obtained from the Bourse as they are subject to periodic changes. Early session*: 6:00 a.m. to 9:15 a.m. ET Regular session: 9:30 a.m. to 4:30 p.m. ET *Note: A trading range of -5% to +5% (based on previous day s settlement price) has been established only for this session. Canadian Derivatives (CDCC). SCF

S X A S X B S X H S X K S X U S X Y SECTOR INDEX FUTURES Minimum Price Fluctuations I. S&P/TSX Global Gold Index (SXA) II. S&P/TSX Capped Financials Index (SXB) III. S&P/TSX Capped Information Technology Index (SXH) IV. S&P/TSX Composite Index Banks (Industry Group) (SXK) V. S&P/TSX Capped Utilities Index (SXU) VI. S&P/TSX Capped Energy Index (SXY) I. SXA: C$200 times the S&P/TSX Global Gold Index futures value II. SXB: C$200 times the S&P/TSX Capped Financials Index futures value III. SXH: C$500 times the S&P/TSX Capped Information Technology Index futures value IV. SXK: C$20 times the S&P/TSX Composite Index Banks (Industry Group) futures value V. SXU: C$200 times the S&P/TSX Capped Utilities Index futures value VI. SXY: C$200 times the S&P/TSX Capped Energy Index futures value I. 0.10 index point for the S&P/TSX Global Gold Index II. 0.10 index point for the S&P/TSX Capped Financials Index III. 0.05 index point for the S&P/TSX Capped Information Technology Index IV. 0.10 index point for the S&P/TSX Composite Index Banks (Industry Group) V. 0.10 index point for the S&P/TSX Capped Utilities Index VI. 0.10 index point for the S&P/TSX Capped Energy Index Note: 0.01 index points for calendar spreads. of the underlying sector index on the final settlement day. Trading ceases on the business day prior to the final settlement day. If it is not a business day, final settlement will occur on the preceding business day. 500 contracts, gross long and short, in all contracts months combined. Information on position limits can be obtained from the Bourse as they are subject to periodic changes.

Page 2 A trading halt in the sector index futures contracts will be coordinated with the triggering of circuit breakers on the underlying interest. Information on minimum margin requirements can be obtained from the Bourse as they are subject to periodic changes. Early session*: 6:00 a.m. to 9:15 a.m. ET Regular session: 9:30 a.m. to 4:30 p.m. ET * A trading range of -5% to +5% (based on previous day's settlement price) has been established only for this session. Canadian Derivatives (CDCC). I. SXA Gold II. SXB Financials III. SXH Information Technology IV. SXK- Banks V. SXU - Utilities VI. SXY Energy