- Trading Screen Product Name
- Cotton No. 2 1-Month CSO
- Trading Screen Hub Name
- NYCC
- Contract Symbol
CT1 (1 Month Series)
Determining the two futures months in an CSO pair requires knowing
both the Contract Symbol and the Month Symbol. CSO contract symbols
are three characters long, with the first two characters denoting
the futures contract for the pair and the third digit signifying
how to identify the second month in the pair, which must be implied
using the Month Symbol for the CSO contract. For example, the
Contract Symbol “CT1” indicates the underlying contract
is Cotton No. 2, and that the second month in the spread pair is
ONE month forward from the front month of the pair. If the Month
Symbol for an CSO contract is K10 (or May 2010), the Contract
Symbol “CT1” implies that the second month in the pair
is N10 (or July 2010) – one contract month forward from the
K10; the Contract Symbol “CT2” would imply that the
second month in the pair is V10 (or Oct 2010) – two contract
months forward from the K10.
- Contract Size
A spread position between the two futures contract months.
- Price Quotation
Cents and hundredths of a cent per pound
- Contract Series
March, May, July, October and December.
1 Month Series: each of the first four listed futures months paired
with consecutive listed months
- Minimum Price Fluctuation
1/100 of a cent (one ‘point’) per pound
- Daily Price Limit
None
- Strike Price Intervals
25 point increments.
- First Trading Day
See Cotton Rule No. 10.71 for details.
- Last Trading Day
Each OFS contract expires on the last trading day of the regular
option on the earlier of the two contract months in the spread
pair; for example, all OFS contracts for which the March 2011
future is the front month of the pair will expire on the ltd of the
March 2011 regular option.
- Call Option
Buyer of an CSO Call Option has the right to establish a spread
position of long the first month in the spread pair and short the
second month in the pair, at a price difference equal to the Strike
Price of the CSO contract.
- Put Option
Buyer of an CSO Put Option has the right to establish a spread
position of short the first month in the spread pair and long the
second month in the pair, at a price difference equal to the Strike
Price of the CSO contract.
- Strike Price
The Strike Price of an CSO contract can be positive (indicating the
price of the front month is above the price of the back month in
the pair), negative (indicating the price of the front month is
below the price of the back month in the pair) or zero (indicating
the prices of the two months in the pair are the same).
- MIC Code
- IFUS
- Clearing Venues
- ICUS