Specifications: Confers to buyer the right to buy (in the case of a call) or sell (in the case of a put) one cocoa futures contract.

Trading Unit: One cocoa futures contract

Trading Hours: 9:00 AM until the completion of the closing period which will begin at 2:00 PM New York Time.

Price Quotation: Dollars per metric ton

Contract Months: "Regular Options": March, May, July, September, December-, "Serial Options": January, February, April, June, August, October, November

Option Cycles: Serial options (listed in italics) are short life options providing additional option expirations on existing futures contracts.

Min Price Fluct: $1.00/metric ton. equivalent to $10.00 per contract.

Daily Price Limits: None.

Position Limits: Options are considered part of futures positions. 2,000 net long/short any one month, 4.000 net total; Combine with published "futures equivalent" ratios of options positions .vita futures positions. Exemptions may apply for hedge, straddle and arbitrage positions. Contact the Exchange for more information.

.Strike Prices: If Futures Contract Price is less than $2,000 then the strike price intervals will be in $50 increments. If the contract is less than $3,600 then intervals will be $100. If contract is more than $3,600 then strike price intervals will be $200.

Expiration Date: 9:00 PM New York Time on last trading day. Notification of intention to exercise must be made by an options holder to a carrying member firm by 4:00 PM on such day.

First Trading Day: "Regular Options": First trading day following the last trading day of any expiring regular option month. "Serial Options": First trading day of the second calendar month preceding the serial option month.

Last Trading Day: First Friday of the month preceding the contract month.