Options on Frozen Pork Bellies Futures

Ticker Symbols: Calls: KP Puts: JP

Underlying Contract: One Pork Bellies futures contract (40,000 pounds)

Strike Prices: Even intervals of 2 cents per pound, e.g., 60c, 62c, 64c

Premium Quotations: Cents per pound $4 per point e.g., $2.00 premium $800

Min Price Fluct: $.025/pound = $10.00/tick (cabinet @ $5.00)

Daily Price Limit: None

Contract Months: Feb, Mar, May, Jul, Aug, Nov

Trading Hours: (Chicago Time): 9: 10 am- 1:00 pm

Last Day of Trading: Last Friday that is more than three business days prior to the first business day of the delivery month of the underlying futures contract, except for the November option on February futures, which expires on the third Friday in November. If those Fridays are not business days, then trading shall terminate on the immediately preceding business day.

Min Perform Bond: No performance bond required for put or call option buyers, but the premium must be paid in full; option sellers must meet additional performance bond requirements as determined by the Standard Portfolio Analysis of Risk (SPAN ) performance bond system.

Exercise Procedure: An option may be exercised by the buyer up to and including the settlement date. Early exercise is accomplished by the clearing member representing the buyer submitting an Exercise Notice to the Clearing House by 7:00 p.m. on the day of exercise.


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