The CAC 40 stock index futures contract, introduced on November 9, 1988, complements MATIF's range of interest rate products and offers investors a valuable instrument for hedging against overall market risk. From the outset this contract captured the interest of the international financial community and continues to play a major role in MATIF's remarkable success overseas.

The CAC 40 futures is available for trading on the Globex system. The CFTC has approved the commercialization of the CAC 40 stock index futures contract in the USA. The CAC 40 futures is traded on a continuous open outcry market, run by a centralized clearing house, MATIF SA, thereby guaranteeing the liquidity and transparency of the contract and ensuring the security of investors. At the same time, the CAC 40 futures has placed Paris firmly in the ranks of the world's major financial markets.

The CAC 40 futures is a standardized financial product, created in response to growing demand from investors and market operators. Centralized trading ensures market liquidity, enabling investors to quickly initiate or close out a position. Trading takes place by open outcry, with a continuous offer of buying and selling prices for each delivery month. This system enables all traders to make known or accept an openly stated selling price, thereby protecting outside investors and guaranteeing all buyers and sellers an equal opportunity to make a trade.

Once a transaction has been confirmed, MATIF SA serves as the counterparty, becoming the buyer for every seller and the seller for every buyer. This eliminates the risk that either the buyer or the seller will dishonor the contract.

The daily authorized variation in CAC 40 futures contract prices above or below the previous day's clearing price is set it 1 20 index points. This limit is subject to revision by MATIF SA according to the value of the index.