Commodity Futures and Strategic Investment Managers

Sugar Contracts Overview | Quote-board

Contract specifications are current as of January 8 , 2004 and may be subject to change.Verify information with your broker.

Calls for delivery of cane sugar, stowed in bulk, FOB from any twenty-eight foreign countries of origin as well as the United States

FUTURES

OPTIONS

Trading Unit
112,000 lbs. (50 Long tons)

Trading Hours
9:00 am to 12:00 pm; closing period commences at 11:58 am

Price Quotation
Cents per pound Delivery Months
March, May, July, October

Ticker Symbol
SB Minimum Fluctuation
1/100 cent/lb., equivalent to $11.20 per contract.

Last Trading Day:
Last business day of the month preceding deliverly month.

Notice Day:
1st business day after the last trading day.

Position Limits/Position Accountability Grade
Raw centrifugal cane sugar based on 96 degrees average polarization

Spot Month - 5,000 contracts as of the 2nd business day following the expiration of the regular option contract traded on the expiring futures contract. Additionally, Position Accountability rules apply to all futures and options contract months. Contact the Exchange for more information

Deliverable Growths:

Growths of Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, French Antilles, Guatemala, Honduras, India, Jamaica, Malawi, Mauritius, Mexico, Nicaragua, Peru, Republic of the Philippines, South Africa, Swaziland, Taiwan, Thailand, Trinidad, United States, and Zimbabwe.

Delivery Points:

A port in the country of origin or in the case of landlocked countries, at a berth or anchorage in the customary port of export. Subject to minimum standards established by the Exchange's rules.

Trading Unit
One sugar no. 11 futures contract.

Trading Hours
See sugar futures

Price Quotation
Cents per pound

Contract Months
"Regular Options": Jan, Mar, May, Jul & Oct. "Serial Options": Feb, Apr, Jun, Aug, Sep, Nov & Dec.

Ticker Symbol
SB

Minimum Fluctuation
1/100 cent/lb., equivalent to $11.20 per contract.

First Trading Day
"Regular Options": Business day following the day on which the underlying future is listed for trading.

"Serial Options":
First business day of the third calendar month preceding the serial option month.

Last Trading Day
Second Friday of the month preceding the contract month.

ExpirationDate/Time
9:00 PM New York Time on last trading day. Notification of intention to exercise must be made by an options holder to carrying member firm by 3:00 PM that day.

FLEXIBLE OPTIONS

Flexible sugar options will allow market participants to customize certain contract terms. These contract terms include: (1) the strike price (2) the expiration date (3) the exercise style (American or European) and (4) the way in which the strike price is specified. Other contract terms will be those of the applicable standard futures options contract

Trading Unit
Flexible sugar options will allow market participants to customize certain contract terms. These contract terms include: (1) the strike price (2) the expiration date (3) the exercise style (American or European) and (4) the way in which the strike price is specified. Other contract terms will be those of the applicable standard futures options contract.

Trading Hours
Trading hours are the same as regular sugar options, commencing with the completion of the opening call, if any

ExpirationDate
The expiration date of a flexible sugar option may be any Exchange business day, provided, however, that each such flexible sugar option shall not have an expiration date later than two business days prior to the last trading day of the flexible sugar option's underlying futures contract. If the expiration date is not a business day, the expiration date shall be the first business day preceding such date.

Daily Price Limits:
None

Listing Procedure:

To list a flexible option, a &quotRequest for Quote (RFQ) for at least 25 contracts must be submitted. RFQs may be for a single option or a combination of up to four contracts. The response time interval after an RFQ is posted and before the flexible sugar options specified in the RFQ can be traded will be five minutes. The Options Committee, however, from time to time, may decide to change the duration of the response time interval.

Tick Size:
Ticks are 1 point or .01 cents on a per lb. basis.

Strike Prices:

Strike prices should be specified in cents and hundredths of a cent per pound, provided, however, that at the time an RFQ is submitted, a flexible sugar option may be specified, as the case may be, as in-the-money or out-of-the money (in cents and hundredths of a cent per pound), or at-the-money relative to the underlying futures contract at the time the transaction will be executed.

Exercise & Exercise Style:

The requestor can select either European or American-style exercise. European-style options are exercised only on expiration day. The buyer receives (delivers) by book transfer the appropriate number of sugar futures contracts from (to) the seller. American-style options are exercisable on any Exchange business day until expiration day.

To learn more, contact our professional consultants today: 1- 800-974-8744