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Options on the US Dollar (USX)
Interest rate derivative trading will cease at 1:30 p.m. today, July 30, 2021. Furthermore, the Exchange's markets will be closed on August 2, 2021.
One contract represents 10,000 U.S. Dollars.
At a minimum, the nearest four consecutive months plus the next four months in the designated quarterly Cycle: March, June, September and December. The Bourse may list expiries over a period of two years and an annual expiry in January under such expiry Cycle.
Annual expiry of January for long term options.
Option premiums are quoted in Canadian cents per unit of foreign currency. For example, a premium quotation of 0.75 Canadian cents for an option on the U.S. dollar represents an aggregate premium value of 0.75 Canadian cents / US$ × US$10,000 × C$1/100 Canadian cents = C$75.
Aggregate premium value
The aggregate premium value for a contract is the premium quotation multiplied by the trading unit of a contract.
Minimum Fluctuation of the Option Premium
The minimum price fluctuation of the premium is 0.01 Canadian cent or a tick value of C$1.00 per unit of foreign currency. That is: 0.01 Canadian cent / US$ × US$10,000 × C$1/100 Canadian cents = C$1.00.
At a minimum, five strike prices bracketing the current underlying market price.
Strike prices are set at a minimum interval of C$0.50 per unit of foreign currency.
Last trading day
Trading ceases at 12:30 p.m. on the third Friday of the contract month, provided it is a business day. If it is not a business day, trading will cease at 12:30 p.m. on the first preceding business day.
The last trading day of the contract month.
Final settlement price
Cash-settled. The amount to be paid or received as final settlement of each option contract is determined by multiplying the trading unit by the difference between the exercise price and the exchange rate fixed by Bloomberg FX Fixings (BFIX) at 12:30 p.m. New York time rate expressed in Canadian cents for the designated currency, vis-à-vis the Canadian dollar on the expiration date.
Bloomberg BFIX available at: https://www.bloomberg.com/markets/currencies/fx-fixings
Position reporting threshold
500 contracts on the same side of the market, in all contract months combined.
Information on position limits can be obtained from the Bourse as they are subject to periodic changes. See Circulars.
9:30 a.m. to 4:00 p.m.
Canadian Derivatives Clearing Corporation (CDCC).
Please refer to the Rules of the Bourse.
The information contained in this document is for information purposes only and shall not be construed as legally binding. This document is a summary of the product's specifications which are set forth in the Rules of Bourse de Montréal Inc. (“Rules of the Bourse”). While Bourse de Montréal Inc. endeavors to keep this document up to date, it does not guarantee that it is complete or accurate. In the event of discrepancies between the information contained in this document and the Rules of the Bourse, the latter shall prevail. The Rules of the Bourse must be consulted in all cases concerning products' specifications.
USX® is a registered trademark of Bourse de Montréal Inc.