Canadian Derivatives Exchange*

Share Futures

Underlying

Individual Canadian or international shares.

Trading unit

One contract represents 100 shares.

Expiry cycle

  • Quarterlies: March, June, September and December.
  • Serials: two (2) nearest non-quarterly months.

Price quotation

Prices are quoted in Canadian dollars and cents per share.

Minimum price fluctuation

CAN $0.01 per share.

Contract type

Physically-delivered; delivery of the underlying stocks via the Canadian Depository for Securities Limited (CDS).

Last trading day

Trading ceases at 4:00 p.m. (ET) on the third Friday of the contract month, providing it is a business day; if not, the first preceding business day.

Final settlement day

The second business day after the last trading day.

Position reporting threshold

250 contracts, in the case of stock options and share futures contracts (for all contract months combined of each share future contract) having the same underlying security, by aggregating positions on stock options and share futures contracts, one option contract being equal to one share future contract. While options and share futures contracts must be considered in the aggregate for purposes of the reporting threshold (on a gross basis), positions in options and share futures contracts shall be reported each separately.

Position limit

Information on position limits can be obtained from the Bourse as they are subject to periodical changes. See Circulars.

Price limit

A trading halt will be invoked in conjunction with the triggering of "circuit breakers" on the underlying issue.

Minimum margin requirements

Information on minimum margin requirements can be obtained from the Bourse as they are subject to periodic changes. See the Future contracts margin rates page on the Regulatory Division website.

Trading hours

Early session*
6:00 a.m. to 9:15 a.m. (ET)
Regular session
9:30 a.m. to 4:00 p.m. (ET)

* A trading range of -5% to +5% (based on previous day's settlement price) has been established only for this session.

Clearing corporation

Canadian Derivatives Clearing Corporation (CDCC).

Trading procedures

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.