One Three-Month Canadian Bankers' Acceptance Futures (BAX).

Four nearest months in the BAX futures quarterly cycle (March, June, September and December)

Quoted in points where each 0.01 point (1 basis point) represents C$25. For example, a quote of 0.465 represents a total option premium of C$1,162.50 (i.e. 46.5 basis points x C$25).

Cabinet trades (defined as options with a premium lesser than 0.01) are quoted in 0.001 point (0.1 basis point) where each 0.001 point represents C$2.50.

Trading ceases at 10:00 a.m. (Montréal time) on the 2nd London (Great Britain) banking day prior to the 3rd Wednesday of the contract month. If the fixed day is a Bourse or bank holiday in Montréal or Toronto, the last trading day shall be the previous bank business day.

American style.

• 0.005 = C$12.50 per contract.
• 0.001 = C$2.50 per contract for cabinet trades.

Set at a minimum 0.125 point intervals.

300 options or futures equivalent contracts. For the purpose of calculating this limit, positions in the options contracts are aggregated with positions in the underlying futures contracts. For aggregation purposes, one option contract is equivalent to one futures contract.

None

• Early session: 6:00 a.m. to 7:45 a.m.
• Regular session: 8:00 a.m. to 3:00 p.m.
• Extended session*: 3:09 p.m. to 4:00 p.m.

* There is no extended session on the last trading day of the expiring contract month. Note: During early closing days, the regular session closes at 1:00 p.m., time at which the daily settlement price is established. In those circumstances, the extended session is from 1:09 p.m. to 1:30 p.m.