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OBXTM – Options on Three-Month Canadian Bankers' Acceptance Futures
Trading Unit
 
One Three-Month Canadian Bankers' Acceptance Futures (BAX).
Contract Months
 
Four nearest months in the BAX futures quarterly cycle (March, June, September and December)
Price Quotation
 
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
 
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.
Last Trading Day/Expiration
 
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.
Contract Type
 
American style.
Price Fluctuation
 
  • 0.005 = C$12.50 per contract.
  • 0.001 = C$2.50 per contract for cabinet trades.
Strike Prices
 
Set at a minimum 0.125 point intervals.
Reporting Limit
 
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.
Daily Price Limit
 
None
Trading Hours (Montréal time)
 
  • 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.
 
OBXTM is a trademark of Bourse de Montréal Inc.