Share Futures Contracts
Launch date will be communicated in due course.
Individual Canadian stocks.
The trading unit shall be determined for each share futures contract. Generally, 100 shares.
Quarterly and serial contract months.
Prices are quoted in Canadian cents and dollars per share for Canadian shares.
Last trading day / Expiration
Trading ceases at 4:00 p.m. on the 3rd Friday of the contract month, providing it is a business day; if not, the 1st preceding business day.
Final settlement price
The trading unit of the corresponding share futures contract times the last trade price of the underlying stock at the close of the last trading day.
Delivery of the underlying stocks via the Canadian Depository for Securities Limited (CDS), on the 3rd business day following the last trading day.
C$0.01 per share.
The equivalence of 25,000 shares gross long or gross short in all contract months combined.
Varies between the equivalent of 1,350,000 shares and 7,500,000 shares net long or net short positions in all contract months combined. Information on position limits can be obtained from the Montréal Exchange as they are subject to periodical changes.
Exchange of futures for physicals (EFP) and exchange for risk (EFR)
Approved participants may exchange a futures position for a physical position (EFP) or an over-the-counter derivative instrument (EFR) of equal quantity by submitting a notice to MX. EFPs and EFRs may be used to either initiate or liquidate a futures position.
Daily price limit
A trading halt of a share futures contract will be invoked in conjunction with the triggering of a trading halt in the underlying stock.
Trading hours (Montréal time)
- Early session*
- 6:00 a.m. to 9:15 a.m.
- Regular session
- 9:30 a.m. to 4:00 p.m.
- Extended session
- 4:05 p.m. to 4:30 p.m.
* During the early session when the underlying stock is not open for trading on a Recognized Exchange in Canada, the last traded price registered in the underlying stock during that session on a Recognized Exchange or an Alternative Trading System as this term is defined in Regulation 21-101 Respecting Marketplace Operation ("Canadian ATS") shall be used to determine the No Cancel Range for futures contracts on Canadian shares. In case of a last traded price registered on a Recognized Exchange outside of Canada, the relevant exchange rate published by Bloomberg will be used to convert the price in CAN dollars and cents.
However, if there is no trade registered in the underlying stock on a Recognized Exchange or Canadian ATS during the early session and in accordance with article 6393A of the Rules of the Bourse, a trading range of 5% price variation (upper price limit and lower price limit) from the previous day's settlement price shall be applied to transactions on futures contracts on Canadian shares during the early session.
- Procedures for the execution and reporting of exchange for physical (EFP), exchange for risk (EFR) and substitution of OTC derivative instruments for futures contracts transactions
- Daily settlement price procedures for futures contracts and options on futures contracts
- Procedures applicable to the execution of cross transactions and the execution of prearranged transactions
- Procedures applicable to the execution of riskless basis cross transactions on futures contracts on S&P/TSX Indices and on share futures
- Procedures for the cancellation or adjustment of trades