CBOT® DJIASM futures settle (are delivered) in cash, not in the actual basket of stocks comprising the index. The settlement price of CBOT® DJIASM futures is based on the special opening quotation (SOQ) of the DJIASM on the day after the last trading day. The SOQ is calculated from NYSE opening prices. NYSE stock opening prices are determined by a special opening auction conducted by stock specialists; opening times of different stocks usually differ. The DJIASM, on the other hand, is computed from the last transaction prices of the stocks in the index. If trading in a stock has not opened yet, then the last closing price of that stock is used in calculating the index. These different calculations imply that the SOQ rarely matches the quoted values of the DJIASM, including the opening value of the DJIASM. In fact, it can happen that the SOQ is outside the trading range of the DJIASM on that day.
Final Settlement Values for all DowSMAverages (SOQ):
March 2001
- DJIASM 9964.00
- DJ Transport. 2679.44
- DJ Utilities 371.68
- DJ Composite 3035.36
