The new futures and options contract terms are one result of the New York Stock Exchange's reintroduction of its flagship NYSE Composite Index, with a new methodology and a base recalculated to 5,000 (replacing the old Index calculation value of 495.71 on 01/06/03). The NYBOT and NYFE exchanges, as the home of the NYSE Composite Index futures and options markets since 1982, are working with market users to make an efficient transition from the "old" NYSE Composite to the "revised" NYSE Composite.
The new contracts on the revised NYSE Index include a Regular futures contract (YU) that will be valued at $50 x the Index and a Small futures contract (MU) with a value of $5 x the Index. The new contracts on the revised Index will feature many of the same terms as the contracts on the old Index including months listed (March, June, September, December), trading hours (9:30 a.m. - 4:15 p.m.) and last trading day (Thursday preceding the third Friday of contract month).
NYBOT will continue to offer futures and options contracts based on the old NYSE Composite Index between the March launch of trading of futures and options on the revised NYSE Composite Index until the expiry of the last listed contracts on the old index in September 2003. The June '03 and September '03 futures and options contracts on the revised and the old NYSE Composite Index will trade side-by-side during the launch and expiry periods.
NYBOT will use the symbol YU to designate the revised Regular NYSE Index, and it will continue to use the symbol YX for both the Regular futures contracts on the old NYSE Index and the old NYSE Index value.
The New York Stock Exchange continues to provide data for the old Index during the transition period, and began providing data for the revised Index on January 9, 2003. Also, as of January 9, 2003, the New York Stock Exchange began listing the revised Index under the symbol NYA (previously used for the old Index) and uses the new symbol NYZ to designate the old Index.
Market users who follow the NYSE Index using price vendors should contact their vendors directly to determine the specific symbol assigned by the vendor for the old and revised Index.
Current NYSE Composite Index traders and those who are considering the Index as a means to trade the broad equities market should visit the NYSE website at www.nyseindexes.com to learn more about the specific changes to the Index. The NYBOT also provides more details of the Index change on its website at www.nybot.com.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions, NYBOT offers an expanding range of agricultural, currency and index products.
Specs Follow:
Current And Revised NYSE Composite Index Key Contract Terms
NYSE Regular Future
| Term | Current | Revised |
| Contract Size | $500 x the "Old" Index | $50 x the "Revised" Index |
| Quote Convention | Index points, to 2 decimal places | Index points, to 2 decimal places |
| Contract Value* | $226,625 | $239,348 |
| Minimum Tick | 0.05 | 0.50 |
| Value of Min. Tick | $25.00 | $25.00 |
| Contract Symbol | YX | YU |
NYSE Small Future
| Term | Current | Revised |
| Contract Size | $50 x the "Old" Index | $5 x the "Revised" Index |
| Quote Convention | Index points, to 2 decimal places | Index points, to 2 decimal places |
| Contract Value* | $22,663 | $23,935 |
| Minimum Tick | 0.05 | 0.50 |
| Value of Min. Tick | $2.50 | $2.50 |
| Contract Symbol | YS | MU |
NYSE Large Future
| Term | Current | Revised |
| Contract Size | $1000 x the "Old" Index | No Large Future will be offered on the "Revised" Index. |
| Quote Convention | Index points, to 2 decimal places | |
| Contract Value* | $453,250 | |
| Minimum Tick | 0.05 | |
| Value of Min. Tick | $50.00 | |
| Contract Symbol | YL |
NYSE Regular Option
| Term | Current | Revised |
| Contract Size | $500 x the "Old" Index | $50 x the "Revised" Index |
| Quote Convention | Index points, to 2 decimal places | Index points, to 2 decimal places |
| Contract Value* | $226,625 | $239,348 |
| Minimum Tick | 0.05 | 0.50 |
| Value of Min. Tick | $25.00 | $25.00 |
| Strike Price | 2 full index points (200 basis) | 20 full index points (2000 basis) |
| Contract Symbol | YX | YU |
| *Index Value as of 1/27/03 | 453.25 | 4786.96 |
NOTE: The Revised contracts will otherwise carry the same specifications including months listed (March, June, September, December); trading hours (9:30 am -- 4:15 pm); and last trading day (the Thursday preceding the third Friday of the contract month).
