The relevant rule provisions are triggered whenever a Cotton futures contract month ends the trading day locked at either limit-up or limit-down. Under the Resolution, Clearing Members must use this same alternate price for purposes of collecting margins as required by margin rules.
The Cotton No. 2sm futures and options contract months for which NYCC will utilize an alternate price, the futures contract settlement price and the alternate price for business day July 12, 2005, are as follows:
Contract Month | Settlement Price | Alternate Price For Settlement Puroses |
Oct ’05 | 50.15 | 49.50 |
Dec ’05 | 52.01 | 51.15 |
Mar ’06 | 54.00 | 53.30 |
May ’06 | 54.90 | 54.15 |
July ’06 | 55.80 | 55.00 |
Oct ’06 | 56.75 | 56.20 |
Dec ’06 | 57.85 | 57.40 |
Mar ’07 | 59.70 | 59.60 |
All other months listed for trading not shown above will be margined at their Settlement Price.
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