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Additionally, NYBOT Market Specialist Susquehanna Investment Group (SIG) will lead the launch of the two futures contracts. NYBOT’s Market Specialist Agreement requires the exchange-approved Market Specialist to continuously maintain a competitive two-sided market. The presence of the Market Specialist provides reliable pricing and the necessary liquidity to support the business goals and trading strategies of institutional and individual investors.
The Russell 2000 Growth and Value contract size will be $500 x Index, with a minimum price fluctuation of $.05 and the minimum tick value is $25.00; the contracts are cash-settled (contract specifications are available at www.nybot.com).
The Russell indexes are world-renowned benchmarks, and a recent Russell study found that an increasing number of institutional investment products were using Russell indexes as their benchmark. In 2003, Russell surpassed S&P for the first time as the leading provider of institutional investment product benchmarks. Russell’s group of 21 U.S. indexes give investors objective measurements of the U.S. equities market, and are specifically designed and formulated for the professional money management industry.
NYBOT announced April 17, 2003, that it had entered into an agreement with Russell Investment Group that allows for the right to trade futures and options contracts based on 21 Russell U.S. equity indexes, thereby providing the investment community with direct access to investing in Russell index futures and options. The Russell 2000 Growth and Russell 2000 Value indexes will join the Russell 1000® Index (symbol R), Russell 1000® Growth (symbol GG), Russell 1000® Value (symbol VV), and Russell 3000® Index (symbol TH) futures and options contracts, which already trade at NYBOT from 9:30 am until 4:15 pm (NY Time) on Monday through Friday.
