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What are single stock futures?

Single stock futures are futures contracts on individual stocks.  There are currently over 80 well-known stock futures such as IBM, eBay, and Philip Morris.  These futures products provide investors with a cost-effective vehicle for participating in U.S. equities markets.

Single Stock Futures offer investors a cheaper way of investing in the equity markets and should, therefore, have considerable appeal. They represent one the most interesting developments in the field of financial derivatives. This is both because of their trading potential, which is very large, and the fact that they have only recently became legal in the US.

With SSF, investors are now able to trade futures contracts on some of the most popular individual stocks traded on stock exchanges in the US, or on “baskets” of stocks in selected sectors. SSF include approximately 50-70 of the most popular and actively traded stocks in the U.S., such as Microsoft, Pfizer, General Electric, IBM, Citigroup, AOL Time Warner, and Johnson & Johnson, to name a few. In addition, investors can also trade Narrow Based Indices (“NBI”). NBI are small groups of stocks in a concentrated area of the equities market, such as airlines, pharmaceuticals, semiconductors, energy and automotive.
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How does the futures price track with the price of the underlying security?

Single stock futures values are priced by the market in accordance with a theoretical pricing model based on a formula:

Futures Price = underlying stock price X  (1+ annualized interest rate - dividend)
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LIST OF STOCKS BEING TRADED

What are the advantages of single stock futures?

There are three significant advantages:

• With margin requirements of 20%, single stock futures provide a highly capital efficient way to participate in equities.
• No uptick is required to establish a short position.
• Market participants initiating a short position should benefit from eliminating the costs and inefficiencies associated with the stock loan process.

Trading futures involves the risk of loss.  This includes the possibility of loss greater than your initial investment.  Stock futures may not be suitable for all investors.  Consult your broker or financial advisor before trading.

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What are narrow-based indices?

Narrow-based indices are small groups of stocks that allow an investor to take a position in a concentrated are of the equities market such as airlines, computers or semiconductor components.  Each narrow-based index generally includes about five companies.

NARROW-BASED INDICES LIST

What are the advantages of narrow-based indices?

Investors can take a long or short position in a concentrated basket of stocks without incurring multiple transaction fees.  Many difficult-to-execute or advanced investing strategies such as spread trading or sector rotation can be executed quickly and cost-efficiently, as narrow-based indices are also subject to a margin requirement of 20% of the cash value of the contract.

CONTRACT SPECIFICATIONS

How are expiration dates managed?

All futures contracts have expirations dates.  There are three basic approaches for managing the expiration of futures contracts:

• Offset your position
• Wait until the contract expires, then make or take delivery
• Roll the position over from one contract month into the next

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