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CME Eurodollar Futures What is a Futures Contract? Leverage: Small movements can create big profits! Margins Month Codes Buying (Going Long) to Profit from an Expected Price Increase Selling (Going Short) to Profit from an Expected Price Decrease About the National Futures Association (NFA) Complete history of the Futures Contract? Contract Specifications: mini-sized Dow ($5) CBOT Contract Specifications: DJIA Futures ($10 Multiplier) CBOT Contract Specifications: Corn CBOT TOP 4 U.S. FUTURES EXCHANGES TOP 10 GLOBAL FUTURES CONTRACTS TOP 10 U.S. FUTURES CONTRACTS TOP 10 CME FUTURES CONTRACTS RANKED BY VOLUME Delivery CME Eurodollar Futures CME Eurodollar Futures CME LIBOR Futures Eurodollars are U.S. dollars on deposit in commercial banks located outside of the United States. Eurodollar deposits play a major role in the international capital market, and they have long served as a benchmark interest rate for corporate funding. CME Eurodollar futures contracts reflect the London Interbank Offered Rate (LIBOR) for a three-month, $1 million offshore deposit maturing at some point in the future. Eurodollar deposits are direct obligations of the commercial banks accepting the deposits and are not guaranteed by any government. Although they represent low-risk investments, Eurodollar deposits are not risk-free. CME developed and launched CME Eurodollar futures in 1981. Since then, they have evolved into one of the world's most innovative and popular contracts - and are now the most actively traded futures contract in the world, with open interest recently surpassing the four million mark. Through August 2006, CME Eurodollar futures and options on futures are on a record pace, trading over 500 million contracts. Eurodollar volume on the CME Globex electronic platform also continues to build, demonstrating solid performance and reliability in electronic trading. CME Eurodollar futures are cash-settled; therefore, there is no delivery of a cash instrument upon expiration because cash Eurodollar time deposits are not transferable. Each CME Eurodollar futures contract has a principal value of $1,000,000 with a three-month maturity. CME Eurodollar futures move in one point increments, or .01, equaling $25. The CME Eurodollar tick reflects the dollar value of a 1/100 of one percent change in a $1 million, 90-day deposit, determined by the following equation: $1,000,000 notional value x .0001 x 90/360 = $25 Trading can also occur in minimum ticks of .0025, or 1/4 ticks, representing $6.25 per contract and in .005, or 1/2 ticks, representing $12.50 per contract. CME Eurodollar contracts trade Mar, Jun, Sep, Dec; forty months in the March quarterly cycle, and the four nearest serial contract months. Since the CME Eurodollar contract's inception, it has become one of the most versatile trading vehicles offered on the listed markets, offering numerous opportunities for hedgers and arbitrageurs. The contract's exceptional growth and its adaptability and versatility continue to evolve due to nonstop enhancements. As a result, today's CME Eurodollar contract offers even more trading opportunities than when it was first launched. A benchmark for investors globally, CME Eurodollar futures provide a valuable, cost-effective tool for hedging interest rate fluctuations on Eurodollars, which are U.S. dollars deposited in commercial banks outside the United States. Together, CME Eurodollar futures and options on futures lead the industry with open interest over 40 million and average daily volume of 3.0 million. Plus, with over 85% of CME Eurodollar futures trading electronically on the CME Globex platform, portfolio managers can hedge short term interest rate risk with a variety of trading strategies, like Butterflies, Packs and Bundles, around the clock from around the world. Contract Specifications Trade Unit: Eurodollar Time Deposit having a principal value of $1,000,000 with a three-month maturity. Point Descriptions: 1 point = .01 = $25.00 Contract Listing: Mar, Jun, Sep, Dec, Forty months in the March quarterly cycle, and the four nearest serial contract months. Product Code: Clearing=ED Ticker=ED GLOBEX=GE AON=WD Trading Venue: CME® Globex®: Hours: Mon/Thurs 5:00 p.m.-4:00 p.m. ; Shutdown period from 4:00 p.m. to 5:00 p.m. nightly; Sun & Hol 5:00 p.m.-4:00 p.m. LTD-5:00 a.m. Listed All listed series Limits 200 points Minimum Fluctuation Half Tick 0.005=$12.50 Quarter 0.0025=$6.25 for nearest expiring month. source: