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Corporate Events

OneChicago and its clearinghouses intend to treat corporate events for security futures in a manner similar to the current treatment for security options to the extent practical for the efficient operation of OneChicago’s markets. Adjustments for Corporate Events are applied in a fashion aimed at maximizing the parity between pre-event and post-event market value of the security futures contract. OneChicago’s treatment will often correspond to the adjustments made to derivatives products traded on other exchanges, although perfect symmetry is not always possible.

Single Stock Futures

The document below provides a representative sampling of adjustments related to corporate events that will be applied to OneChicago’s Single Stock Futures contracts. The examples listed in the document represent typical treatments for certain types of events and are not exhaustive of all possible events. OneChicago and its clearinghouses will address each corporate event as it occurs to determine appropriate treatment.

Click here to download the corporate events PDF document for Single Stock Futures.

Narrow-Based Indices

Unlike Single Stock Futures, the standard symbol will typically be retained for narrow-based indices as adjustments for corporate events are made. Thus, rather than adjusting the symbol as is typical for Single Stock Futures, OneChicago will generally adjust the appropriate deliverable(s) within the index and retain the standard symbol. The above document on ajdustments to Single Stock Futures therefore remains the primary reference regarding OneChicago's adjustments related to corporate actions. Nevertheless, there are several factors that are unique to narrow-based indices (e.g. adjustments to prior day settlement values), which the following document explains.

Click here to download the corporate events PDF document for narrow-based indices.

Corporate Events Archive

Date	Number	Subject
1/28/03	CE03-002	Microsoft Corp. 2-for-1 Stock Split
1/24/03	CE03-001	Philip Morris Co. Changes Name to Altria Group Inc.

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