Financial Daily from THE HINDU group of publications
Sunday, Aug 31, 2003
Financial Daily from THE HINDU group of publications Sunday, Aug 31, 2003 |
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Investment World
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Derivatives Markets Markets - Derivatives Markets CNX IT- Derivatives
On August 29, 2003 futures and options on CNX IT is introduced. Some facts about the index and the contracts: CNX IT is an index comprised the most liquid and large capitalisation IT stocks, traded on the NSE, engaged in the business of software or hardware. CNX IT provides investors and market intermediaries with an appropriate benchmark that captures the performance of the IT segment of the market. # The index is a market capitalisation weighted index with its base period being December 1995, the base date, base value being January 1, 1996, and 1,000 respectively. # Companies selected in the index have to be IT stocks which should rank high in terms of market value represented by their market capitalisation and liquidity. # The index is managed by India Index Services and Products Ltd (IISL), a joint venture between NSE and CRISIL. The calculation frequency of the index value is 6 seconds. The current index value is 13522.95 (as on August 25, 2003). The 52-week high/low of the index: 19442.87 / 10777.64. The annual dividend yield of the index is 0.66 per cent. For historical price data of index movements, refer statistics under the `indices' in the NSE website (http://www.nseindia.com) Price limits: There will be no day minimum/maximum price ranges applicable for the contracts. However, in order to prevent / take care of erroneous order entry, the operating ranges for future contracts shall be kept at + or - of 10 per cent of the base price. In the case of options contracts, it is + or - of 99 per cent of the base price. For the futures and option contracts, the tradable lot size is 20 contracts. The tick size is Re.0.05. Contract Cycle: CNX IT index futures & options contract shall have a maximum 3-month expiration cycle. A new contract shall be introduced every month for three-month duration. All contracts will expire on the last Thursday of the respective months. If the last Thursday of the month is a holiday the contract shall expire on the previous trading day. Options are European in nature (Extracts from NSE Web site)
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