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87 Cards in this Set

  • Front
  • Back
Crude Oil
FT: CL, OP: LO
Natural Gas
NG, ON
Unleaded Gasoline
HU, GO
RBOB Gasoline
RB, OB
Heating Oil
HO, OH
PLatinum
PL, PO
Palladium
PA
Propane
PN
Gold
GC, OG
Silver
SI, SO
Copper
HG, HX
Aluminum
AL, OA
Crude Oil
FT: CL, OP: LO
Natural Gas
NG, ON
Unleaded Gasoline
HU, GO
RBOB Gasoline
RB, OB
Heating Oil
HO, OH
PLatinum
PL, PO
Palladium
PA
Propane
PN
Gold
GC, OG
Silver
SI, SO
Copper
HG, HX
Aluminum
AL, OA
January
F
February
G
March
H
April
J
May
K
June
M
July
N
August
Q
September
U
October
V
November
X
December
Z
On the NYMEX, how does the market open?
One contract month at a time, establishes an open range
On the NYMEX, how does the market close?
Last 2 minutes of the trading day, all months close simultaneously, settlement price is determined by open interest and average weighted price
On the NYMEX, how does the market post close?
Within 15 minutes of the close, 2 minutes long, orders must be re-written or re-stamped. On last day of the business week, the post close session is 5 minutes
What is open interest?
Open interest is the sum of all open positions in the contract
On the COMEX, what is the pre-opening indicator?
Begins 1 minute before the market opens and lasts one minute, bids and offers are announced but no trading occurs, ensures an orderly opening
On the COMEX, how does the market open?
All months open simultaneously
On the COMEX, how does the market close?
Last mintue of the trading day, all months close simultaneously, settlement price is determined
On the COMEX, how does the market post settlement?
within 15 mintues of the close, 3 minutes long, seperate trading cards are used and orders must be re-written or re-stamped
What are the 5 contract criteria?
Commodity, Quantity, Quality, Month of delivery, place of delivery
explain a market order
should be executed immediately at the current market price, entered at any time regardless of the current market price. Symbol: ____ or MKT
Explain a limit order
trade is executed at stated price limit or better. Buy limits are entered below the market; sell limits aboe the market. Symbol; states price limit w/ OB
Explain market if touched order
entered like a limit order; becomes a market order when the market trades at or through the stated price. Buy MIT's are entered below the market; sell limits above the market. Symbol; MIT after the price
explain a stop order
Used to open or close a position becomes a market order trades at or thourgh the market price. Buy stops above the market; sell stops are placed below the market. Symbol; an x inside a circle after the price or STP
explain a stop limit order
similiar to a stop, but becomes a limit order when the market trades at or through the stop price. Cannot always be filled because the market may trade through the limit price.Symbol;an x inside a circle w/ LMT after the price
explain a not held order
Any type of order, trader uses his own discretion while executing the order. Not held to the prices on the wall board. Trader cannot trade a contract for himself until the customers NH order is filled.Symbol; NH or DISC after price
explain market on close
An order that is executed as a market order during the close. Symbol; MOC
NYMEX:Crude oil contract specifications
1000 brls, min tick $.01 per barrel, price per tick $10
NYMEX:Natural Gas contract specifications
10,000 MMBtu, min tick $.001 per MMBtu, price per tick $10
NYMEX:RBOB gasoline, unleaded gasoline, and heating oil contract specifications
42,000 gallons, min tick $.0001 per gallon, price per tick $4.20 per gallon
NYMEX:Platinum contract specifications
50 troy oz, min tick $.10 per troy oz, price per tick $5
NYMEX:Palladium contract specifications
100 troy oz, min tick $.05, price per tick $5
NYMEX:Propane contract specifications
42,000 gallons, min tick $.0001, price per tick $4.20
COMEX:Gold contract specifications
100 troy oz, min tick $.10, price per tick $10
COMEX:Silver contract specifications
5,000 troy oz, min tick $.005 per oz, price per tick $25
COMEX:Copper contract specs
25,000 lbs, min tick $.0005 per lb, price per tick $12.50
COMEX:Aluminum contract specs
44,000 lbs, min tick $.0005 per lbs, price per tick $22.00
Calculate the profit/loss of a trade
Step 1: Sell price-Buy price = point difference. Step 2: Point difference/ Min tick=tick difference. Step 3: tick diff*number of lots*price per tick = Profit/loss
It is the obligation of clerks to comply with by-laws, rules, board resolutions, and policies of the exchange
True
The exchange is not permitted to fine or exclude a clerk from the exchange floor if he/she is not wearing an identifiable clerk badge
FALSE
Members and firms are not responsible for the actions of their floor clerks.
FALSE
Telephone clerks may only recieve income from a single member or firm
TRUE
The four classifications of clerks on the trading floor are: Telephone, Screen ,Analyst/Point, and Runner.
TRUE
The following clothing is acceptable dress on the trading floor: skirts, dress shirts, slacks, blue jeans, hats, and well cared for sneakers.
FALSE
Smoking is strictly prohibited anywhere inside the NYMEX building
TRUE
Clerks are never permitted in the trading ring areas
FALSE
As long as clerks wear their floor ID badges looped around their necks, they can tuck their badge into their shirt or jacket pocket.
FALSE
Depending on the severity of the offense, a clerk's member or firm may be fined from $50 to $5,000 if they engage in unprofessional or unsafe horseplay or practical jokes.
TRUE
Members of the floor committee and certain exchange employees may fine a clerk no more than $5,000 for any rule violation.
TRUE
What are the matching parameters on the unmatched trade report?
Broker/opposite broker, Quantity (Buy/Sell), Price/Premium, Month/Year, Commodity, Strike Price, Strike Type, Trade Type
What are the trade type codes?
R-Regular, 6-EFP, 8-As OF, S-Straddle, N-Conversion, C-Cabinet, 9-Cancellation, A-Matched order
What are the OLTE Validation Codes?
500000-599999: ACCESS, 600000-699999 Clearing Member Input, 700000-799999 Broker Input, 800000-899999 Allocation, 850000: Average Price
What are the CTI Codes?
1:Trades executed by a trader for his own account, 2: Trades exceuted for a member firm, 3:Trades exceuted for another trader's personal account, 4:All other customer orders that do not fit the first three catgories
What is the difference between C and H?
C represents trades executed for an account that is NOT affliated with the clearking member firm that is clearing the trade. H represents trades executed for an account that IS affliated with the Clearing Member Firm that is clearing the trade.
What is an out right trade?
A single legged trade
What are the different spreads?
Intra-commodity aka a calendar spread. Inter-commodity spread aka a crack spread.
What is a cross trade?
A cross trade is the simultaneous selling/buying of the same exact contracts
What is EFP?
Exchange for physical product for a futures position. negotiated post the exchange.
What is EFS?
Exchange For Swap of a futures position for an over-the-counter instrument.
What is a strip?
It is a simultaneous purchase or sale of the same commodity ina 2-24 consecutive month combination. Priced by either the average price or the differential from the previous day's settlement to today.
What is a TAS?
Trade at settlement (NYMEX only) only occurs in the spot month and is executed during the day.
What are matching orders?
COMEX only. Only in copper/aluminum, the trade is executed during the 29 minutes prior to the closing period but is entered at the settlement price.