Product News

Corporate Event Notice CE08-85

08-85-iaci-1-for-2-reverse-split1IAC/InterActiveCorp (”IACI/IACI1C”)
1-for-2 Reverse Stock Split
Ex-Distribution Date: August 21, 2008


Corporate Event Notice CE08-84

NYMEX Holdings, Inc. (“NMX/NMX1C”)
Proposed merger with
CME Group Inc. (“CME”)


Corporate Event Notice CE08-83

W-H Energy Services, Inc (”WHQ/WHQ1C”) FURTHER EXTENDED
Exchange Offer
Offer Expires: August 18, 2008 (formerly August 8, 2008)


Press Release PR08-034 8/12/2008

OneChicago To List 1 New Single Stock Future available for trading 8/13/2008
The new stock for future available for trading 8/13/2008 is:
Click here to View New Listing for August 13th 2008


Delisting Notice 8-11-08

Contract Delisting
The following contracts will be delisting after the close of business today, Monday, August 11, 2008.


Please join OneChicago and OptionsXpress for the ‘Introduction to Single Stock Futures’ webinar on Wednesday, September 10, 2008

Registration is required to join this event.
Date and Time: Wednesday, September 10, 2008 at 3:30 PM Central Daylight Time (4:30 PM Eastern Daylight Time)


Corporate Event Notice CE08-82

W-H Energy Services, Inc (”WHQ/WHQ1C”) FURTHER EXTENDED
Exchange Offer
Offer Expires: August 18, 2008 (formerly August 8, 2008)


· Please visit OneChicago’s exhibit at the ‘Investing in 130/30 Funds’ Conference in New York, November 18-20

Registration is required to join this event.
Date and time: November 18-20, 2008


How Can You Benefit From Single Stock Futures?

SSFs are an alternative way to invest and trade equity products. At expiration the SSF turns into a long or short stock position. Accordingly if you are interested in buying any of the Stocks whose symbol is displayed below you will notice that you can purchase a SSF that is currently trading BELOW the offer on the stock. That is, you can buy the SSF cheaper now and at expiration you will get the stock at a discount to the present underlying purchase price. All prices below were last updated at 15:56:39 EST on 2008-08-18.

Symbol Contract Future Stock Dividend Discount # of Days Implied Annualized Discount
LNG 2008-09 4.64 4.8 0 $-0.16 32 -37.50%
LNG 2008-10 4.55 4.8 0 $-0.25 60 -31.25%
SHLD 2008-09 88.27 90.46 0 $-2.19 32 -27.24%
LNG 2008-12 4.4 4.8 0 $-0.40 123 -24.39%
CROX 2008-09 5.25 5.35 0 $-0.10 32 -21.03%
LNG 2009-03 4.22 4.8 0 $-0.58 214 -20.33%
CTL 2008-09 37.17 37.75 0 $-0.58 32 -17.28%
BZH 2008-10 6.87 7.06 0 $-0.19 60 -16.15%
BZH 2008-09 6.96 7.06 0 $-0.10 32 -15.93%
GM 2008-10 10.09 10.34 0 $-0.25 60 -14.51%

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OneChicago on StreetSmarts

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Use Futures To Go Short

The following is an abridged version of a column that appeared on RealMoney.com on July 22, 2008.

The entire sturm und drang about naked short selling last week might have been interesting had it not been so unnecessary. Single stock futures (SSFs) can and have been used to do the exact same trade since November 2002. Advocates on both sides of the debate are arguing about the best way to escape a room whose door is and has been open.
Using Single Stock Futures
Let’s distinguish between short-selling and naked short-selling. The former involves locating a stock, borrowing the shares and selling them; the latter skips the location of the stock and borrowing same. As option market makers in particular have emphasized in recent days, their ability to engage in naked short-selling until such time as shares can be located and borrowed is vital to their ability to function in today’s electronic markets. Both market makers and normal short-sellers have a vital role to play in markets. (more…)


Visit the Single Stock Futures Tutorial

The tutorial covers such topics as:
The SSF Financing Benefit.
SSFs are considered a cost efficient method to invest in stocks. This is because SSFs have the cost of carry interest rate built into their price. This interest rate is locked when the trade is made and is determined in the SSF pricing by multiple participants in a competitive open market. By contrast, when purchasing stock on margin the variable interest rate is dictated by that single broker in a non-competitive environment which is subject to market interest rate volatility.
Click the Image to View the Tutorial!


OneChicago Upcoming Education and Webinars

In an effort to provide education about our products and their benefits, OneChicago provides ongoing webinars and other education events.

Below is a list of upcoming events.

Please join OneChicago and OptionsXpress for the ‘Introduction to Single Stock Futures’ webinar on Wednesday, September 10, 2008

Please visit OneChicago’s exhibit at the Financial Advisor Symposium October 13-16 at the Sheraton Hotel in Chicago

· Please join OneChicago at the 24th Annual Futures & Options Expo November 10-12 at the Chicago Hyatt Regency Hotel

· Please visit OneChicago’s exhibit at the ‘Investing in 130/30 Funds’ Conference in New York, November 18-20


OneChicago B.E.T.S.

OneChicago Blocks & EFP Trading System
The OneChicago B.E.T.S. (Blocks and EFP Trading System) is intended to streamline the current reporting of Bi-lateral (i.e. pre-negotiated trades between you and your customer or other market participant) Block and EFP trades and additionally create an “on screen” (point and click) trading platform for Block & Block-Roll orders as well as a matching system for EFPs. The system will auto-match orders in strict price-time priority. Block-Rolls and EFPs will be displayed and traded on a differential basis. There are two types of user interfaces available. An internet based Graphical User Interface (GUI) and an Application Programming Interface (API). Users may connect via the internet, VPN, or point-to-point connection.


Single Stock Futures

Single-stock futures are securities that share some of the features of Equities and also some of traditional commodity . There are interest rate benefits that can not be found with other products.
where F is the single-stock futures contract price, P is the underlying stock price, r is the annualized interest rate, and Div is the expected dividend.

Another valuation of single stock futures can be found through the following:

where S is the price of the underlying (the stock price), PV(Div) is the Present value of any dividends entitled to the holder of the underlying between T and t, r is the risk free rate, and e is the base of the natural log. F is of course the price of the single stock futures contract.


Fed Funds Effective For
2008-08-181.91%
Source: newyorkfed.org
August 2008
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