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| Boston, MA,
USA November 19, 2002 Single Stock Futures in the US
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| INTRODUCTION | 5 | |
| WHAT ARE SINGLE STOCK FUTURES? | 7 | |
| Definition | 7 | |
| Options and Single Stock Futures | 7 | |
| Examples and Characteristics | 8 | |
| Pricing | 9 | |
| Margin | 10 | |
| Fungibility | 11 | |
| Clearing and Settlement | 12 | |
| HISTORY | 14 | |
| INTERNATIONAL SSF LESSONS | 17 | |
| IMPLICATIONS | 22 | |
| Who Will Trade Single Stock Futures? | 22 | |
| Short Sale | 23 | |
| Other Trading Uses | 23 | |
| SSF EXCHANGES | 25 | |
| NASDAQ LIFFE Markets | 25 | |
| OneChicago | 26 | |
| Others | 27 | |
| CONCLUSIONS | 29 | |
| ABOUT CELENT | 31 | |