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2.2 specification of a futures contract
fundamentals of futures and options
notice of intention to deliver
filed by the short position party when it is ready
a commodity, a variation into what is available in the market place
the contract size
the amount of the asset that has to be delivered under one contract
place where delivery will be made must be specified
price moves from the previous days close by an amount equal to the daily price limit
if it moves up by the limit
a move in either direction equal to the daily price limit
purpose is to prevent large price movements from occurring because of speculators
are the maximum number of contracts that a speculator may hold. purpose is to prevent speculators from influencing the market.