Korean Won

General discussions about futures.
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Roundtable Knight
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Korean Won

Post by Chris67 » Mon Dec 28, 2009 3:49 pm

Just noticing that KOFEX where the USDKRW is traded says the contract size is 10,000 usd whereas CSI data has a contract size of 50,000 usd with an equal multiple on , therefore tick size - i.e they are both very different
any ideas who is correct
thanks in advance

Roundtable Knight
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Post by sluggo » Mon Dec 28, 2009 4:27 pm

This is a situation where a human (rather than an Interactive, i.e., software) broker would be very useful: Call her on the phone and inquire.

You could of course just trade a 1-lot, hold it for a few minutes, and exit. Then figure out the BPV by working backwards from your gross P&L, your entry price, and your exit price.

Found an old post: viewtopic.php?p=20189&highlight=bpv+comission#20189
Over the years, I've learned that when I am about to add a new market I've never traded before, it is cheap insurance to call my broker and give the following pair of orders:
Buy 1 contract of February Burmese Artichokes at market on the open
60 minutes after the open, sell 1 contract of Feb Burmese Artichokes at the market
Yes, really.

It's cheap insurance. Now I get to see how the new market appears on (A) my broker's statement, and compare that to (B) how it appears in CSI, and also compare it to (C) how it is set up in my testing and order generating software. This has saved my hindquarters several times.

I've gotten the BPV and/or the quote format wrong at least a half dozen times, which the above procedure has caught and corrected.

If you assume it's a 50-50 proposition whether Burmese Artichokes will rise or fall in the first hour of trading, the little order pair above only costs 2*(Bid-ask-spread) + 1*commission on average, which isn't a huge amount.

Another resource I have used, is to call my broker on the telephone and ask for the closing price of Feb Burmese Artichokes, including the decimal point. Make her say five zero nine three decimal two four. Then compare this to the futures exchange's "Contract Specification" and to CSI's quotes and to the trading software's setup tables.

Roundtable Knight
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Post by kianti » Tue Dec 29, 2009 4:35 am

sluggo wrote: ....Buy 1 contract of February Burmese Artichokes at market on the open ...
Apparently, artichoke was domesticated in Roman times, possibly in Sicily, and spread by the Arabs during early Middle Ages.The first certain records of artichoke commerce refer to Filippo Strozzi trading artichokes from Sicily to Florence in the early 15th century (Bianco, 1990).

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Post by ptan54 » Sun Sep 14, 2014 11:03 pm

10,000 USD is correct, and the contract is very liquid, rolls monthly.

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