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+Chapter 34: Futures and Futures Options 659 
+is charged for storage. His broker makes the actual arrangements. Futures contracts 
+cannot be assigned at any time during their life, as options can. Rather, there is a 
+short period of time before they expire during which one can take delivery. This is 
+generally a 4- to 6-week period and is called the "notice period" - the time during 
+which one can be notified to accept delivery. The first day upon which the futures 
+contract may be assigned is called the "first notice day," for logical reasons. 
+Speculators close out their positions before the first notice day, leaving the rest of the 
+trading up to the hedgers. Such considerations are not necessary for cash-based 
+futures contracts (the index futures), since there is no physical commodity involved. 
+It is always possible to make a mistake, of course, and receive an assignment 
+when you didn't intend to. Your broker will normally be able to reverse the trade for 
+you, but it will cost you the warehouse fees and generally at least one commission. 
+The terms of the futures contract specify exactly what quantity of the commod­
+ity must be delivered, and also specify what form it must be in. Normally this is 
+straightforward, as is the case with gold futures: That contract calls for delivery of 100 
+troy ounces of gold that is at least 0.995 fine, cast either in one bar or in three one­
+kilogram bars. 
+However, in some cases, the commodity necessary for delivery is more compli­
+cated, as is the case with Treasury bond futures. The futures contract is stated in 
+terms of a nominal 8% interest rate. However, at any time, it is likely that the pre­
+vailing interest rate for long-term Treasury bonds will not be 8%. Therefore, the 
+delivery terms of the futures contract allow for delivery of bonds with other interest 
+rates. 
+Notice that the delivery is at the seller's option. Thus, if one is short the futures 
+and doesn't realize that first notice day has passed, he has no problem, for delivery is 
+under his control. It is only those traders holding long futures who may receive a sur­
+prise delivery notice. 
+One must be familiar with the specific terms of the contract and its methods of 
+delivery if he expects to deal in the physical commodity. Such details on each futures 
+contract are readily available from both the exchange and one's broker. However, 
+most futures traders never receive or deliver the physical commodity; they close out 
+their futures contracts before the time at which they can be called upon to make 
+delivery. 
+PRICING OF FUTURES 
+It is beyond the scope of this book to describe futures arbitrage versus the cash com­
+modity. Suffice it to say that this arbitrage is done, more in some markets (U.S. 
+Treasury bonds, for example) than others (soybeans). Therefore, futures can be over-