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+510 Part V: Index Options and Futures 
+If he continued to hold the contract until expiration, this process of adding his 
+daily gain or subtracting his daily loss from the account would recur each day. Finally, 
+on the last day, the futures contract is deemed to close at the exact opening price of 
+the S&P 500 Index and the variation margin is calculated again at that price. Then 
+the futures contract is expired, so it is "erased" from his account. He is then left with 
+only the cash that he made or lost on the trade of his contract. 
+The leverage produced by small margin requirements (as a percent of the total 
+value of the contract) is a major factor in making futures very volatile, in dollar terms. 
+In the preceding example, a $30,000 margin investment controls $351,250 worth of 
+stocks. Due to their volatility, many futures contracts trade with a limit. That is, the 
+price can only fluctuate a fixed amount above or below the previous day's closing 
+price. This concept is intended to prevent traders with large positions from being 
+able to manipulate the market drastically in either direction. 
+S&P and NYSE Expiration. S&P 500 futures expiration occurs in a some­
+what complex way, compared to those indices whose options and futures expire 
+at the last sale on the final day of trading. Some years ago, in order to attempt 
+to reduce the volatility that index futures and options expiration was causing in 
+the stock market, the NYSE and the Chicago Mercantile Exchange (where the 
+S&P 500 futures trade) agreed to change the expiration of their index products 
+from the end of trading on the last Friday to the morning of that day. The effect 
+of expiration on the stock market is discussed in the next chapter. 
+As a result, the S&P futures and futures options as well as futures, futures 
+options, and index options on the New York Stock Exchange Index settle in the fol­
+lowing manner on their last day of trading. On expiration day - the third Friday of 
+the month - the "final" price for purposes of settling futures and options is comprised 
+of taking the opening trade of each stock and calculating an index price based on 
+those opening prices. There is no actual trading in the futures and options on that last 
+Friday; they cease trading at the close of trading on the previous day, Thursday. 
+The purpose of this change was to give the specialists on the New York Stock 
+Exchange more time to line up the other side of trades to handle order imbalances. 
+Under the new rules, index arbitrageurs are forced to enter their buy or sell orders 
+as market on open orders on that last Friday before 9 am EST. The specialist can then 
+take his time in opening the stock if he needs to; he can solicit orders if there is too 
+much stock to buy or sell. 
+The effect of all this is that the "final" index price for settlement purposes is not 
+known until all the stocks in the index have opened. It may take some time to open 
+all 500 stocks in the S&P 500 Index if there is a volatile market that Friday morning