What are Dow Jones futures?

The Chicago Board of Trade's DJIA Futures contract is a futures contract on the entire Dow Jones Industrial Average. This one's REALLY weird, so hang on: The value of this contract is 10 times the Dow Jones Industrial Average. If the Dow is 10,000 today, the price of a futures contract on it is $100,000 Next, on the date of settlement cash is delivered, not 300 shares of stock Third, this futures contract requires daily settlement payments, and this is why the DJIA futures contract is so weird.

You and I are counterparties to one of these things. You're the futures buyer, or the long; I am the futures seller, or the short. The Dow was at 9000 when we did the deal, so you paid me $90,000, which went into my brokerage account.

If the Dow closes tomorrow at 9010, I have to pay you $100--ten times the delta in the Dow. Similarly, if the Dow closes tomorrow at 8990, you pay me $100.

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