QM Future Change Is Off?

[buhrmaster]

QM futures trades in units of .025 and yet you are at this moment showing a change on the day of 1.04 when IB is showing 1.05. You have been .01 below IB all day. 1.04 just seems wrong given that it is not consistent with a minimum tick of .025.

Any thoughts on this?

[JayF]

buhrmaster,

The official settlement for yesterday's emiNY Crude Oil was 45.460 as seen in both eSignal and NYMEX's site.

The exchange's settlement committee has full control over the official settlement of a contract for a particular day. As described by NYMEX's glossary, "The close in futures trading refers to a brief period at the end of the day, during which transactions frequently take place quickly and at a range of prices immediately before the bell. Therefore, there frequently is no one closing price, but a range of prices. The settlement price is derived by calculating the weighted average of prices during that period."

Using this definition, the settlement could, in theory, be outside of the normal tick fluctuation that occurs during the regular trading day. I suspect that IB's net change is just based on the last trade of yesterday vs. the official settlement from the exchange.

[buhrmaster]

Thanks for the reply.