Which of the following is NOT a contract specification for currency futures trading on an organized exchange?

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BlackTom AI · Accepted Answer

Question restated: Which of the following is NOT a contract specification for currency futures trading on an organized exchange?

Option A: "A. maturity date" — This is indeed a contract specification in most futures markets; the maturity date defines when the contract expires and is a standard detail in futures specifications. Misunderstanding could arise if someone thinks the maturity date is optional, but on organized exchanges, it is specified.

Option B: "B. last trading day" — The last trading day is another core specification; it marks the final day on which the contract can be traded before settlement. Treating this as non-specification would be incorrect because exchanges define this clearly for each contract.

Option C: "C. size of the contract" — The contract size (e.g., number of units per contract) is a fundamental specification, determining the notional exposure and margin requirements. It is certainly a specified attribute.

Option D: "D. All of the above are specified." — This option asserts that all the listed items (maturity date, last trading day, and size of the contract) are specifications. Since A, B, and C are all specification elements, this statement is true about the set of contract specifications.

Why the other options are incorrect as NOT-specifications: Each of A, B, and C describes a characteristic that futures contracts on organized exchanges typically specify, so none of them represents a characteristic that is not specified. If the question truly asks for something that is not specified, those options would be incorrect because they describe items that are indeed specified.

Why option D is identified as the reference answer in this item group: Because it encapsulates the truth about the collection of specifications—together, they are all specified. The statement "All of the above are specified" underscores the idea that each listed attribute is part of the contract specification. In the context of this multiple-choice item, selecting D communicates that the set of specified attributes includes maturity date, last trading day, and contract size, and that there isn't a separate item among A–C that is not a specification.

Summary for clarity: A, B, and C describe individual specifications that are part of currency futures contracts on organized exchanges. D asserts that all of those attributes are specified, which aligns with the standard practice in futures markets. The key misconception to avoid is treating any of A–C as not being a specification; in reality, each is a specification, leaving D as the option that correctly reflects the complete set described by A–C.

Which of the following is NOT a contract specification for currency futures trading on an organized exchange?

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