You should be aware of the terms and conditions of the specific futures or options contracts which you are trading, especially the circumstances, if any, under which you will become obligated to make or take delivery of the underlying interest in the case of a futures contract. Under certain circumstances specified in the exchange rules, the specifications of outstanding contracts may be modified by the exchange or clearing house to reflect changes in the underlying interest. The context of your exposure may, as a result, change. Typically, though, changes to contract specifications are effective for up-coming futures contract months yet to be listed, and not futures contract months outstanding.
