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What is the difference between the following two Brazilian futures contracts:

  1. The Ibovespa Futures Contract
  2. The Mini Ibovespa Futures Contract

As far as I can tell, both are priced in Brazilian Real (R$) following the Bovespa Index exactly. I would have guessed the mini contract to be cheaper than the full contract, or at least different in some way.

How are the Ibovespa and Mini Ibovespa futures contracts different?

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up vote 1 down vote accepted

Futures have a value per point. According to this page, the contract point value is 1 for the normal contract and 0.2 for the smaller one (Mini):


Basically you should have the same PL if you were using 5 minis or 1 normal contract, assuming that the price of the two futures is always equal (which I do not know if it is the case).

Your documentation says that your PL is:

$$ \mathrm{\Delta{Points}} \cdot \mathrm{ValuePerPoint} $$

$\mathrm{ValuePerPoint}$ is 1 for the large contract and 0.2 for the other.

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@Randomblue: I am not sure what you mean, the values from the table (0.2 and 1) are the 'value of each point' in your formula. This is what is changing between the contracts. – BlueTrin Oct 31 '13 at 11:46

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