What is a 'Nov Daily Future'?

[Mikeskw]

I was going to place a bet on Brent crude. I wanted to find a daily rolling bet, but could only find a 'Nov daily future'. Does anyone know what this means? Why is Nov- I assume November- mentioned. Does this mean the bet is closed in November?

Thanks!

 

[forker]

That's when it matures

 

[Mikeskw]

That's when it matures

Thanks- but what does that mean? Does the bet close if it is still open in November?

 

[new_trader]

I was going to place a bet on Brent crude. I wanted to find a daily rolling bet, but could only find a 'Nov daily future'. Does anyone know what this means? Why is Nov- I assume November- mentioned. Does this mean the bet is closed in November?

Thanks!

As far as I understand, if you are betting on the daily future it will close automatically at the end of the day but based on the November future price not the spot price.

If you are betting on the actual November future contract then it will close on the expiry day in November based on the futures price. If it is a spread bet then it is cash settled meaning it will automatically close at the settlement price at expiry and your account will be credited or debited according to your position profit/loss.

 

[Mikeskw]

As far as I understand, if you are betting on the daily future it will close automatically at the end of the day but based on the November future price not the spot price.

If you are betting on the actual November future contract then it will close on the expiry day in November based on the futures price. If it is a spread bet then it is cash settled meaning it will automatically close at the settlement price at expiry and your account will be credited or debited according to your position profit/loss.

Thanks- yep that makes sense! I don't know why these companies make their products unintelligible to newbies. I think they suffer from a case of the 'Curse of Knowledge'- ie it's hard to imagine anyone not understanding something you understand. A more cynical interpretation is that they make money from people mistaking and misunderstanding their products.