Cantor Exchange, if its application is approved by the CFTC, will list one or more new film titles for Box Office Contract trading every Tuesday.

In order to establish the opening price for each new film title, the exchange will conduct an Initial Contract Offering (ICO). The ICO is designed to give traders the opportunity to place bids and offers before the market is open for regular trading. This allows each trader to review their estimates of the film's box office potential in the context of the other bids and offers that come into the market. 

There is no requirement to participate in an ICO, but when many traders do participate in the ICO it serves the following purposes:

• Discovers the initial price for the film title.
• Aggregates sufficient supply and demand information.
• Matches buy and sell orders at the common price that clears the greatest number of contracts.
• Starts continuous trading of each new contract.
  • Sets an initial (equilibrium) price for the contract established by matching auction buy and sell orders at the price that clears the greatest number of contracts. 
  • The exchange calculates the first day's price limits and margin rates based on the Equilibrium Price.
  • Establishes initial volume and open interest.
  • May provide standing orders for continuous trading.

Every Tuesday the Cantor Exchange will list one or more new Box Office Contracts for trading, each of which represents a unique film title. On the first trading day an opening auction takes place from 9:00 AM to 3:00 PM. The auction is a two-way, single-price Dutch (i.e. Vikery) auction. Continuous trading starts immediately afterwards.