Multiplier

Assuming, for example, that an investor purchases a futures contract on the S&P/TSX 60 Index (SXF) quoted on the Montréal Exchange at 500 index points, when this quotation is multiplied by the $200 multiplier, the value of the contract is $100,000. If the contract is resold when the quotation reaches 570 index points, a profit of (570-500) x $200, i.e. $14,000, is realized (from which the commission paid must be deducted).