It appears that the bid/ask on a May07 put (strike 242) is 9 – 12.5 (yuk). The current price for May07 futures is now ~4-5% lower than the May06 CSI, with a bid/ask of 236.8-238.6.
Also, it is my understanding that the contracts are roughly two months behind, so the May07 is settled based on the value of the March CSI. The CSI is based on SFR, so it doesn’t look like a condo crash would influence it. The index is rather nebulous as underlying, maybe that correlatates to the low interest?
