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  6. Futures IBEX® Sectorials

Futures IBEX® Sectorials

UNDERLYING ASSET IBEX Bank 35 Index / IBEX Energy 35 Index
INDEX DESCRIPTION The IBEX Indices 35 Banks, Energy, are composed of those securities listed in the general trading segment of the stock exchange interconnection system, which, being components of the IBEX 35 Index, belong to the corresponding sub-sectors according to the sectorial stock market classification of the four Spanish Stock Exchanges.
MULTIPLIER 5 euros.
CONTRACT SIZE

The price of the IBEX 35 Sectorial Future times the multiplier.
FUTURES PRICE QUOTATION

In whole Index points with a minimum fluctuation set according to the quotation of the underlying asset and/or the Market practice, which will be established by Circular. The minimum fluctuation might be different in pre-arranged trades between Members.
MAXIMUM PRICE FLUCTUATION

None, although it may be established by Circular.
EXPIRATIONS

Expirations available for trading, clearing and settlement will be the following:

  • The ten nearest quarterly expiries of the March-June-September-December cycle.
  • The two nearest calendar months apart from the first expiry of the quarterly cycle.
  • The expiries of the June-December cycle, not included in the above criteria, to complete expiries with a maximum life of 5 years.
EXPIRATION DATE The third Friday of the expiration month.
LAST TRADING DAY The Expiration Date.
DAILY SETTLEMENT PRICES Daily Settlement Price for the front expiration is obtained by the volume weighted average of trades executed in the order book between 17:29 and 17:30 CET with one decimal.
SETTLEMENT PRICE AT EXPIRATION Daily Settlement Price for the front expiration is obtained by the volume weighted average of trades executed in the order book between 16:15 and 16:45 CET with one decimal.
DAILY SETTLEMENT OF VARIATION MARGIN Before the start of trading on the business day following the date of the trade by means of cash transfer of the difference with the Daily Settlement Price.
COMMISSION SETTLEMENT First business day following the date of the transaction.
SETTLEMENT AT EXPIRATION Cash settlement of the difference with respect to the Settlement Price at Expiration.
MARGINS Variable in function to the portfolio of Options and Futures (see Circular on Margin Calculation Parameters). Margins shall be supplied before the start of the session of the Business Day following the date of the calculation.
AUCTION PERIOD From 8:30 to 9:00
TRADING HOURS From 9:00 to 17:35

For more information please visit the Financial Derivatives General Conditions for trading at MEFF and for Clearing and Settlement at BME Clearing.

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