Micro IBEX 35®

UNDERLYING ASSET	IBEX 35 Index.
INDEX DESCRIPTION	The IBEX 35 Index is a capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Continuous Market.
MULTIPLIER	0,1 Euro.
CONTRACT SIZE	The IBEX 35 index times the Multiplier.
PRICE QUOTATION	In whole index points. Minimum fluctuation 1 point.
MAXIMUM PRICE FLUCTUTATION	None.
EXPIRATIONS	Expirations available for trading, clearing and settlement will be the following: - The two nearest calendar months.
EXPIRATION DATE	The third Friday of the expiration month.
LAST TRADING DAY	The Expiration Date.
DAILY SETTLEMENT PRICE	The same as in the IBEX 35 Futures.
SETTLEMENT PRICE AT EXPIRATION	The same as in the IBEX 35 Futures.
DAILY SETTLEMENT OF GAINS AND LOSSES ("variation margin")	Before the start of the session of the Business Day following the date of the transaction, by means of cash transfer of the difference with the Daily Settlement Price.
SETTLEMENT OF COMMISSIONS	First business day following the date of the transaction.
SETTLEMENT AT EXPIRATION	Settlement at Expiration of Contracts shall be made by cash transfer of the difference with 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 7:55 a.m. to 8:00 a.m.
TRADING HOURS	From 8:00 a.m. to 20:00 p.m.