UNDERLYING ASSET | Shares of the companies specified by Circular. |
CONTRACT SIZE | 100 shares per contract. Therefore a Stock Option contract with a Premium of 1,27 Euros will have a price of: 100 x 1,27 = 127 Euros. Due to corporate actions, some stock options contracts temporally have on some expirations a contract size different from the standard. |
STYLE OF OPTION | American (may be exercised on any Business Day until the Expiration date). |
TYPES OF OPTIONS | - Call Option. The holder of this Option has the right to buy the Underlying Security which is the object of the Contract at the Strike Price. The seller of the Option is obliged to sell the Underlying Security if the buyer exercises its right. - Put Option. The holder of this Option has the right to sell the Underlying Security which is the object of the Contract at the Strike Price. The seller is obliged to buy said Underlying Security if the buyer exercises its right. |
EXPIRATIONS |
At least, the four expiration months in the March-June-September-December cycle and the two closest monthly not coincident with the currently quarter expiry, shall be traded at all times. In addition, contracts of the quarterly cycle with up to ten expirations and from the half yearly cycle with a maximum of five years, can be introduced to trading. |
DATE OF EXPIRATION | Third Friday of the expiration month. |
EXERCISE DATE | Any Business Day until the Expiration Date inclusive. |
CONTRACT SETTLEMENT DATE | The stock cash trade takes place on the Exercise Date. Settlement of the cash transaction then takes place on regular terms. |
EXERCISE | MEFF RV shall be notified of the decision to exercise in accordance with the General Conditions and in the manner established and specified by Circular, generating the corresponding cash stockmarket trade on the Exercise Date The assignment of exercises shall be proportional and the affected parties shall be notified in accordance with the procedures and timetables established by Circular. |
LAST TRADING DAY | The Expiration Date. |
EXERCISE PRICES | The Exercise Prices are established by the General Conditions, except after adjustments to the Exercise Price. |
PREMIUM QUOTATION | In Euro per share, with a minimum fluctuation of 1 cent of Euro. |
MAXIMUM PREMIUM FLUCTUATION | None. |
PREMIUM SETTLEMENT | First Business Day following the date of the Transaction. |
COMMISSION SETTLEMENT | First Business Day following the date of the Transaction. |
MARGINS | Variable (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 a.m. to 9:00 a.m. |
TRADING HOURS | From 9:00 a.m. to 5:35 p.m. |
For more information please visit the Financial Derivatives General Conditions for trading at MEFF and for Clearing and Settlement at BME Clearing.