UNDERLYING ASSET | Sum of a company ordinary dividends during a specific period of time described in the Expirations paragraph. |
CONTRACT SIZE | Dividends corresponding to 25.000 shares (except after adjustments pursuant to section 6.6 of these General Conditions). |
EXPIRATIONS | At least three annual expirations. An annual expiration period means a computation period from last year third Friday of December, excluded, until the third Friday of December of the expiration year, included. Non-annual cycles expiries can also be opened. The actual expirations will be determined by Circular. |
EXPIRATION DATE | The third Friday of the expiration month. |
SETTLEMENT AT EXPIRATION | Cash settlement of the difference with respect to the Settlement Price at Expiration. |
CONTRACT SETTLEMENT DATE | First Business Day following the Expiration Date. |
LAST TRADING DAY | The Expiration Date. |
FUTURES PRICE QUOTATION | In EURO per share with a minimum fluctuation set according to the quotation of the underlying asset and/or the Market practice. It will be established by Circular. The minimum fluctuation may be different in pre-arranged trades between Members. |
MAXIMUM PRICE FLUCTUATION | None, although it may be established by Circular. |
DAILY SETTLEMENT OF VARIATION MARGIN | Daily cash settlement by the difference between the sessions's Daily Settlement Price and that of the previous session (see section 7). |
COMMISSION SETTLEMENT | First Business Day following the date of the Transaction. |
MARGINS | Established by Circular. |
DAILY SETTLEMENT PRICES | They will be the best estimate of the "fair market price". The criteria will be established by Circular. On the expiration date, it will be the Settlement Price at Expiration. |
For more information please visit the Financial Derivatives General Conditions for trading at MEFF and for Clearing and Settlement at BME Clearing.