Options and Futures:
MEFF
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STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
• Futures on European shares:
Since September 2007, futures on the shares of the
main listed European companies have been traded
and cash settled. As well as contracts with standard
traded maturity, contracts with maturities at non-stan-
dard dates are also admitted.
Options contracts
• Options on the IBEX 35 index: These are
call and put options, whose underlying is the Mini
Futures on the IBEX 35 index. Put options are ex-
pressed in whole points of the IBEX 35 and each
point has a value of €1. Contracts are cash settled.
As well as contracts with exercise (strike) price and
standard maturity, contracts with non-standard exer-
cise price and/or maturity at non-standard dates are
admitted.
• Equity options: These are options contracts
whose underlying is 10 shares of the main compa-
nies listed on the Spanish stock exchanges (SIBE),
including all those that comprise the IBEX 35. The
number of shares can be adjusted as a result of cor-
porate actions.
Premiums are in Euros per share with two de-
cimals, whereby the premiums of a contract will be
the result of multiplying the premium per share by
the number of shares (generally 100) included in the
contract.
Contracts can be American-style (i.e. can be
exercised on any working day up to maturity) and
European-style (i.e. can be exercised only on the
maturity date), with settlement on delivery. As well
as contracts with exercise (strike) price and standard
maturity, contracts with non-standard exercise price
and/or maturity at non-standard dates are admitted,
and with settlement on delivery or in cash.
Trading hours
Since January 17, 2000, coinciding with the
lengthening of stock market sessions, the trading hours
for futures and options on the IBEX 35 index and fu-
tures and options on shares are 9.00am to 5.35pm.
Since May 21, 2012, the trading hours for futures on
the IBEX 35 were extended to 9.00am to 8.00pm.
DERIVATIVES ON FIXED-INCOME SECURITIES
Futures on ten-year bonds
Futures contracts are traded on a ten-year notional
government bond with a nominal value of €100,000
and an annual coupon of 4%. The trading hours for
futures on ten-year bonds are 8.00am to 5.15pm.
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