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Mini Futures FTSE 100

Mini Futures FTSE 100Admission to the trading of FTSE 100 index mini-futures contract

Borsa Italiana proposes to broaden the current offer of futures contracts on indexes, admitting to trading the FTSE 100 index futures contract, that is the share index of the largest companies listed on the London Stock Exchange’s SETS trading system. The contract is called “FTSE 100 index mini-futures”.

The main features of the contracts are:

a) currency: euro;
b) value of each index point: 2 euros;
c) tick: half index point;
d) clearing and settlement modality: the clearing and settlement of contracts will take place according to the procedures and time limits established in the Rules issued by the Cassa di Compensazione e Garanzia for futures on index contracts and will be assigned to the equity derivatives segment.
e) method of settlement: cash settled;
f) settlement price: equal to the value of the FTSE 100 index calculated on the last day of trading on the basis of the prices of the financial instruments composing the index recorded in the reference market with the purpose of the settlement of derivatives contracts on FTSE 100 index1;
g) traded maturities: contracts shall be available with maturities in the months of March, June September and December. In each trading session, the nearest maturity and the first subsequent maturity are quoted;
h) day and time of the end of trading: the maturity day shall be the third Friday of the maturity month; where this is a non-trading day for Borsa Italiana or for the London Stock Exchange, the maturity day 2 shall be the first calendar trading day before such day for both the Exchanges. The trading ends at 11.20 (CET) of the maturity day. Where in the maturity day the prices cannot be recorded in the reference market for the purpose of the determination of the settlement price of derivatives contracts on FTSE 100 index, trading in the nearest maturity shall end at 17.40 and the settlement price for FTSE 100 index mini-futures contract is determined on the basis of the last available value of the FTSE 100 index. The new maturity is quoted from the first subsequent trading day.

The trading for FTSE 100 index mini-futures contracts takes place according to the trading methods provided for the futures on FTSE MIB index contracts. The main aspects are specified below:

  • trading are carried on using the auction and continuous trading methods. The activation of the auction phase for the FTSE 100 index mini-futures will be communicated with subsequent Notice;
  • FTSE 100 index mini-futures contracts may be concluded through the entry of internal cross and committed cross orders, provided they are at a price in the range between the best bid price and the best ask price (excluding such prices) or at a price that differs from the best prices on the book by a maximum of 1.5 per cent if the order quantity is equal to or more than 10 contracts;
  • Primary Market Makers are provided with the aim of sustaining the liquidity of the contract on the current maturity. The market maker is required to display bids and offers on a continuous basis for quantities equal to at least 5 contracts until the fourth day before the maturity with spread not bigger than 15 index points;
  • the discipline for handling of errors (as well as the related modalities established for the calculation of the theoretical reference price and for the determination of the maximum divergence thresholds) and the price variation limits provided for the futures on FTSE MIB index contracts apply.


1 With the purpose of settlement of the derivatives contracts on FTSE 100 index, the prices recorded during the LSE intra-day auction are taken into account. The intra-day auction is called Exchange Delivery Settlement Price” (EDSP) auction and takes place each third Friday of the expiry month, from 11.10 till  1.15 (CET).

Further details on the execution of the intra-day auction are available on the London Stock Exchange’s website, at the following internet address:


Last update:  September 20 2012 - 17:08

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