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FIB - Futures on FTSE MIB


Characteristics

Description

Underlying

FTSE MIB

Trading hours

- Opening auction: 8.30am - 9.00am (9.00.00 - 9.00.59) 
- Continuous trading: 9.00am - 5.40pm

Quotations

Futures contracts on the FTSE MIB index are quoted in index points.

Value of an index point (multiplier of the contract)

Each index point has a value of 5 €.

Contract value

The value of the contract is determined by the product of the futures price and the value of the contract multiplier.
Example: if the price of a futures on the FTSE MIB index is equal to 28.000 index points, the contract value is 28.000 x 5 € = 140.000€.

Tick

5 index points (25 €).

Expiries

4 expiry dates are quoted: 4 quarterly maturities in March, June, September and December. New futures are quoted on the first trading day following expiration.

Expiry day

The contract expires on the third Friday of the expiry month at 9.05 am. If the Exchange is closed that day, the contract expires on the first trading day preceding that day.

Last trading day

Trading in any contract closes on expiry of that contract (9.05am on expiration day).

Daily closing price

The daily closing price is established by the clearing and settlement organisation Cassa di Compensazione e Garanzia. The daily closing price is calculated on the basis of the weighted average prices, of the last 10% of the traded futures contracts.

Settlement Price

The settlement price is equal to the value of the FTSE MIB index, calculated on the opening prices of the financial instruments that make up the index recorded on the last day of trading. If the opening price of any financial instrument on the index has not been established by the end of the trading session, Borsa Italiana fixes the price in order to establish the value of the index on the basis of the prices recorded in the last session and takes into account any other relevant objective elements available.

Settlement

Cash settled on the CC&G open day following the expiry day through Cassa di Compensazione e Garanzia.

Limit on number of positions open or exercised

None.

Margins

Margin table

Give-up

Available.

No action Letter

Futures on the FTSE MIB index can be bought and sold in the USA as expressed in the no action letter from the CFTC.

Last update:  May 28 2010 - 16:21


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