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Italiano

MIBO - Weekly Options on FTSE MIB


Characteristics

Description

Underlying

FTSE MIB index

Options style

European

Trading hours

9.00 am - 5.40 pm

Quotations

Options 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 2.5 €.

Contract value

The value of the contract is determined by the product of the strike price (in index points) and the value of the contract multiplier.

Options price (premium)

The premium paid is equal to the value of the option premium multiplied by the contract multiplier.

Tick

1 index point (2.5 €)

Premium settlement

The premium is settled in cash only the first day after the trading day by the clearing and settlement organisation Cassa di Compensazione e Garanzia.

Expirations

Contracts will be admitted to trading on the Thursdays of each month except the  first and the corresponding maturity day will be the Friday of the second week following their ammission to trading.

Expiration day

The contract expires on the 1st, 2nd and 4th Friday of the month and the 5th if there is one at 9.05 am. If the Exchange is closed that day, the contract expires on the first trading day preceding that day.

Last day of trading

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

Exercise prices

For each “weekly MIBO option” at least 21 exercise prices shall be traded for both the call and the put series, with intervals of 100 index points.

Daily closing price

The daily closing price is established by the clearing and settlement organisation Cassa di Compensazione e Garanzia.

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, Italian Exchange 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.

Exercise at expiry

In-the-money options are automatically exercised on the expiration date.

Settlement

Settlement is paid in cash only. It is the difference between the exercise price and the reference value of the index on the first trading day after the contract begins, taking into account the number of contracts exercised and the value of the multiplier. Settlement is made through the clearing and settlement organisation Cassa di Compensazione e Garanzia.

Limit on number of positions open or exercised

None.

Margins

Margin table

Give-up

Available.

Last update:  December 12 2011 - 11:41


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