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European Style Stock Options

Characteristics

Description

Underlyings and minumum lots

Underlyings and minimum lots table

Underlyings

CNHI, ENEL, ENI, EXO, FCA, G, ISP, ISPR, MB, SRG, TIT, TITR, UBI and UCG.

Option Style

European

Trading hours

9.00 am - 5.50 pm

Quotations

Stock option contracts are quoted in Euro.

Premium settlement

Cash settled on the Euronext Clearing open day following the trading day by Euronext Clearing.

Contract value

The value of the contract is determined by the product of the strike price (in Euro) and the respective lot.
Example: if the price of an option on XY with strike price of 31.45 € is equal to 0.6500 €, the contract value is 31.45 € x 500 =15.725 €

Option price (premium)

Equal to the value of the option premium multiplied by the respective lot.
Example: if the price of an option on XY with strike price of 31.45 € is equal to 0.6500 €, the premium is 0.6500 € x 500 = 325 €

Tick

Up to a premium value equal to €0,005 the tick size is equal to €0,0001, for the premium value greater than €0,005 the tick size is equal to € 0,0005

Expiries

10 expiries: the 2 nearest monthly expiries, the 4 following quarterly expiries of the 'March, June, September and December' cycle thereafter, and the 4 following semi-annual expiries of the 'June and December' cycle thereafter. A new monthly (quarterly or six-month) expiry is quoted on the first trading day following expiry

Expiry day

The contract expires on the third Friday of the expiration month at 8.15 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 the day before the expiry at 5.50pm.

Daily closing prices

The daily closing price is established by Euronext Clearing

Settlement price

The settlement price is the closing auction price of the underlying share on the last trading day.

Exercising an option

In-the-money options are exercised automatically on expiry day.

Settlement

Cash settlement takes place in the manner and time limits established by the provisions of the Euronext Clearing, within the existing Equity Derivatives Section for the following underlyings: ENEL, ENI, G, ISP, TIT and UCG.

Physically settled on the second open TARGET calendar day following the early exercise or the expiry day through Euronext Clearing is possible for the following underlyings: CNHI, ENEL, ENI, EXO, FCA, G, ISP, ISPR, MB, SRG, TIT, TITR, UBI and UCG.

Limit on number of positions open or exercised

None

Exercise prices

Exercise prices are generated at intervals as shown in the table below:

Excercise prices (Euro)	Expiries up to 12 months Intervals (Euro)	Expiries from 12 to 36 months Intervals (Euro)

0.0050 - 0.1800	0.0050	0.0100
0.1801 - 0.4000	0.0100	0.0200
0.4001 - 0.8000	0.0200	0.0400
0.8001 - 2.0000	0.0500	0.1000
2.0001 - 4.0000	0.1000	0.2000
4.0001 - 9.0000	0.2000	0.4000
9.0001 - 20.000	0.5000	1.0000
20.0001 - 40.0000	1.0000	2.0000
More than 40.0001	2.0000	4.0000

Margins

Margin table

Give-up

Available

Unusual Contract Size

Where contracts have been affected by recent corporate actions resulting in currently tradable contracts being of a non-standard contract size, this information can be found in the document on this page.

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