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Stock futures

Characteristic	Description
Underlying	Shares traded on the Borsa Italiana’s equity markets
Trading hours	- Opening Auction: 7.30 - 9.01 (9.01.00 - 9.01.30) - Continuous Trading: 9.01 - 17.30 - Large-in-Scale Trade Facility (LiS): 7.30 - 18.30
Settlement	Physically and/or cash settled, depending on the underlying
Quotation	Euro
Tick size (in €)	- On-book trading: 0.0001 - Orders to execute Negotiated Transactions: 0.0001
Multiplier	Depending on the underlying (Minimum lots table)
Contract size	Future price x Multiplier
Contract months	i) the 2 nearest monthly expiries and the 4 nearest quarterly expiries of the Mar/Jun/Sep/Dec cycle, if the underlying consists of shares included in the FTSE MIB index or equivalent leading indices; ii) the 2 nearest monthly expiries and the nearest quarterly expiry, if the underlying consists of Italian shares other than those included in the FTSE MIB index Moreover, for some underlyings defined by Borsa Italiana’s Market Notice, the 2 nearest successive annual contracts month’s expiry of the December cycle are also available
Expiry day	The third Friday of the expiry month at 9.05. If the Exchange is closed that day, the contract expires on the first trading day preceding that day
Last trading day	Expiry day
Daily settlement price	Computed according to Euronext Derivatives Trading Procedures paragraph 2.2 and 2.3
Settlement day	- Cash settled: the first open Euronext Clearing calendar day following the expiry day - Physically settled: the second open TARGET calendar day following the expiry day
Final settlement price	The opening auction price of underlying share on the expiry day
Strategies	Preconfigured strategies

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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