MEFF IBEX 35 derivatives offer an efficient and regulated way to trade futures and options on Spain’s leading stock market index. These standardized instruments enable investors to manage risk, hedge positions, and optimize investment strategies with high liquidity and full transparency in organized financial markets.
Futures and Options for Risk Management
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Futures on IBEX 35®
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UNDERLYING ASSET |
IBEX 35 Index. |
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INDEX DESCRIPTION |
The IBEX 35 Index is a capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Continuous Market. |
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MULTIPLIER |
10 Euros. The IBEX 35 Index must be multiplied by 10 Euros in order to obtain the contract size. Therefore each index point is worth 10 Euros. |
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CONTRACT SIZE |
The IBEX 35 Index times the Multiplier. The nominal value of the contract will be obtained by multiplying the price of the IBEX 35 Future times the multiplier. Therefore an IBEX 35® Future contract at a price of 10.000 points would have a nominal value of: 10.000 x 10 = 100.000 Euros. |
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PRICE QUOTATION |
In whole Index points with a minimum fluctuation set according to the quotation of the underlying asset and/or the Market practice, which will be established by Circular. The minimum fluctuation might be different in pre-arranged trades between Members. |
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MAXIMUM PRICE FLUCTUTATION |
None. |
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EXPIRATION |
Expirations available for trading, clearing and settlement will be the following: - The ten nearest quarterly expiries of the March-June-September-December cycle. - The two nearest calendar months apart from the first expiry of the quarterly cycle. - The expiries of the June-December cycle, not included in the above criteria, to complete expiries with a maximum life of 5 years. |
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EXPIRATION DATE |
The third Friday of the expiration month. |
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LAST TRADING DAY
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The Expiration Date. |
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DAILY SETTLEMENT PRICE |
Daily Settlement Price for the front expiration is obtained by the volume weighted average of trades executed in the order book between 17:29 and 17:30 CET with one decimal. |
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SETTLEMENT PRICE AT EXPIRATION |
Arithmetic average index value between 16:15 and 16:45 hours on the Expiration Date, taking a value per minute.
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DAILY SETTLEMENT OF GAINS AND LOSSES ("variation margin") |
Before the start of trading on the business day following the date of the trade by means of cash transfer of the difference with the Daily Settlement Price. For example, buying 30 IBEX 35 Future Contracts at a Price of 10.000 with a final Settlement Price at the end of the session of 10.020 will be settled as follows: (10.020 – 10.000) x 30 x 10 = + 6.000 Euros. |
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SETTLEMENT OF COMMISSIONS |
First business day following the date of the transaction. |
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SETTLEMENT AT EXPIRATION |
Settlement at Expiration of Contracts shall be made by cash transfer of the difference with the Settlement Price at Expiration. |
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MARGINS |
Variable in function to the portfolio of Options and Futures (see Circular on Margin Calculation Parameters). Margins shall be supplied before the start of the session of the Business Day following the date of the calculation. |
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AUCTION PERIOD |
From 7:55 a.m. to 8:00 a.m. |
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TRADING HOURS |
From 8:00 a.m. to 22:00 p.m.
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For more information please visit the Financial Derivatives General Conditions for trading at MEFF and for Clearing and Settlement at BME Clearing.
Frequently asked questions
The IBEX 35 Futures contract has a multiplier of €1 per index point. This means that each one-point movement in the index is equivalent to €1 in your position.
If the future moves by, for example, 100 points, the financial impact will be €100.