Options | MEFF

The Benchmark Market for Spanish Underlyings

MEFF, the benchmark market for options on Spanish underlyings, has a long-standing tradition of financial market expertise and best practices, supported by continuous investment in innovation and development. MEFF has an international participant base, with the majority of trading activity generated by non-resident members. Committed to service excellence, MEFF continuously enhances the quality of its offerings while driving innovation across its markets and services.

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Advantages of Trading on MEFF

Delta Facility
The only derivatives market that enables block trades and their corresponding hedge to be executed in a single transaction, with no additional fees charged by MEFF.

Simplicity
Ease of exercise and expiry.

Benchmark Market
MEFF offers stock options on more than 40 underlying securities, including Spain’s 10 largest companies.

High Liquidity and Tight Spreads
Our market makers ensure continuous price quotations throughout the trading day.

Competitive Fees
For both trading and settlement.

PRODUCTS

European Style Stock Options
American Style Stock Options
European Style Cash Settled Options

European Style Options

UNDERLYING ASSET	Shares of the companies specified by Circular.
CONTRACT SIZE	100 shares per contract. Therefore a Stock Option contract with a Premium of 1,27 Euros will have a price of: 100 x 1,27 = 127 Euros. Due to corporate actions, some stock options contracts temporally have on some expirations a contract size different from the standard.
STYLE OF OPTION	European (it may be exercised only on the Expiration Date).
TYPES OF OPTIONS	Call. The holder of this Option has the right to buy the Underlying Security which is the object of the Contract at the Strike Price. The seller of the Option is obliged to sell the Underlying Security if the buyer exercises its right. Put. The holder of this Option has the right to sell the Underlying Security which is the object of the Contract at the Strike Price. The seller is obliged to buy said Underlying Security if the buyer exercises its right.
EXPIRATIONS	Expirations available for trading, clearing and settlement will be the following: The four nearest weekly maturities including the third week of the month (available only on some underlying).. The two nearest calendar months apart from the first expiry of the quarterly cycle. The four expiration months in the March-June-September-December cycle. In addition, contracts of the quarterly cycle with up to ten expirations and from the half yearly cycle with a maximum of five years, can be introduced to trading.
DATE OF EXPIRATION	Third Friday of the month of maturity or the Friday of the weekly expiration.
SETTLEMENT AT EXPIRATION	Delivery of shares or cash settlement.
EXERCISE DATE	The Expiration Date.
CONTRACT SETTLEMENT DATE	For the delivery settlement contracts the stock cash trade takes place on the Date of Expiration, which is then settled on regular terms. For cash settlement contracts, settlement date will be the first business day following the Expiration Date.
EXERCISE	For delivery contracts, MEFF RV shall be notified of the decision to exercise in accordance with the General Conditions and in the manner established and specified by Circular, generating the corresponding cash stockmarket trade on the Exercise Date The assignment of exercises shall be proportional and the affected parties shall be notified in accordance with the procedures and timetables established by Circular.
LAST TRADING DAY	The Expiration Date.
EXERCISE PRICES	The Exercise Prices are established by the General Conditions, except after adjustments to the Exercise Price.
PREMIUM QUOTATION	In Euro per share, with a minimum fluctuation of 1 cent of Euro.
MAXIMUM PREMIUM FLUCTUATION	None.
PREMIUM SETTLEMENT	First Business Day following the date of the Transaction.
COMMISSION SETTLEMENT	First Business Day following the date of the Transaction.
MARGINS	Variable (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.
AUCTION PERIOD	From 8:30 a.m. to 9:00 a.m.
TRADING HOURS	From 9:00 a.m. to 5:35 p.m.

For more information please visit the Financial Derivatives General Conditions for trading at MEFF and for Clearing and Settlement at BME Clearing.

Financial Derivatives Overview

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American Style Stock Options

UNDERLYING ASSET	Shares of the companies specified by Circular.
CONTRACT SIZE	100 shares per contract. Therefore a Stock Option contract with a Premium of 1,27 Euros will have a price of: 100 x 1,27 = 127 Euros. Due to corporate actions, some stock options contracts temporally have on some expirations a contract size different from the standard.
STYLE OF OPTION	American (may be exercised on any Business Day until the Expiration date).
TYPES OF OPTIONS	Call Option. The holder of this Option has the right to buy the Underlying Security which is the object of the Contract at the Strike Price. The seller of the Option is obliged to sell the Underlying Security if the buyer exercises its right. Put Option. The holder of this Option has the right to sell the Underlying Security which is the object of the Contract at the Strike Price. The seller is obliged to buy said Underlying Security if the buyer exercises its right.
EXPIRATIONS	Expirations available for trading, clearing and settlement will be the following: The four nearest weekly maturities including the third week of the month (available only on some underlying).. The two nearest calendar months apart from the first expiry of the quarterly cycle. The four expiration months in the March-June-September-December cycle. In addition, contracts of the quarterly cycle with up to ten expirations and from the half yearly cycle with a maximum of five years, can be introduced to trading.
DATE OF EXPIRATION	Third Friday of the month of maturity or the Friday of the weekly expiration.
EXERCISE DATE	Any Business Day until the Expiration Date inclusive.
CONTRACT SETTLEMENT DATE	The stock cash trade takes place on the Exercise Date. Settlement of the cash transaction then takes place on regular terms.
EXERCISE	MEFF RV shall be notified of the decision to exercise in accordance with the General Conditions and in the manner established and specified by Circular, generating the corresponding cash stockmarket trade on the Exercise Date The assignment of exercises shall be proportional and the affected parties shall be notified in accordance with the procedures and timetables established by Circular.
LAST TRADING DAY	The Expiration Date.
EXERCISE PRICES	The Exercise Prices are established by the General Conditions, except after adjustments to the Exercise Price.
PREMIUM QUOTATION	In Euro per share, with a minimum fluctuation of 1 cent of Euro.
MAXIMUM PREMIUM FLUCTUATION	None.
PREMIUM SETTLEMENT	First Business Day following the date of the Transaction.
COMMISSION SETTLEMENT	First Business Day following the date of the Transaction.
MARGINS	Variable (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.
AUCTION PERIOD	From 8:30 a.m. to 9:00 a.m.
TRADING HOURS	From 9:00 a.m. to 5:35 p.m.

Para más información consulte las Condiciones Generales de Derivados Financieros de Negociación en MEFF y las de Compensación y Liquidación en BME Clearing.

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