Amsterdam Exchanges Introduces Options And Futures On The Amsterdam Midkap-Index

As of Tuesday 23 November 1999, AEX-Optiebeurs will introduce options and futures on the Amsterdam Midkap-index®. The Amsterdam Midkap-index® exsists as of 1 October 1995 and is regarded to be the leading index for 25 companies from the midcap segment of the Dutch stock market. The Amsterdam Midkap-index® option (MID) has a contract size of Eur 10 times the level of the Amsterdam Midkap-index®. This contract size is determined as follows: the underlying value is one tenth of the Amsterdam Midkap-index® and the trading unit is 100. By multiplying these two, the contract size becomes Eur 10 x level of the Amsterdam Midkap-index®. To calculate the price of the option the premium has to be multiplied by 100. Exercise prices will be determined on the basis of one tenth of the Amsterdam Midkap-index®. For example, an exercise price of 60 relates to an Amsterdam Midkap-index®level of 600. Trading in options on the Amsterdam Midkap-index® (MID) will start with the contract months December, January, February and April. 1, 2 and 3 months options will be introduced every month. Also, 6 months options will be introduced in the cycle January, April, July and October. At expiration, settlement will take place in the form of cash on the basis of the positive difference between the exercise price and the settlement price. The settlement price will de determined as the average of the index values on the last day of trading, measured every 15 seconds between 3.40 p.m and 4.00 p.m., Amsterdam time. Of the 81 measured values the 12 highest and the 12 lowest values will discarded; the 57 remaining values will be used to calculate the settlement value. This value will be divided by 10, where the result will be rounded to two decimal places.. Until the expiration in January 2000 a fee-holiday applies. Normally, standard fees for index options with contract size Eur 10 will apply. The Amsterdam Midkap-index® future (FTM) has a contract size of Eur 20 times the level of the Amsterdam Midkap-index®. This contract size is determined as follows: the underlying value is one tenth of the Amsterdam Midkap-index® and the trading unit is 200. By multiplying these two, the contract size becomes Eur 20 x level of the Amsterdam Midkap-index®. Each point change of the Amsterdam Midkap-index® relates to Eur 20. Listing will be in points. Trading in futures on the Amsterdam Midkap-index® (FTM) will start with the contract months December, January and February. 1, 2 and 3 months futures will be introduced every month. At expiration, settlement will take place in the form of cash on the basis of the settlement price. The settlement price will be equal to the settlement price of the Amsterdam Midkap-index® option. Until the expiration in January 2000 a fee-holiday applies. Normally, standard fees for index futures with contract size Eur 20 will apply.