The Spanish stock exchange will today list the first 12 Turbo Pro warrants, issued by BNP PARIBAS and linked to the IBEX 35® index.
The Turbo Pole Position (Turbo Pro in stock exchange jargon) are not a different type of Turbo, but Turbos issued and intended to start trading when market conditions are favorable, that is, the moment when the underlying asset on which the warrant is issued trades within its "Activation Range". Once the market reaches the "Activation Range", the "Turbo Pole Position" becomes active, starts trading on the market and can be bought and sold, that is, from this moment it behaves exactly in the same way as a classic Turbo.
Turbo Warrants started trading on the Spanish stock exchange in 2007. These products offer the possibility of bringing forward the expiry date with respect to that set in the terms of the issue. This possibility is linked to the setting of a barrier level, whereby if the price of the underlying asset hits or exceeds the said barrier the expiry date for the Turbo Warrant is brought forward.
So far this year 6,983 warrants have been listed on the Spanish stock exchange.
