FUTOP: Change In Calculation And Announcement Of Expiration Price On 15 December

For FUTOP instruments traded in ELECTRA the last trading day will be the day prior to the expiration day. FUTOP instruments traded in CLICK are tradable throughout the entire expiration day until 17:00. In the FUTOP system the instruments expire between 11:00 and 12:00 on the expiration day, while the new platform allows the instruments to expire between 9:00 and 17:00.

The longer expiration period means that the expiration price may differ for one and the same FUTOP instrument, e.g. a future on KFX, depending on whether it has been traded in ELECTRA or in CLICK. To solve this problem the expiration price will on 15 December be calculated in the period from 9:00 to 17:00 for all FUTOP instruments expiring that day, and the computed expiration price will apply to contracts in both the old and the new system.

For positions in the FUTOP system this will mean that the expiration price and other margin adjustment prices will not be announced until approx. 18:00. At the same time, this means that the flow of the day will be postponed from 17:30 to 18:30.