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The Stock Markets Steering Committee of Hellenic Exchanges - Athens Stock Exchange, due to the upcoming adjustment of the value of "FTSE/ATHEX Large Cap Index" which will be multiplied by 10 with effect date the 21st of June 2016, approved the readjustment of the derivatives products of "Futures" and "Options" on the aforementioned Index.
The Purpose of these modifications is to strengthen the investors' interest and increase the liquidity of the Index derivatives products, by increasing the nominal value of the contract, compared to its acquisition cost. The relative adjustment will affect the contract size of the Index FTSE/ATHEX Large Cap Futures and Options, which at the final phase will reach the value of €2 and the strike prices of the Options products will be multiplied by 10 accordingly.
The modifications will be implemented into two separate phases, which are presented below. After the trading session of the 28th of April, a suspension of the derivatives products on Index FTSE/ATHEX Large Cap will be performed, for the series with expiration date later than the expiration of June 2016. These series will be suspended until the 10th of May 2016, due to the scheduled timeframe of the changes and in order to give the necessary time to the Members to perform the adjustments to their systems. Furthermore, the suspension of the "time spreads" will take place as well.
1st adjustment phase - Implementation date 11th of May 2016
- Multiplication by four of the contract size for the Futures and Options with expiration date later than the expiration of June 2016 and no open position. The new contract size will be €20 and these series will acquire a new name codification with the addition of "X" and modifier = 1.
- No modification will be performed to the series with open position. These series will remain with the same characteristics until their expiration.
2nd adjustment phase - Implementation date 17th of June 2016 (after the expiration)
- Multiplication by ten of the Index Underlying value.
- The contract size of all Futures and Options series on Index FTSE/ATHEX Large Cap will be divided by 10. The new contract size will be €2 and the series will acquire a new name codification with the addition of "Y" and modifier = 2.
- All the strike prices of the Options will be multiplied by 10, according to the modification of the Index Underlying value.
- Modification of the Clearing Price (Fixing price) of 17th of June 2016 for the purpose of daily cash settlement on the 21th of June 2016, as follows:
New Clearing Price of Futures on Index FTSE/ATHEX Large Cap = Old Clearing Price x 10
The timetable of the necessary modifications is attached.
