The Spanish Equity Derivatives Market Grows 41% Through August. Options On Shares Grow 173%

The Spanish equity derivatives market, MEFF RV, registered a volume of 971,182 contracts traded in August 1999, accumulating a total volume of 7,506,507 in the first eight months, a 41% growth over the same period of last year. Options on Shares have experienced the biggest growth with a 173% increase. The total number of contracts traded in August was 971,182. The August volume represents a daily average of 44,145 contracts (some 1,892 million notional euros, or 315,000 million pesetas per day). The number of IBEX-35 futures contracts traded in August was 367,828, a daily average of 16,719 contracts. Trading in IBEX-35 options contracts totalled 59,410 for a daily average of 2,700 contracts. Options on shares registered a total of 543,944 contracts traded in August, for a daily average of 24,725. Telefónica registered the briskest trading, with 349,557 contracts (the equivalent of 34,955,700 shares) followed by BSCH with 71,171, BBV with 50,370, Repsol with 20,583, and ENDESA with 15,645. Open interest showed a total of 2,375,073 contracts, a new high, with a growth of 14% over the previous month.