Société Générale has launched the first open-end turbo warrants available on BME. The initial series comprises more than 100 products linked to different underlying assets, including commodities, Spanish and international equities, and indices. The products were initially available for trading on BME since 28 August. Open-end turbo warrants, also known as unlimited turbos, are leveraged products that do not have a predetermined maturity date. They allow investors to take positions on upward or downward movements in an underlying asset while investing only a fraction of the amount that would be required to acquire the asset directly, with the remaining amount effectively financed by the issuer, thereby creating leverage. Unlike traditional warrants, open-end turbo warrants do not include an option-style time-value component. Their price is mainly determined by the difference between the price of the underlying asset and the product’s financing level, adjusted by the applicable ratio and other relevant pricing factors. Financing costs are incorporated through regular adjustments to the exercise price and knock-out level. Volatility generally has a more limited influence on their valuation than it does on traditional warrants. Because they are leveraged products, turbo warrants can amplify both gains and losses and are therefore intended for investors who understand their characteristics and the associated risks. Investors should review the relevant legal documentation and risk factors before making an investment decision, as these specific products include a “knock-out” level; if the underlying asset reaches that level, the product is automatically terminated, and the investor may incur a partial or total loss of the amount invested. The products are admitted through Connexor, the platform used to standardize and automate the submission of product information and lifecycle updates. Connexor helps issuers streamline the admission process and supports the daily adjustment of the exercise price and the processing of potential knock-out events throughout the product lifecycle. This launch expands the range of structured products available to investors through BME. The current offering includes traditional warrants, fixed-maturity and open-end turbo warrants, multi warrants, bonus cap warrants and certificates, providing alternatives for different market views, investment objectives and risk appetites. BME expects the series of available open-end turbo warrants by Société Générale to further expand in the coming weeks.
FTSE Mondo Visione Exchanges Index:
BME Expands Its Structured Products Offering With Société Générale’s First Open-End Turbo Warrants
Date 15/09/2026
