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Beginning from October 16, 2006, investors get the possibility of making futures contracts or options block trades. The block trade transactions shall be made outside the continuous trading system and the single-price auction system between 9:00 and 16:30 hours.
All futures contracts and options may be traded in block trades. The regulations determine the minimum and maximum number of contracts and options, which may be the subject of transaction, as follows:
|
Derivative
instruments |
Minimum number |
Maximum number |
|
Index futures contracts |
200 |
1,600 |
|
Stock futures contracts |
200 |
1,600 |
|
Treasury note futures
contracts |
200 |
1,600 |
|
Currency futures contracts |
200 |
1,600 |
|
Index futures |
200 |
2,400 |
|
Stock options |
200 |
2,400 |
Beginning from October 16, 2006, investors get the possibility of making futures contracts or options block trades. The block trade transactions shall be made outside the continuous trading system and the single-price auction system between 9:00 and 16:30 hours.
All futures contracts and options may be traded in block trades. The regulations determine the minimum and maximum number of contracts and options, which may be the subject of transaction, as follows:
Derivative instruments Minimum number Maximum number Index futures contracts 200 1,600 Stock futures contracts 200 1,600 Treasury note futures contracts 200 1,600 Currency futures contracts 200 1,600 Index futures 200 2,400 Stock options 200 2,400 The price in block trade transaction shall not exceed admissible price variation limits applicable on a given day on the central market (within so-called static limits). In case of these transactions the dynamic limits shall not apply.
For futures contracts the block trade may be concluded only when at least one transaction was concluded on the central market on a given instrument. This rule shall not apply to options.
The fees charged for block trades are identical as for transactions on futures contracts and options, concluded on the central market.
Block trades will be included in the number of open interest for a given instrument. The Warsaw Stock Exchange after each block trade will publish information concerning the current number of open interest, taking into consideration the block trade volume.
Settlement and setting up the deposits is run in the identical manner to those which are obligatory for the central market for futures contracts and options.
For more detailed information please see the Chapter 9, Section 5 of the Detailed Exchange Trading Rules, available at: www.wse.com.pl/Regulations
