1

This document is for information only. London Stock Exchange Group has made reasonable efforts to 

ensure that the information contained in this document is correct at the time of printing, but shall not be 

liable for any decisions made in reliance on it. It does not constitute investment advice, nor is it 

intended to constitute an invitation or inducement to engage in any investment activity. This document 

does not constitute an offer to sell or the solicitation of an offer to purchase any security, investment 

product or service in the United States or any other jurisdiction in which such an offer or solicitation is 

not authorised.

© 16 November 2015.

London Stock Exchange Group plc, 10 Paternoster Square, London EC4M 7LS.

London Stock Exchange 

Derivatives Market 

Contract Specifications
2

1.0 IOB derivatives 3

1.1 IOB DR futures 3

1.2 IOB DR dividend neutral stock futures (DNSF) 4

1.3 IOB DR options 5

1.4 FTSE RIOB futures 6

1.5 FTSE RIOB options 7

1.6 IOB DR Dividend futures 8

1.7 IOB DR Late Dividend futures 9

2.0 Norwegian derivatives 10

2.1 Norwegian stock futures 10

2.2 Norwegian stock options 11

2.3 OBX Index futures 12

2.4 OBX Index options 13

2.5 OBOSX Index futures 14

3.0 UK derivatives 15

3.1 UK stock options 15

3.2 UK stock futures 16

3.3 FTSE 100 Index futures 17

3.4 FTSE 100 Index options 18

3.5 FTSE UK Large Cap Super Liquid Index futures 19

4.0 Turkish derivatives 20

4.1 BIST 30 Index futures 20

4.2 BIST 30 Index options 21

The Contract Specifications for Listed Products traded on the London Stock Exchange 

Derivatives Market are set out in this document. This document forms part of this rule book and 

shall have effect as if set out in full in the body of this rule book.

Member Firms should be aware that certain derivative contracts may be traded during trading 

hours when the market in the underlying is closed. Member Firms should therefore consider any 

risks associated with trading these contracts before entering into any Trade.

Contents
3

1.0 IOB derivatives

1.1 IOB DR futures

Parameter Description

Contract Underlying

Depositary Receipts (DRs) on International Companies listed on the London Stock Exchange’s 

(LSE) International Order Book (IOB) and listed in the London Stock Exchange Derivatives 

Market – Product List on the LSEG Website.

Type of Contract Physically settled Futures contracts with Daily Cash Settlement.

Cash settled Futures contracts are also available for Trade Reporting only.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 15:30 London time for Order book trading and Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Multiplier 100 DRs. This may change in specific cases in accordance with the Recalculation Rules.

Currency USD, United States Dollar, $.

Quotation display Future Price in USD.

Tick Size

For the following underlying: LKOD, MNOD, NVTK, OGZD, ROSN, SBER

Future Price Tick Size Future Price Tick Size

USD 0 – USD 0.9999 0.0001 USD 100 – USD 499.95 0.05

USD 1 – USD 4.9995 0.0005 USD 500 – USD 999.9 0.1

USD 5 – USD 9.999 0.001 USD 1,000 – USD 4,999.5 0.5

USD 10 – USD 49.995 0.005 USD 5,000 – USD 9,999 1

USD 50 – USD 99.99 0.01 USD 10,000 + 5

For all other underlying: 

Future Price Tick Size Future Price Tick Size

USD 0 – USD 0.4999 0.0001 USD 50 – USD 99.95 0.05

USD 0.5 – USD 0.9995 0.0005 USD 100 – USD 499.9 0.1

USD 1 – USD 4.999 0.001 USD 500 – USD 999.5 0.5

USD 5 – USD 9.995 0.005 USD 1000 – USD 4999 1

USD 10 – USD 49.99 0.01 USD 5000 + 5

Settlement style

Physically settled: Physical Settlement by Delivery of the Underlying DR on Expiration Day with 

Daily Cash Settlement throughout the lifetime of the Contract.

Cash settled: Cash Settlement on Expiration Day with Daily Cash Settlement throughout the 

lifetime of the Contract.

Listing Day

The Monday following the Expiration Day each month. Where this is not a normal Trading Day, 

the following Trading Day shall be used.

Expiration Day

The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding 

Trading Day shall be used.

Contract lifetimes and 

Expiration Months

First two serial months and next four quarterly months of the “March, June, September and 

December” expiry cycle.

Daily Settlement Price The official closing price of the Underlying DR on the London Stock Exchange IOB on each day 

adjusted for Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day / calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration Settlement 

Price

The official closing price of the Underlying DR on the London Stock Exchange IOB on Expiration 

Day. London Stock Exchange Derivatives Market shall take this value and round up to the 

nearest two decimal places to establish the Expiration Settlement Price.

Expiration Settlement

Physically settled: Two Bank Days after Expiration Day for Physical Delivery of DRs against 

payment of Expiration Settlement Amount.

Cash settled: One Bank Day after Expiration Day for payment of Expiration Settlement Amount.

Tailor-made 

Contracts: Flexible 

Parameters

 Expiration Day (any Trading Day out to Five years)

 Future Price (to four decimal places)

 Settlement style (Cash, Physical)
4

1.2 IOB DR dividend neutral stock futures (DNSF)

Parameter Description

Contract Underlying

Depositary Receipts (DRs) on International Companies listed on the London Stock Exchange’s 

(LSE) International Order Book (IOB) and listed in the London Stock Exchange Derivatives Market 

– Product List on the LSEG Website.

Type of Contract Physically settled Futures Contracts with Daily Cash Settlement.

Central 

Counterparty LCH.Clearnet.

Trading Hours

08:00 – 15:30 London time for Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Multiplier 100 DRs. This may change in specific cases in accordance with the Recalculation Rules.

Currency USD, United States Dollar, $.

Quotation display Future Price in USD.

Tick Size 0.0001

Settlement style Physical Settlement by Delivery of the Underlying DR on Expiration with Daily Cash Settlement 

throughout the lifetime of the Contract.

Expiration Day Any Trading Day out to two years.

Daily Settlement 

Price

The official closing price of the Underlying DR on the London Stock Exchange IOB on each day 

adjusted for Fair Value.

Daily Cash 

Settlement

One Bank Day after the Trade Day / calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration 

Settlement Price

The official closing price of the Underlying DR on the London Stock Exchange IOB on Expiration 

Day. London Stock Exchange Derivatives Market shall take this value and round up to the nearest 

two decimal places to establish the Expiration Settlement Price.

Expiration 

Settlement

Two Bank Days after Expiration for Physical Delivery of DRs against payment of Expiration 

Settlement Amount.

Tailor-made 

Contracts: Flexible 

Parameters

 Expiration Day (any Trading Day out to two years)

 Future Price (to four decimal places)

Corporate Action 

adjustment in the 

case of dividend

In the case of cash, stock or scrip dividends, both ordinary and extraordinary, Dividend Neutral 

Stock Futures contracts will be adjusted (both lot size and settlement price will be adjusted using 

the adjustment coefficient (K)).
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1.3 IOB DR options

Parameter Description

Contract Underlying Depositary Receipts (DRs) on International Companies listed on the London Stock Exchange’s 

(LSE) International Order Book (IOB) and listed in the London Stock Exchange Derivatives 

Market – Product List on the LSEG Website.

Type of Contract European Style physically settled DR Call and Put Option Contracts.

Cash settled DR Call and Put Option Contracts are also available for Trade Reporting only.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 15:30 London time for Order book trading and Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Exercise Window 18:10 – 18:40 London time on Expiration Day.

Multiplier 100 DRs. This may change in specific cases in accordance with the Recalculation Rules.

Currency USD, United States Dollar, $.

Quotation display Option Premium in USD.

Tick Size

Premium Tick Size Premium Tick Size

USD 0.01 – USD 0.245 0.005 USD 4.0 - USD 9.9 0.10

USD 0.25 – USD 1.99 0.01 USD 10.0 + 0.25

USD 2.0 - USD 3.95 0.05

Settlement style

Physically settled: Physical Settlement by Delivery of the Underlying DR on Expiration Day with 

Daily Cash Settlement throughout the lifetime of the Contract.

Cash settled: Cash Settlement on Expiration Day with Daily Cash Settlement throughout the 

lifetime of the Contract.

Listing Day

The Monday following the Expiration Day each month. Where this is not a normal Trading Day, 

the following Trading Day shall be used.

Expiration Day

The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding 

Trading Day shall be used.

Contract lifetimes and 

Expiration Months

First two serial months and next four quarterly months of the “March, June, September and 

December” expiry cycle

End of Day Price

Used for margining purposes, based on the volatility surface, itself dependent on; quotes per 

series, Underlying spot price, applicable interest rate, dividend amount (if applicable), ex-dividend 

date (if applicable), the second order interpolation and the arbitrage free surface.

Exercise Settlement 

Price

The official closing price of the Underlying DR on the London Stock Exchange IOB on Expiration

Day. London Stock Exchange Derivatives Market shall take this value and round up to the 

nearest two decimal places to establish the Exercise Settlement Price.

Exercise Settlement

Physically settled: Two Bank Days after Exercise for Physical Delivery of DR against payment of 

Exercise Settlement Amount.

Cash settled: One Bank Day after Expiration Day for payment of Exercise Settlement Amount.

Premium Settlement One Bank Day after the Trade Day.

Tailor-made 

Contracts: Flexible 

Parameters

 Expiration Day (any Trading Day out to Five years)

 Premium (to four decimal places)

 Strike Price (to four decimal places)

 Settlement style (Cash, Physical)
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1.4 FTSE RIOB futures

Parameter Description

Contract Underlying The FTSE Russia IOB Index (FTSE RIOB Index).

Type of Contract Cash settled Futures Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 16:00 London time for Order book trading and Block trading.

08:00 – 15:30 London time for Order book trading and Block trading on Expiration Day.

07:30 – 17:30 London time for manual Trade Reporting.

Multiplier USD 50 per Index point.

Currency USD, United States Dollar, $.

Quotation display Future Price in Index points.

Tick Size 0.25 points

Settlement style Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the 

Contract.

Listing Day The Monday following the Expiration Day each month.

Where this is not a normal Trading Day, the following Trading Day shall be used.

Expiration Day The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding 

Trading Day shall be used.

Contract lifetimes and 

Expiration Months

Out to 12 months:

First four quarterly of ‘March, June, September, December’ cycle.

Daily Settlement Price

The official closing price of the FTSE RIOB Index on the London Stock Exchange IOB each day 

adjusted for Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration Settlement 

Price

The official closing price of the FTSE RIOB Index on the London Stock Exchange IOB on 

Expiration Day.

Expiration Settlement One Bank Day after Expiration for payment of Expiration Settlement Amount.

Tailor-made Contracts: 

Flexible Parameters

 Expiration Day (any Trading Day out to Five years)

 Future Price (to two decimal places)
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1.5 FTSE RIOB options

Parameter Description

Contract Underlying The FTSE Russia IOB Index (FTSE RIOB Index).

Type of Contract European Style, cash settled DR Call and Put Options Contracts.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 15:30 London time for Order book trading and Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Exercise Window 18:10 – 18:40 London time on Expiration Day.

Multiplier USD 50 per Index point.

Currency USD, United States Dollar, $.

Quotation display Option Premium in Index points.

Tick Size Premium Tick Size

USD 0.0 - USD 0.09 0.01 points

USD 0.1- USD 3.95 0.05 points

USD 4.0 – USD 9.90 0.10 points

USD 10 + 0.25 points

Listing Day The Monday following the Expiration Day each month. Where this is not a normal Trading Day, 

the following Trading Day shall be used.

Expiration Day The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding 

Trading Day shall be used.

Contract lifetimes and 

Expiration Months

Out to 12 months:

First four quarterly Contracts of ‘March, June, September, December’ cycle.

End of Day Price Used for margining purposes, based on the volatility surface, itself dependent on; quotes per 

series, Underlying spot price, applicable interest rate, dividend amount (if applicable), exdividend date (if applicable), the second order interpolation and the arbitrage free surface.

Exercise Settlement 

Price

The official closing price of the FTSE RIOB as calculated by FTSE on Expiration Day following 

the closing auction on the IOB.

Exercise Settlement One Bank Day after Expiration Day for payment of Exercise Settlement Amount.

Premium Settlement One Bank Day after the Trade Day.

Tailor-made Contracts: 

Flexible Parameters

 Expiration Day (any Trading Day out to Five years)

 Premium (to two decimal places)

 Options Strike Price (to two decimal places)
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1.6 IOB DR Dividend futures

Parameter Description

Contract Underlying

The Annual Gross Dividend paid per relevant DR. “Annual” is defined as having gone ex 

between the first Business Day after the third Friday of December and the third Friday of 

December the following year.

Type of Contract Cash settled Futures Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 15:30 London time for Order book trading and Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Multiplier

100 DR dividends. 

This may change in specific cases in accordance with the Recalculation Rules.

Currency USD, United States Dollar, $.

Quotation display Future Price in USD.

Tick Size and Tick 

Value

Future Price Tick Size

USD 0.0000 – USD 0.9995 0.0005

USD 1.0000 - 4.9990 0.0010

USD 5.0000 + 0.0100

Settlement style Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the 

Contract.

Listing Day

The Monday preceding the Expiration Day each year.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day

The third Friday in the Expiration Month (January).

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months

Out to two years. First two contracts of the ‘January’ cycle.

Daily Settlement Price

The most up to date announcement by the Depository Bank relating to the Dividend. In the 

period before any announcements are made, London Stock Exchange Derivatives Market will 

use relevant dividend forecasts as supplied by its chosen Dividend Information Provider. Note 

that the Daily Settlement Price is NOT adjusted for Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration Settlement 

Price

The amount of Gross Ordinary Dividend paid by the Depository Bank on or before the close of 

trading on the Expiration Day and normally rounded to four decimal places. This is in relation to 

the Dividends which are marked ex between the first Trading Day after the third Friday in 

December and the third Friday in December the following year.

Expiration Settlement One Bank Day after Expiration for payment of Expiration Settlement Amount.
9

1.7 IOB DR Late Dividend futures

Parameter Description

Contract Trigger Late IOB DR Futures only exist when a Dividend that was marked ex for a normal IOB DR 

Dividend Future has not been physically paid in its entirety by the Depository Bank before 

Expiration of the normal IOB DR Dividend Future Contract. Late IOB DR Dividend Contracts are 

extensions of normal Contracts to protect against any late payments of Dividends by Issuers.

Automatic Allocation If not all Dividends are paid on the Underlying DR by Expiration, an equal position in “Late IOB 

DR Dividend Futures” is automatically created for any normal IOB DR Dividend Future position 

carried to Expiration. The position is opened at a price of zero and is subject to Daily Cash 

Settlement calculations specified below.

Contract Underlying Remaining amount of ordinary Dividend that went ex in the relevant period for the normal 

Contract but was not paid by the Depository Bank before Expiration.

Type of Contract Cash settled Future Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 15:30 London time for Order book trading and Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Multiplier As per Multiplier on the corresponding IOB DR Dividend Future at Expiration. 

This may change in specific cases in accordance with the Recalculation Rules.

Currency USD, United States Dollar, $.

Quotation display Future Price in USD.

Tick Size and Tick 

Value

Future Price Tick Size

USD 0.0000 – USD 0.9995 0.0005

USD 1.0000 - USD 4.9990 0.0010

USD 5.0000 + 0.0100

Settlement style Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the 

Contract.

Listing Day The first Trading Day following Expiration of the corresponding IOB DR Dividend Future. This 

only occurs in accordance with the “Contract Trigger” (see above).

Expiration Day The third Friday in the Expiration Month (January). Where this is not a normal Trading Day, the 

preceding Trading Day shall be used. The London Stock Exchange Derivatives Market 

reserves the right to bring forward the Expiration Day once all outstanding Dividends have been 

physically paid.

Contract lifetimes and 

Expiration Months

Out to one year: First contract of the ‘January’ cycle.

Daily Settlement Price Determined by subtracting the Expiration Settlement Price of the corresponding IOB DR 

Dividend Future from the most up to date announcement by the Depository Bank relating to the 

relevant Dividend period.

Daily Cash Settlement One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration Settlement 

Price

The remaining amount of Gross Ordinary Dividend paid by the Depository Bank during the 

Lifetime of the Late Contract which applies in relation to Dividends captured by the 

corresponding normal IOB DR Dividend Future.

Expiration Settlement One Bank Day after Expiration for payment of Expiration Settlement Amount.
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2.0 Norwegian derivatives

2.1 Norwegian stock futures

Parameter Description

Contract Underlying Norwegian Companies listed on Oslo Børs (full list available in the London Stock Exchange 

Derivatives Market – Product List on the LSEG Website)

Type of Contract Physically settled Future Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 15:20 London time for Order book trading and Block trading.

07:30 – 16:00 London time for manual Trade Reporting.

Multiplier 100 Shares. This may change in specific cases in accordance with the Recalculation Rules.

Currency NOK, Norwegian Kroner.

Quotation display Future Price in NOK.

Tick Size and Tick Value Future Price Tick Size Tick Value

NOK 0.0 - NOK 49.99 NOK 0.01 NOK 1

NOK 50.0 - NOK 99.95 NOK 0.05 NOK 5

NOK 100.0 - NOK 499.90 NOK 0.10 NOK 10

NOK 500.0 + NOK 0.50 NOK 50

Listing Day The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day The third Thursday in the Expiration Month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months*

Normal

3 month contract, listed 

monthly 

12 month contract, listed 

quarterly 

Long

3 month contract, listed 

monthly 

12 contract, listed quarterly 

24 month contract, listed semiannually

AD (100% dividend 

adjusted)

3 month contract, listed 

monthly

6 month contract, listed 

quarterly

Listing months: 

 3 month contract: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

 6 and 12 month contract: Mar, Jun, Sep, Dec

 24 month contract : Jun, Dec

The Product List on the London Stock Exchange Derivatives Market Website shows all Stocks 

and their corresponding Group.

Daily Settlement Price The official closing price of the Underlying Stock on Oslo Børs each day adjusted for Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day

Expiration Settlement 

Price

The official closing price of the Underlying Stock on Oslo Børs on Expiration Day.

Expiration Settlement Two Bank Days after Expiration for Physical Delivery of Stock against payment of Expiration 

Settlement Amount.

* Additional maturities may be listed, subject to Oslo Børs’ assessment.
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2.2 Norwegian stock options

Parameter Description

Contract Underlying Norwegian Companies listed on Oslo Børs and listed in the London Stock Exchange Derivatives 

Market – Product List on the LSEG Website.

Type of Contract American Style, Physically settled Call and Put Option Contracts.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 15:20 London time for Order book trading and Block trading.

07:30 – 16:00 London time for manual Trade Reporting.

Exercise Window 07:30 – 18:00 London time on any Trading Day except Expiration Day.

18:10 – 18:40 London time on Expiration Day.

Multiplier 100 Shares. This may change in specific cases in accordance with the Recalculation Rules.

Currency NOK, Norwegian Kroner.

Quotation display Option Premium in NOK.

Tick Size and Tick 

Value

Premium Tick Size Tick Value

NOK 0.0 - NOK 0.24 NOK 0.01 NOK 1

NOK 0.25 - NOK 3.95 NOK 0.05 NOK 5

NOK 4.0 - NOK 7.90 NOK 0.10 NOK 10

NOK 8.0 NOK 0.25 NOK 25

Listing Day The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day The third Thursday in the Expiration Month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months*

Normal 

3 month contract, listed 

monthly 

12 month contract, listed 

quarterly 

Long 

3 month contract, listed monthly 

12 contract, listed quarterly 

24 month contract, listed semiannually

AD (100% dividend 

adjusted)

3 month contract, listed 

monthly

6 month contract, listed 

quarterly

Listing months: 

 3 months terms: Jan, Feb, Apr, May, Jul, Aug, Oct, Nov

 6 and 12 months terms: Mar, Jun, Sep, Dec

 24 months terms : Jun, Dec

The Product List on the London Stock Exchange Derivatives Market Website shows all Stocks 

and their corresponding Group.

End of Day Price Used for margining purposes, based on the volatility surface, itself dependent on; quotes per 

series, Underlying spot price, applicable interest rate, dividend amount (if applicable), exdividend date (if applicable), the second order interpolation and the arbitrage free surface.

Exercise Settlement 

Price

The official closing price of the Underlying Stock on Oslo Børs each Trading Day including 

Expiration Day.

Exercise Settlement Two Bank Days after Exercise for Physical Delivery of Stock against payment of Exercise 

Settlement Amount.

Premium Settlement One Bank Day after the Trade Day.

* Additional maturities may be listed, subject to Oslo Børs’ assessment.
12

2.3 OBX Index futures

Parameter Description

Contract Underlying The OBX Index, the benchmark index for Norway.

Type of Contract Cash settled Futures Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 15:20 London time for Order book trading and Block trading.

07:30 – 16:00 London time for manual Trade Reporting.

Multiplier NOK 100 per Index point.

Currency NOK, Norwegian Kroner.

Quotation display Future Price in Index points.

Tick Size and Tick 

Value

Future Price Tick Size Tick Value

0 points - 999.90 points 0.10 points NOK 10

1000 points + 0.25 points NOK 25

Listing Day The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day The third Thursday in the Expiration Month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months

3 months contract, listed every serial month (Jan, Feb, Apr, May, Jul, Aug, Oct, Nov)

12 months contract, listed every calendar quarter (Mar, Jun, Sep, Dec)

Daily Settlement Price The official closing price of the OBX Index as calculated each day by Oslo Børs and adjusted for 

Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration Settlement 

Price

VWAP of the OBX cash market, including closing auction calculated by Oslo Børs on Expiration 

Day.

Expiration Settlement One Bank Day after Expiration for payment of Expiration Settlement Amount.
13

2.4 OBX Index options

Parameter Description

Contract Underlying The OBX Index. The benchmark index for Norway.

Type of Contract European Style, cash settled Call and Put Options Contracts.

Central Counterparty LCH.Clearnet.

Trading Hours 08:00 – 15:20 London time for Order book trading and Block trading.

07:30 – 16:00 London time for manual Trade Reporting.

Exercise Window 18:10 – 18:40 London time on Expiration Day.

Multiplier NOK 100 per Index point.

Currency NOK, Norwegian Kroner.

Quotation display Option Premium in Index points.

Tick Size and Tick 

Value

Premium Tick Size Tick Value

0.0 points - 0.24 points 0.01 points NOK 1

0.25 points - 3.95 points 0.05 points NOK 5

4.0 points - 7.9 points 0.10 points NOK 10

8.0 points + 0.25 points NOK 25

Listing Day The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day The third Thursday in the Expiration Month. Where this is not a normal Trading Day, the 

preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months

3 months contract, listed every serial month (Jan, Feb, Apr, May, Jul, Aug, Oct, Nov)

12 months contract, listed every calendar quarter (Mar, Jun, Sep, Dec)

End of Day Price Used for margining purposes, based on the volatility surface, itself dependent on; quotes per 

series, Underlying spot price, applicable interest rate, dividend amount (if applicable), exdividend date (if applicable), the second order interpolation and the arbitrage free surface.

Exercise Settlement 

Price

VWAP of the OBX cash market, including closing auction calculated by Oslo Børs on Expiration 

Day.

Exercise Settlement One Bank Day after Expiration Day for payment of Exercise Settlement Amount.

Premium Settlement One Bank Day after the Trade Day.
14

2.5 OBOSX Index futures

Parameter Description

Contract Underlying OBOSX - Oslo Børs OBX Oil Service Index

Type of Contract Cash settled Futures Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours 07:30 – 15:20 London time for Order book trading and Block trading.

07:30 – 16:00 London time for manual Trade Reporting.

Multiplier NOK 100 per Index point.

Currency NOK, Norwegian Kroner.

Quotation display Future Price in Index points.

Tick Size and Tick 

Value

Future Price Tick Size Tick Value

0 points - 999.90 points 0.10 points NOK 10

1000 points 0.25 points NOK 25

Settlement style Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the 

Contract.

Listing Day The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day The third Thursday in the Expiration Month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months

3 months contract, listed every serial month (Jan, Feb, Apr, May, Jul, Aug, Oct, Nov)

6 months contract, listed every calendar quarter (Mar, Jun, Sep, Dec)

Daily Settlement Price The official closing price of the OBX Index as calculated each day by Oslo Børs and adjusted for 

Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of 

Daily Settlement Amounts.

Expiration Settlement 

Price

VWAP of the OBX cash market, including closing auction calculated by Oslo Børs on Expiration 

Day.

Expiration Settlement One Bank Day after Expiration for payment of Expiration Settlement Amount.
15

3.0 UK derivatives

3.1 UK stock options

Parameter Description

Contract Underlying United Kingdom stocks listed on the London Stock Exchange’s (LSE) and listed in the London 

Stock Exchange Derivatives Market Product List on the LSEG Website.

Type of Contract

Physically settled Call and Put Option Contracts for Order book trading, Block Trading and 

manual Trade Reporting.

Cash settled Call and Put Option Contracts are also available for Block Trading and manual 

Trade Reporting only.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 16:30 London time for Order book trading and Block Trading

07:30 – 17:30 London time for manual Trade Reporting.

Exercise Window 18:10 – 18:40 London time on Expiration Day.

Multiplier

100 or 1000 Shares, as per the Exchange’s Product List

This may change in specific cases in accordance with the Recalculation Rules.

Currency GBX, British Pence, p

Quotation display Option Premium in GBX up to two decimal places

Tick Size and Tick Value

Tick Size Tick Value

0.25

GBP 0.25 (contract size 100)

GBP 2.50 (contract size 1000)

Settlement style

Physically settled: Physical Settlement by Delivery of the Underlying stocks on Expiration Day 

with Daily Cash Settlement throughout the lifetime of the Contract. 

Cash settled: Cash Settlement on Expiration Day with Daily Cash Settlement throughout the 

lifetime of the Contract.

Option style

American style Options for Order Book trading.

American style and European style Options for Block trading and manual Trade reporting.

Listing day

The Monday following the Expiration Day each month. Where this is not a normal Trading Day, 

the following Trading Day shall be used.

Expiration Day

Standard, The third Friday in the Expiration Month. Where this is not a normal Trading Day, the 

preceding Trading Day shall be used,

Flexible, on any normal Trading Day out to 5 years

Contract lifetimes and 

Expiration Months

Out to 12 months: First two serial months and next four quarterly months of the “March, June, 

September and December” expiry cycle.

End of Day Price

Used for margining purposes, based on the volatility surface, itself dependent on; quotes per 

series (if available), Underlying spot price, applicable interest rate, dividend amount (if 

applicable), ex-dividend date (if applicable), the second order interpolation and the arbitrage 

free surface.

Exercise Settlement 

Price

The London Stock Exchange Derivatives Market shall take the official closing price of the 

Underlying on the London Stock Exchange on Expiration Day and round up to the nearest two 

decimal places to establish the Exercise Settlement Price.

Exercise Settlement

Physically settled: Two Bank Days after Exercise for Physical Delivery against payment of 

Exercise Settlement Amount.

Cash settled: One Bank Day after Expiration Day for payment of Exercise Settlement Amount.

Premium Settlement One Bank Day after the Trade Day.

Tailor-made Contracts: 

Flexible Parameters

 Expiration Day (any Trading Day out to Five years)

 Premium (to four decimal places)

 Strike Price (to two decimal places)

 Settlement style (Cash, Physical)

 Option Style: American or European
16

3.2 UK stock futures

Parameter Description

Contract Underlying United Kingdom stocks listed on the London Stock Exchange’s (LSE) and listed in the London 

Stock Exchange Derivatives Market Product List on the LSEG Website.

Type of Contract Physically or Cash settled Futures Contracts for Block Trading and manual Trade Reporting 

only.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 16:30 London time for Block Trading

07:30 – 17:30 London time for manual Trade Reporting

Multiplier 100 or 1000 Shares, as per the Exchange’s Product List

Currency GBX, British Pence, p

Quotation display Future price in GBX up to two decimal places

Tick Size and Tick Value

Tick Size Tick Value

0.01 GBP 0.01 (contract size 100)

GBP 0.10 (contract size 1000)

Settlement style

Physically settled: Physical Settlement by Delivery of the Underlying stocks on Expiration Day 

with Daily Cash Settlement throughout the lifetime of the Contract.

Cash settled: Cash Settlement on Expiration Day with Daily Cash Settlement throughout the 

lifetime of the Contract.

Expiration Day On any normal Trading Day out to 5 years

Daily Settlement Price The official closing price of the Underlying share on the London Stock Exchange on each day 

adjusted for Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day / calculation of Daily Settlement Price for cash movements 

of Daily Settlement Amounts.

Expiration Settlement 

Price

The London Stock Exchange Derivatives Market shall take the official closing price of the

Underlying on the London Stock Exchange on Expiration Day and round up to the nearest two 

decimal places to establish the Expiration Settlement Price.

Expiration Settlement

Physically settled: Two Bank Days after Exercise for Physical Delivery against payment of 

Expiration Settlement Amount.

Cash settled: One Bank Day after Expiration Day for payment of Expiration Settlement 

Amount.

Tailor-made Contracts: 

Flexible Parameters

 Expiration Day (any Trading Day out to Five years)

 Futures Price (to four decimal places)
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3.3 FTSE 100 Index futures

Parameter Description

Contract Underlying The FTSE 100 Index. The benchmark Index for the United Kingdom.

Type of Contract Cash settled Future Contracts with Daily Cash Settlement.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 17:00 London time for Order book trading and Block Trading.

07:30 – 17:30 London time for manual Trade Reporting. 

On Expiration Day, trading finishes as soon as reasonably practicable after 10:15am once 

the Expiration Settlement Price of the Index has been determined.

Multiplier GBP 10 per Index point.

Currency GBP, British Pound, £.

Quotation display Future Price in Index points.

Tick Size and Tick Value

Tick Size Tick Value

0.5 GBP 5

Settlement style Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the 

Contract.

Listing Day

The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day

The third Friday in the Expiration Month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months

Out to 12 months:

First four quarterly months of ‘March, June, September, December’ cycle.

Daily Settlement Price

The closing value of the FTSE 100 Index as calculated by FTSE each Trading Day at 16:35 

following the closing auction on the London Stock Exchange. This value is adjusted by 

London Stock Exchange Derivatives Market to reflect Fair Value and rounded to two 

decimal places.

Daily Cash Settlement One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash 

movements of Daily Settlement Amounts.

Expiration Settlement Price

The value of the FTSE 100 Expiry Index as calculated by FTSE at 10:15 on the Expiration 

Day or as soon as reasonably practicable, following the intraday auction on the London 

Stock Exchange http://www.londonstockexchange.com/traders-and-brokers/rulesregulations/exchange-delivery-settlement-price.htm (plus up to 30 seconds random interval 

and any price monitoring extensions or Market Order extensions in any of the constituent 

Stocks). The London Stock Exchange Derivatives Market shall take this value and round to 

the nearest 0.5 Index points to establish the Expiration Settlement Price. Members shall be 

aware that the Expiration Settlement Price may vary from that trading day’s highs and lows.

Expiration Settlement One Bank Day after Expiration for payment of Expiration Settlement Amount.
18

3.4 FTSE 100 Index options

Parameter Description

Contract Underlying The FTSE 100 Index. The benchmark Index for the United Kingdom.

Type of Contract European Style, Cash settled Call and Put Option Contracts.

Central Counterparty LCH.Clearnet.

Trading Hours

08:00 – 17:00 London time for Order book trading and Block Trading.

07:30 – 17:30 London time for manual Trade Reporting.

On Expiration Day, trading finishes as soon as reasonably practicable after 10:15 once the 

Expiration Settlement Price of the Index has been determined.

Exercise Window 18:10 – 18:40 London time on Expiration Day.

Multiplier GBP 10 per Index point.

Currency GBP, British Pound, £.

Quotation display Option Premium in Index points.

Tick Size and Tick Value

Tick Size Tick Value

0.5 GBP 5

Settlement style Cash Settlement.

Option style European Style.

Listing Day

The Monday preceding the Expiration Day each month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Expiration Day

The third Friday in the Expiration Month.

Where this is not a normal Trading Day, the preceding Trading Day shall be used.

Contract lifetimes and 

Expiration Months

Out to 24 months:

First two non quarterly months; First eight quarterly months of ‘March, June, September, 

December’ cycle.

End of Day Price

Price used to calculate theoretical value of Option Contract positions in order to facilitate the 

margining process at the clearing level. This price is calculated in accordance with standard 

Black Scholes options pricing model.

Exercise Settlement Price

The value of the FTSE 100 Expiry Index as calculated by FTSE at 10:15 on the Expiration 

Day or as soon as reasonably practicable, following the intraday auction on the London Stock 

Exchange http://www.londonstockexchange.com/traders-and-brokers/rulesregulations/exchange-delivery-settlement-price.htm

(plus up to 30 seconds random interval and any price monitoring extensions or Market Order 

extensions in any of the constituent Stocks). The London Stock Exchange Derivatives Market 

shall take this value and round to the nearest 0.5 Index points to establish the Exercise

Settlement Price. Members shall be aware that the Exercise Settlement Price may vary from 

that trading day’s highs and lows.

Exercise Settlement One Bank Day after Expiration Day for payment of Exercise Settlement Amount.

Premium Settlement One Bank Day after the Trade Day.
19

3.5 FTSE UK Large Cap Super Liquid Index futures

Parameter Description

Contract Underlying FTSE UK Large Cap Super Liquid index

Type of Contract Cash settled future contracts with daily cash settlement

Central Counterparty LCH.Clearnet

Trading Hours

08:00 – 17:00 London time for Order book trading and Block trading.

07:30 – 17:30 London time for manual Trade Reporting.

Multiplier GBP 10 per index point

Currency GBP, British Pound, £

Quotation display Future price in index points

Tick Size and Tick Value

Tick Size Tick Value

0.5 GBP 5.00

Settlement style Cash settlement on expiration with daily cash settlement throughout the lifetime of the 

contract.

Listing Day

Monday preceding expiration day each month .Where this is not a normal trading day, the 

preceding trading day shall be used.

Expiration Day

3rd Friday of expiration month. Where this not a normal trading day, the preceding trading day 

shall be used Trading finishes at 10:15 London time.

Contract lifetimes and 

Expiration Months

Out to 12 months: first four quarterly months of ‘March, June, September, December’ cycle.

Daily Settlement Price

Closing value of FTSE UK Large Cap Super Liquid index as calculated by FTSE each trading 

day at 16:35 following the closing auction on London Stock Exchange. This value is adjusted 

by London Stock Exchange Derivatives Market to reflect fair value and rounded to two decimal 

places.

Daily Cash Settlement One bank day after the trade day

Expiration Settlement 

Price

Value of FTSE UK Large Cap Super Liquid index as calculated by FTSE at 10:15 on 

expiration day or as soon as reasonably practicable, following the intraday auction on London 

Stock Exchange (plus up to 30 seconds random interval and any price monitoring extensions 

or market order extensions in any of the constituent stocks). London Stock Exchange 

Derivatives Market shall take this value and round it to the nearest 0.5 index point to establish 

the Expiration Settlement Price. 

Expiration Settlement One bank day after expiration for payment of Expiration Settlement Amount.
20

4.0 Turkish derivatives

4.1 BIST 30 Index futures

Parameter Contract Specifications1

Contract Underlying BIST 30 Price index, divided by 1,000

(for example, BIST 30 Price index = 110,500, Contract Underlying = 110,500 / 1,000 = 110.500)

Central Counterparty LCH.Clearnet

Trading Hours

07:10 – 15:45 London time for Order book trading

07:10 – 17:30 London time for Block trading and manual Trade Reporting

Multiplier

TRY 100 per Contract Underlying

(for example, BIST 30 Price index / 1000 * 100 = 110,500 / 1,000 * 100 = TRY 11,050.0)

Currency TRY, Turkish Lira

Quotation display Future price in points of Contract Underlying

Tick Size and Tick Value

Tick Size Tick Value

0.025 in points of Contract Underlying TRY 2.5

Listing Day

The day following the Expiration Day. Where this is not a Trading Day, the following Trading Day 

shall be used

Contract lifetimes and 

Expiration Months

February, April, June, August, October and December expiry cycle, up to 1 year.

Contracts with 3 different expiration months nearest to the current month shall be traded 

concurrently. If December is not one of those 3 months, an extra contract with an expiration month 

of December shall be launched.

Expiration Day

Last Trading Day of the Expiration Month.

In case the market is closed or open half day, Expiration Day shall be the preceding Trading Day.

Settlement style Cash Settlement on Expiration Day with daily cash settlement throughout the lifetime of the 

Contract

Daily Settlement Price The last value of the BIST 30 Price index as calculated each day by Borsa Istanbul, divided by 

1,000, and adjusted for Fair Value.

Daily Cash Settlement One Bank Day after the Trade Day

Expiration Settlement 

Price

Standard Contracts: the Expiration Settlement Price as defined by Borsa Istanbul2. In case Borsa 

Istanbul is not able to define the EDSP due to a technical or market-wide issue, LSEDM will 

convene an internal committee to determine the EDSP, considering current market conditions and 

providing market participants relevant information via market notice.

Tailor-made Contracts: The Expiration Settlement Price shall be calculated as the weighted 

average of i) the time weighted average of the last 30 minutes of continuous auction in the Borsa 

Istanbul equity market (in the second session) and ii) the closing price of the index, with 80% and 

20% weights, respectively. The calculated weighted average is divided by 1,000 and rounded to 

the nearest 0.025. In case of technical or market-wide issue impacting either Borsa Istanbul equity 

market or BIST 30 index calculation, LSEDM will convene an internal committee to determine the 

EDSP, considering current market conditions and providing market participants relevant 

information via market notice.

Expiration Settlement One Bank Day after Expiration Day

Tailor-made Contracts:

Flexible Parameters

• Expiration Day (any Trading Day out to 1 year)

• Future Price (to 3 decimal places, including off-tick)

 

1 DISCLAIMER: The Exchange has entered into a license agreement with Borsa Istanbul (“BIST”) to be permitted to use the BIST 30 Index that 

BIST owns rights in, in connection with the listing, trading and marketing of derivatives products linked to the BIST 30 Index. BIST makes no 

warranty, express or implied as to the accuracy, completeness, merchantability, fitness for a particular purpose or the results to be obtained by any 

person or any entity from the use of the BIST 30 Index, any intraday proxy related thereto or any data, included therein, and cannot be held 

responsible for any loss or damage arising from any faults failures delays omissions of BIST30 Index in connection with the trading of any contracts, 

or for any other use.

2

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4.2 BIST 30 Index options

Parameter Contract Specifications

3

Contract Underlying BIST 30 Price index, divided by 1,000

(for example, BIST 30 Price index = 110,500, Contract Underlying = 110,500 / 1,000 = 110.500)

Option Style European Style

Central Counterparty LCH.Clearnet

Trading Hours

07:10 – 15:45 London time for Order book trading

07:10 – 17:30 London time for Block trading and manual Trade Reporting

Exercise window 18:10 – 18:40 London time on Expiration Day.

Multiplier

TRY 100 per Contract Underlying

(for example, BIST 30 Price index / 1000 * 100 = 110,500 / 1,000 * 100 = TRY 11,050.0)

Currency TRY, Turkish Lira

Quotation display Option premium in points of Contract Underlying

Tick Size and Tick Value

Tick Size Tick Value

0.01 in points of Contract Underlying TRY 1

Listing Day

The day following the Expiration Day. Where this is not a Trading Day, the following Trading Day 

shall be used

Contract lifetimes and 

Expiration Months

February, April, June, August, October and December expiry cycle, up to 1 year.

Contracts with 3 different expiration months nearest to the current month shall be traded 

concurrently. If December is not one of those 3 months, an extra contract with an expiration month 

of December shall be launched.

Expiration Day

Last Trading Day of the Expiration Month.

In case the market is closed or open half day, Expiration Day shall be the preceding Trading Day.

Settlement style Cash Settlement on Expiration Day with daily cash settlement throughout the lifetime of the 

Contract

Daily Settlement Price

Theoretical Value based on the volatility surface, itself dependent on: quotes per series, underlying 

spot price, applicable interest rate, dividend amount (if applicable), ex-dividend date (if applicable), 

the second order interpolation and the arbitrage free surface.

Exercise Settlement 

Price

Standard Contracts: the Exercise Settlement Price as defined by Borsa Istanbul.4In case Borsa 

Istanbul is not able to define the EDSP due to a technical or market-wide issue, LSEDM will 

convene an internal committee to determine the EDSP, considering current market conditions and 

providing market participants relevant information via market notice.

Tailor-made Contracts: The Exercise Settlement Price shall be calculated as the weighted 

average of i) the time weighted average of the last 30 minutes of continuous auction in the Borsa 

Istanbul equity market (in the second session) and ii) the closing price of the index, with 80% and 

20% weights, respectively. The calculated weighted average is divided by 1,000 and rounded to 

the nearest 0.025. In case of technical or market-wide issue impacting either Borsa Istanbul equity 

market or BIST 30 index calculation, LSEDM will convene an internal committee to determine the 

EDSP, considering current market conditions and providing market participants relevant 

information via market notice.

Exercise Settlement One Bank Day after Expiration Day

Premium Settlement One Bank Day after the Trade Day.

Tailor-made Contracts:

Flexible Parameters

• Expiration Day (any Trading Day out to 1 year)

• Premium (to two decimal places)

• Options Strike Price (to three decimal places)

Strike Prices

For each Expiration month, at least 15 strike prices are available for both call and put options (7 

ITM, 7 OTM and 1 ATM) with a strike price generation increment equal to 2 (corresponding to 

2,000 index points).

 

3 DISCLAIMER: The Exchange has entered into a license agreement with Borsa Istanbul (“BIST”) to be permitted to use the BIST 30 Index that 

BIST owns rights in, in connection with the listing, trading and marketing of derivatives products linked to the BIST 30 Index. BIST makes no 

warranty, express or implied as to the accuracy, completeness, merchantability, fitness for a particular purpose or the results to be obtained by any 

person or any entity from the use of the BIST 30 Index, any intraday proxy related thereto or any data, included therein, and cannot be held 

responsible for any loss or damage arising from any faults failures delays omissions of BIST30 Index in connection with the trading of any contracts, 

or for any other use.

4

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