Substantial increases have been observed in the number of market participants, contract liquidity, volume and open interest. There have been 24 different market participants active in the Euribor Mid-Curve Option over recent months providing tight bid and offer spreads in significant size. This market activity has led to a dramatic rise in average daily volume to over 3,000 contracts and open interest has climbed to over 85,000 lots.
Traditional options deliver a position in the contract's underlying future with the same maturity.
Mid-Curve Options deliver a position into a longer dated underlying future. For example a Sep '00 traditional option delivers a position in a Sep '00 future. A Sep '00 Mid-Curve Option delivers a position in a Sep '01 future. You will need Adobe Acrobat Reader to view Adobe Acrobat documents.