Stock Index Options
These contracts are available in addition to our Daily Options.
The details of our Stock Index Options contracts are given in the following table:
Stock Index Options Information
| Market | Dealing hours | Value of one contract (per point) | Dealing spread | Contract months | Last trading day |
|---|---|---|---|---|---|
| Australia 200 | 10.10-16.00 AEST | A$10 | 3-10 | Front quarter month only | 3rd Thursday of contract month (2) |
| Wall Street | 24 hours (8) | US$10 | 5-16 | Current & next month; 2 nearest quarter months | Thursday prior to 3rd Friday of contract month (3) |
| US SPX500 | 24 hours (8) | US$100 | 0.6-2.0 | Current & next month; 2 nearest quarter months | Thursday prior to 3rd Friday of contract month (4) |
| FTSE 100 | 24 hours (8) | £10 | 3-10 | Current & next month; 2 nearest quarter months | 3rd Friday of contract month (5) |
| Germany 30 | 24 hours (8) | EUR5 | 3-10 | Current & next month; 2 nearest quarter months | 3rd Friday of contract month (6) |
Notes to table
Our Stock Index Options are cash settled and cannot be exercised by or against you or result in delivery of the underlying security.
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Positions not already closed by the client expire automatically on the date indicated.
Call Options settle at the settlement price less the strike price, or at 0, whichever is greater.
Put Options settle at the strike price, less the settlement price, or at 0, whichever is greater.
- Australia 200options settle basis the Special Opening Quotation of the S&P/ASX 200 Index on the last trading day calculated to one decimal place. The Special Opening Quotation is calculated using the first traded price of each component stock in the S&P/ASX 200 Index on the last trading day, irrespective of when those stocks first trade in the ASX trading day. This means that the first traded price of each component stock may occur at any time time between ASX market open and ASX market close (including the Closing Single Price Auction) on the last trading day. Should any component stock not have traded by ASX market close on the last dealing day, the last traded price of that stock will be used to calculate the Special Opening Quotation.
- Wall Street options can be dealt until 15.00 (Chicago time) on the last trading day and settle basis the Special Opening Quotation (SOQ) of the DJIA (calculated to two decimal places) on the third Friday of the contract month, as reported by the CBOT. Note that this is the day after the last trading day. The SOQ is calculated from the sequence of opening prices of the 30 DJIA stocks on the NYSE.
- US SPX 500 options can be dealt until 15.15 (Chicago time) on the last trading day and settle basis the Special Opening Quotation of the S&P 500 Index on the third Friday of the contract month as reported by CME. Note that this is the day after the last trading day.
- FTSE options settle basis the Exchange Delivery Settlement Price (EDSP) as reported by LIFFE on the last dealing day. The Exchange Delivery Settlement price is based on an intraday cash market auction of the FTSE 100 Index which commences at 10.10 (London time) on the last trading day. Uncrossing of the component stocks should be finished by 10.30 (London time).
- Germany 30 options settle basis the final settlement value of the DAX as reported by Eurex on the last trading day. The settlement value is based on prices of the component shares of the DAX as determined in an intraday auction starting at 13.00 CET in the electronic trading system Xetra.
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The margin requirement for buying a Stock Index Option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.
The margin requirement for selling a Stock Index Option is variable, but will never be less than half the margin required for an equivalent sized CFD in the underlying market, and never more than the margin required for an equivalent sized CFD in the underlying market.
- 24-hour dealing starts at 08.00 (London time) onMonday and finishes at 21.15 (London time) the following Friday. Ask dealers for information about public holidays.
- When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our PureDeal platform.