| UNDERLYING ASSET | Shares of the companies specified by Circular. |
| CONTRACT SIZE | 100 shares per contract. Due to corporate actions, some stock futures contracts temporally have a contract size different from the standard on some expirations. |
| EXPIRATIONS | At least, the four expiration months in the March-June-September-December cycle and the two closest monthly not coincident with the currently quarter expiry, shall be traded at all times. |
| DATE OF EXPIRATION | The third Friday of the expiration month. |
| SETTLEMENT AT EXPIRATION | Delivery of shares or cash settlement. |
| DAILY SETTLEMENT PRICES | They will be the best estimate of the fair market price. The criteria will be established by Circular. On the expiration date, it will be the Reference Price. |
| REFERENCE PRICE | The Closing Price of the stock on the Date of Expiration. |
| CONTRACT SETTLEMENT DATE | For the delivery settlement contracts the stock cash trade takes place on the Date of Expiration, which is then settled on regular terms. For cash settlement contracts, settlement date will be the first business day following the Expiration Date. |
| LAST TRADING DAY | The Expiration Date. |
| PRICE QUOTATION | In Euros per share with a minimum fluctuation set according to the quotation of the underlying asset and/or the Market practice, established by Circular. The minimum fluctuation shall be different in pre-arranged trades between Members |
| MAXIMUM PRICES FLUCTUATION | None, although it may be established by Circular. |
| DAILY SETTLEMENT OF PROFITS AND LOSSES | Mark-to-Market settlement daily, in cash, for the difference with respect to the prior day´s Daily Settlement Price. |
| COMMISSION SETTLEMENT | First Business Day Following the date of the Transaction. |
| MARGINS | Variable (see Circular on Margin Calculation Parameters). Margins shall be supplied before the start of the session of the Business Day following the date of the calculation. |
| AUCTION PERIOD | From 8:30 a.m. to 9:00 a.m. |
| TRADING HOURS | From 9:00 a.m. to 5:35 p.m. |
For more information please visit the Financial Derivatives General Conditions for trading at MEFF and for Clearing and Settlement at BME Clearing.
