MEFF - Stock Dividend Futures

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Stock Dividend Futures


UNDERLYING ASSET	Sum of a company ordinary dividends during a specific period of time described in the Expirations paragraph.
CONTRACT SIZE	Dividends corresponding to 1000 shares (except after adjustments pursuant to section 8 of these General Conditions).
EXPIRATIONS	At least three annual expirations. An annual expiration period means a computation period from last year third Friday of December, excluded, until the third Friday of December of the expiration year, included. Non-annual cycles expiries can also be opened. The actual expirations will be determined by Circular.
EXPIRATION DATE	The third Friday of the expiration month.
SETTLEMENT AT EXPIRATION	Cash settlement of the difference with respect to the Settlement Price at Expiration.
CONTRACT SETTLEMENT DATE	First Business Day following the Expiration Date.
LAST TRADING DAY	The Expiration Date.
FUTURES PRICE QUOTATION	In EURO per share with a minimum fluctuation set according to the quotation of the underlying asset and/or the Market practice. It will be established by Circular. The minimum fluctuation may be different in pre-arranged trades between Members.
MAXIMUM PRICE FLUCTUATION	None, although it may be established by Circular.
DAILY SETTLEMENT OF VARIATION MARGIN	Daily cash settlement by the difference between the sessions's Daily Settlement Price and that of the previous session (see section 7).
COMMISSION SETTLEMENT	First Business Day following the date of the Transaction.
MARGINS	Established by Circular.
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 Settlement Price at Expiration.

For more information please visit the General Conditions on Stock Dividend Futures.