Options on the IBEX 35 follow the European system and are cleared for cash on the Maturity Date by differences with respect to the Maturity Date Settlement Price.

Options on shares follow the European or American system (so these can be exercised before the maturity date) and are settled by delivery of the shares.

MATURITY DATE OF THE OPTIONS

• In share options the following maturity dates are in general open to trading, clearing and settlement:

  • Four quarterly maturity dates closest to the March-June-September-December cycle.

  For the underlying securities of Telefónica, BBVA, SCH, Endesa, Repsol e Iberdrola, the following six quarterly maturity dates are also open as well as the subsequent maturity dates of the half-yearly June-December cycle up to completing maturity dates with a maximum life of five years from its commencement.

• In IBEX 35 options the following are open to trading, clearing and settlement:

  • The ten maturity dates closest to the quarterly March-June-September-December cycle.
  • The two closest monthly maturity dates non-coincident with the first maturity date of the quarterly cycle.
  • The maturity dates of the June-December half-yearly cycle not included previously up to completing maturity dates with a maximum life of five years from its commencement.