Individual security derivatives
- Equity options
- ETP options
- LEPOs
Index options
- S&P/ASX 200 index options
- Index LEPOs
- ASX SPI200™ index options
- Index options - exercise timetable
Options contract specifications
Equity options
| Underlying security | Any share approved by ASX under guidelines for listing equity options |
| Security code | The first three characters are the ASX code eg. BHP, the fourth and fifth character are the clearing code which is randomly assigned by the ASX. Some codes will include a sixth numerical character which is a clearing code randomly assigned by ASX. |
| Contract size | Usually 100 shares per contract. This may be adjusted for rights, bonus issues and other capital adjustment events. |
| Tick size | $0.001 per share = $0.10 (contract size 100 shares) for premium below 1 cent. $0.005 per share = $0.50 (contract size 100 shares) for premium of 1 cent or more. |
| Exercise style | American (Exercisable on or before expiry date) or European (Exercisable on the expiry date only) |
| Exercise price | Generally set by ASX Clear subject to strike price intervals. Occasionally subject to an adjustment due to a corporate action by the underlying company. |
| Type | Call and put options |
| Contract months | As detailed in equity options expiry calendar |
| Expiry date | Monthly Contracts - 3rd Thursday of the calendar month. Weekly Contracts - Thursday Both may change due to public holidays |
| Trading hours | Normal trading 10.00am to 4.20pm (Sydney time). Late trading 4.20pm to 5.00pm and overseas trading in accordance with the ASX Market Rules |
| Settlement | Physical delivery of underlying security |
ETP options
| Underlying security | Any ETP approved by ASX under guidelines for listing equity options |
| Security code | The first three characters are the ASX code eg. STW, the fourth and fifth character are the clearing code which is randomly assigned by the ASX. Some codes will include a sixth numerical character which is a clearing code randomly assigned by ASX. |
| Contract size | Normally 100 securities per contract. |
| Tick size | $0.001 per share = $0.10 (contract size 100 shares) for premium below 1 cent. $0.005 per share = $0.50 (contract size 100 shares) for premium of 1 cent or more. |
| Exercise style | European (Exercisable on the expiry date only) |
| Exercise price | Generally set by ASX Clear subject to strike price intervals. |
| Type | Call and put options |
| Contract months | As detailed in equity options expiry calendar |
| Expiry date | Monthly Contracts - 3rd Thursday of the calendar month. Weekly Contracts - Thursday Both may change due to public holidays |
| Trading hours | Normal trading 10.00am to 4.20pm (Sydney time). Late trading 4.20pm to 5.00pm and overseas trading in accordance with the ASX Market Rules |
| Settlement | Physical delivery of underlying security |
LEPOs (Low Exercise Price Option)
Contract specifications are identical to equity options, with exception of the below.
| Exercise style | European i.e. exercisable only on the last trading day. |
| Exercise price | 1 cent per share. |
| Type | Call option only. |
S&P/ASX 200 index options XJO
| Underlying index | S&P/ASX 200 index |
| Security codes | The first three characters are the ASX code e.g. XJO, the fourth and fifth characters are the clearing code randomly assigned by ASX. Certain codes include a sixth character which is always numeric. |
| Index multiplier | $10. Each index point is equal to AUD $10. |
| Tick size | Quoted as the number of points of the index. (Tick size 1.0 point) |
| Exercise style | European, ie. exercisable only on expiry day. |
| Exercise intervals | 25 Index points |
| Type | Call and put options |
| Contract months | March, June, September, December up to six quarter months ahead and serial months up to four non-financial quarter months ahead |
| Expiry day | Monthly Contracts - The third Thursday of the contract month, unless otherwise specified by ASX. Weekly Contracts - Thursday, unless otherwise specified by ASX. |
| Last trading day | Trading will cease at 12 noon on expiry Thursday. |
| Trading hours | 9.50am to 5.00pm and 5.30pm to 7.00pm (Sydney time) |
| Settlement | Index options are cash settled using the opening price index calculation on expiry morning. This means trading will continue after the settlement price has been determined. |
| Settlement day | The first business day following the Last Trading Day |
Index LEPOs (Low exercise price option)
Contract specifications are identical to XJO index options, with exception of the below.
| Type | Call options only |
ASX SPI 200™ index options
| Contract unit | Valued at A$25 per index point (e.g. A$150,000 at 6,000 index points). |
| Contract months | ASX SPI 200™1 index options expire in the same calendar month as the underlying ASX SPI 200™1 index futures contract. Put and Call options available on existing ASX SPI 200™1 index futures contracts. ASX SPI 200™1 index options available four quarter months ahead. |
| Commodity code | AP |
| Listing date | 02/05/2000 |
| Minimum price movement | 0.5 index points (A$12.50) |
| Exercise prices | Set at intervals of 25 index points. New option exercise prices created automatically as the underlying futures contract price fluctuates. |
| Last trading day | The last day of trading of the underlying futures contract. All trading in expiring contracts ceases at 12.00pm on the Last Trading Day. Non-expiring contracts will continue to trade as per the stated trading hours.2 |
| Cash settlement price | The cash settlement price of the underlying futures contract. |
| Trading hours | 5.10pm – 7.00am and 9.50am – 4.30pm2 (during US daylight saving time)3 5.10pm – 8.00am and 9.50am – 4.30pm2 (during US non daylight saving time)3 |
| Settlement day | Options may be exercised on any business day up to and including the Last Trading Day. Only ‘in-the-money’ options are automatically exercised at expiry, unless abandoned. Upon exercise, the holder will receive an underlying ASX SPI 200™1 index futures contract position at the option strike price. |
| Position limit | None |
| Daily price limit | None |
| CFTC approved | Yes |
1. ASX SPI 200™ is a trademark of the ASX Group.
2. Unless otherwise indicated, all times are Sydney times.
3. US daylight saving begins second Sunday in March and ends first Sunday in November
Index options - exercise timetable
| Event | Cash Flow |
| Last trading day | Last day to trade the index for that contract month. |
| Expiry |
|
| E+1 Business day following Expiry | Cash settlement amount paid to buyers and paid by sellers of in-the-money options. Margins refunded to seller. |
