February Cycle (F): means the 3
nearest expiry months from Feb,
May, Aug, Nov cycle
March Cycle (M): means the 3
nearest expiry months from Mar,
Jun, Sep, Dec cycle
Quotation Pence/share
Minimum Price Movement 0.5 pence/share (£5.00)
(Tick Size and Value) 0.25 pence/share (£2.50)**
Exercise Day Exercise by 17:20 on any busi-
ness day, extended to 18:00 for
all series on a Last Trading Day
Last Trading Day 16:30
Third Wednesday in expiry month/
Third Friday in expiry month***
Settlement Day Settlement Day is four business
days following the day of exercise/
Last Trading Day
Trading Hours 08:00–16:30
From Thursday 18 April 2002, serial contract months and further dated
quarterly months were introduced in VOD options, resulting in the extension of
the maximum expiry to two years and the addition of two serial expiry months
such that the first three calendar months are always available for trading. Further
information is available in the Vodafone enhancement information sheet.
In addition, to become effective following the Mar 03 expiry on Wednesday 19
March 2003, serial longer-dated expiry months will be introduced in the following
options: AstraZeneca plc (AZA), Aviva plc (CUA), Barclays plc (BBL), BP plc (BP),
BT Group plc (BTG), Diageo plc (GNS), GlaxoSmithKline plc (GSK), HSBC Holdings
plc (HSB), Lloyd TSB Group plc (TSB), Prudential plc (PRU), Royal Bank of
Scotland Group plc (RBS) and Shell Transport & Trading Co. plc (SHL). Full
details are available in the UK Equity Option product enhancements pages.
* Due to corporate action contract adjustments some equity options series may
have a non-standard contract size. The unusual contract sizes page contains
current details.
** The minimum price movement for the following equity options price is now
0.25 pence: British Airways plc (AWS), Invensys plc (BRT), BT Group plc (BTG),
Cable & Wireless plc (CW), Colt Telecom Group plc (CTM), Legal & General
Group plc (LGE), Marks & Spencer Group plc (MS), mmO
2
plc (OOM),
Sainsbury (J) plc (SAN), Corus Group plc (STL), Tesco plc (TCO) and Vodafone
Group plc (VOD). In addition, with effect from Monday 17 March 2003, the tick
size of the following equity option contracts will be reduced from 0.5 pence to
0.25 pence: BAE Systems (AER), Barclays plc (BBL) and Shell Transport &
Trading Co. plc (SHL).
24 Clearing and settlement of derivatives