The following is a brief description of futures on Danish stocks. For a detailed contact specifikation, please consult chapter four in the Rules and Regulations for OMX Derivatives Markets, which is available here on the website.
Futures contracts with daily cash settlement and delivery on expiration.
Contract base:
The type of share, which is apparent from quotation list. The share shall be registered or listed on the OMX Nordic Exchange Copenhagen or any other exchange or market approved by the exchange.
Contract size:
One hundred shares per contact, except for A.P. Møller-Mærsk B where the contact size is one (1) share. Re-calculation may occur in certain cases (see Re-calculation).
Series term:
Contracts with terms of three, six and nine months are listed in accordance with what is stated in the quotation list.
Series designation:
Indicate the designation for the contract base, expiration year and expiration month.
Futures price:
Agreed upon by the parties. Shall be expressed in Danish Kroner and indicate the price for one contract share.
Expiration day:
The third Friday of the expiration months March, June, September and December, or , where such day is not a Danish bank day the preceding bank day.
Last trading day:
The expiration day at the close of the electronic trading system for series in question.
Daily cash settlement:
Daily cash settlement is paing or receiving a settlement amount on a daily basis equivalent with the difference between previous day's futures closing price and current day's futures closing price. The settlement day for the daily cash settlement is the first Danish bank day following the mark-to-market day.
Final settlement:
The final settlement is the difference between the previous day's future closing price and a volume weighted average price of the contract share on the expiration day. Payment of settlement occurs on the first Danish bank day following the expiration day.
Delivery:
Delivery of the relevant share occurs in exchange for an amount equivalent to the futures price on the settlement day. Delivery and payment for delivery occurs the third Danish bank day following the expiration day.
Setting-off:
Setting-off of contracts may not occur.
Listing of new expiration month:
A new expiration month is listed four Danish bank days prior to the expiration of the previous futures series.
Re-calculation:
Re-calculation can occur in certain cases in the event the share capital of the company is increased or decreased or the company is dissolved or ceases to exist through a merger as well as certain other events in accordance with the provisions set forth in the re-calculation rules.
All information provided herein shall be deemed to be general information and under no circumstances constitute any recommendation regarding investments. The reader shall be personally liable for risks associated with any investment based on the information provided in this document. Notwithstanding that the accuracy of the information provided herein has been verified, NASDAQ OMX, or any other subsidiary of NASDAQ OMX, assumes no liability with respect to the accuracy or use of such information. Trading in options and other derivatives instruments may involve risks, advice therefore with your bank or broker before executing a trade. For current rules for trading and clearing of options and futures please see Rules and Regulations for OMX Derivatives Markets.
