FTSE 100 INDEX FUTURE

FTSE 100 Index Futures

FTSE 100 Index Futures (No. 29)
Unit of trading

Contract Valued at £10 per index point (e.g. value £65,000 at 6500.0)

Delivery day

First business day after the Last Trading Day

Delivery months

March, June, September, December (nearest four available for trading)

Quotation

Index points (eg 6500.0)

Minimum price movement (tick size and value)

0.5 (£5.00)

Last trading day

Trading shall cease as soon as reasonably practicable after 10:15 (London time) once the Expiry Value of the Index has been determined. Please refer to London Notice LON2693 for more information. Third Friday in delivery month¹

Exchange delivery Settlement Price (EDSP)

The value of the FTSE 100 Index is calculated by FTSE International with reference to the outcome of the EDSP intra-day auction at the London Stock Exchange carried out on the Last Trading Day.

Last update
Mon, 07/01/2013
Trading Hours

01:00 - 21:00²

Legal Delivery/Expiry Month

Sep 2013 Onwards

Trading platform

UTP and Bclear

Algorithm

Central order book applies a price-time trading algorithm with priority given to the first order at the best price.

Wholesale service

Asset Allocation, Block Trading, Basis Trading

Clearing

ICE Clear Europe Limited

Exchange contract

10 - No. 29

1 - In the event of the third Friday not being a business day, the Last Trading Day shall normally be the last business day preceding the third Friday.

2 - The Contract will be available continuously from 01:00 to 07:50 hours, and then enter a ten minute Pre-Open period between 07.50 hours and 08:00 hours during which, as with traditional Pre-Open periods, orders may be submitted, revised and pulled but no business will be matched. For the avoidance of doubt, the market will not close, and UTP will not delete any resting orders from the market.

Contract Standard: Cash settlement based on the Exchange Delivery Settlement Price.

Economic and Monetary Union/Euro: Please refer to the attached full contract specification.

Statement in relation to EDSP Formation:  Potential users of the FTSE 100 Index Futures Contract made available on the London International Financial Futures and Options Exchange should familiarise themselves with the relevant Index compilation and calculation procedures, as well as the relevant contract terms.  Price formation leading to the EDSP for the FTSE 100 Index Futures Contract is subject to similar influences to those in the case of many other cash-settled contracts. Trading activity on the relevant stock market(s) during the EDSP Period is likely to be affected by the activity of particular market participants who are seeking to obtain price convergence at the EDSP between offsetting stock and futures positions.  Such participants might typically seek to achieve this by unwinding their stock positions during the EDSP Period at prices which they anticipate will contribute to the calculation of Index figure(s) which will, in turn, be used to determine the final EDSP.  A consequence of this concentrated activity might be that the final EDSP differs from the Index figure immediately prior to the commencement of the EDSP Period and, if relevant, from the Index figure immediately following that period.  Potential users should, therefore, consider the risks of holding positions into the expiry of the FTSE 100 Index Futures Contract.  In particular, they should consider their exposure to potentially unfavourable price movements in the expiry and whether to take steps to neutralise such exposure; for example, taking into account that there may be relatively limited liquidity provision, whether to "roll" or close positions prior to expiry.

Unless otherwise indicated, all times are London times.