Derivatives Market - FX Derivatives Derivatives Market

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Dollar Derivatives

U.S. Dollar Options

 

 

Options

Monthly

Weekly

Date launched

October 1994

 

November 2016

Trading dates

For details, click here

 

Underlying asset

NIS/U.S. dollar exchange rate

Contract size

10,000 U.S. dollars

Exercise

Monthly

Weekly

Option life

In January, February, April, May, July, August, October and November new 3-month option series are opened. In March and September new 6-month option series are opened. In June and December new 12-month option series are opened. As a result, at any point in time 5 series of options are traded – for the coming three months, the end of the next quarter and the end of the year.

 

Every Tuesday a new series of weekly options is opened with the exception of the Tuesday two weeks before the expiration of monthly derivatives.

Usually, two weekly series will be traded each day.

Price quotations

in New Israeli Shekels (NIS)

Tick size

For prices up to NIS 20 – increments of NIS 1.

Between NIS 20 and 100 – increments of NIS 2.

Between NIS 100-2OO – increments of NIS 5.

Above NIS 2OO- increments of NIS 10.

Strike prices

In increments of 2.5, 5 or 10 Agorot (NIS 1/100)

Final trading day

The Tuesday preceding the last Wednesday of the exercise month.

Tuesday

Reference strike price

The last dollar exchange rate released by the Bank of Israel prior to the exercise date, on the condition that on this day trading is held on TASE.

Exercise date

The last Wednesday in the exercise month.

Every Wednesday that is not the last Wednesday of the exercise month.

Type of option

European style

Manner of settlement

Cash settlement. All “in-the-money” options are automatically exercised.

Open interest  limits

100,000 contracts.

The limit is enforced only during the three trading days preceding the exercise date and it applies solely to options and futures exercisable on the upcoming exercise date.

Daily price fluctuation ceilings

None

U.S. Dollar Futures

 

 

Futures

Monthly

Weekly

Date launched

November 1996

November 2016

Trading dates

For details, click here

 

Underlying asset

NIS/US dollar exchange rate  

NIS/US dollar exchange rate  

Contract size

10,000 US dollars.

Expiration

Monthly

Weekly

Futures life span

In January, February, April, May, July, August, October and November new 3-month futures series are opened. In March and September new 6-month series are opened and in June and December new 12-month series are opened. As a result, at any given point in time 5 series of futures for the coming three months, the end of the next quarter and the end of the year.

Every Tuesday a new series of weekly futures is opened, with the exception of the Tuesday two weeks before the expiration of monthly derivatives.

Usually, two weekly series will be traded each day.

Price quotations

In New Israeli Shekels (NIS)

Tick size

NIS 10

Final trading day

The Tuesday preceding the last Wednesday of the expiration month.

Tuesday

Reference expiration price

The last dollar exchange rate released by the Bank of Israel prior to the expiration date, on the condition that on this day trading is held on TASE.

Expiration date

The last Wednesday in the expiration month

Wednesday

Settlement accounting

Daily mark-to-market cash settlement

Open interest limits

100,000  contracts

 The limit is enforced only during the three trading days preceding the exercise date and it applies solely to options and futures exercisable  expiring on the upcoming exercise expiration date

Daily price fluctuation ceilings

None