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Stock Options and LEPOs

These contract specifications regulate standardized options on stocks (stock options) and standardized low-exercise-price-options on stocks (LEPOs):

Types of options Wiener Börse offers American style options for stock options (exercise is possible on any trading day during the life of the option).
Contract size One contract is for 50 stocks.
Fulfillment Physical delivery of 50 stocks of the underlying instrument.
Fulfillment day One exchange trading day after exercise (t+1).
Last day of trading The third Friday of the respective month if this day is an exchange trading day; otherwise, the preceding exchange trading day shall be the last trading day.
Maturities Stock options:

Maturities are available on the next three consecutive calendar months as well as on the next 3 quarterly expiry days (March, June, September and December) and the next and next but one half-year (June and December) thereafter.

LEPOs:

Shall have maturities on the next expiry day as well as on the next two quarterly expiry days (March, June, September and December).
Price intervals
Price of the option
from EUR
to EUR
Tick size
EUR
0.01 10.00 0.01
10.10 50.00 0.10
50.50 100.00 0.50
101.00   1.00
Exercise period Exercises can be entered into the system during continuous trading.
Strike price intervals
Price of the underlying
from EUR
 
to EUR
Price interval
EUR
0.10 3.00 0.10
3.20 6.00 0.20
6.50 10.00 0.50
11.00 20.00 1.00
22.00 100.00 2.00
105.00 250.00 5.00
260.00   10.00

Number of exercise prices When options series are introduced, there are five exercise prices for trading for every call and every put for each maturity.

> 2 exercise prices in the money
> 1 exercise price at the money
> 2 exercise prices out of the money

Should it not be possible to determine the at-the-money exercise price definitely, there are six exercise prices available for every call, put and maturity.

When LEPOs are introduced, only calls with an exercise price of EUR 0.01 shall be made available for maturities.
Market Making Market makers ensure permanent liquidity and commit themselves to comply with the requirements stipulated by Wiener Börse.
Trading hours 9:03 – 17:40 hrs CET
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