Specifications on this page should be used as a guide only. For full and up-to-date contract specifications please refer to the   Turquoise Rulebook.

FTSE RIOB Index Options
Contract Underlying	The FTSE Russia IOB Index (FTSE RIOB Index).
Type of Contract	European Style, cash settled DR Call and Put Options Contracts.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Exercise Window	18:10 - 18:40 London time on Expiration Day.
Multiplier	USD 50 per Index point.
Currency	USD, United States Dollar, $.
	Option Premium in Index points.
Tick Size and Tick Value	Premium Tick Size Tick Value 0.0 points - 0.10 points 0.01 points USD 0.5 0.1 points - 3.95 points 0.05 points USD 2.5 4.0 points - 9.90 points 0.10 points USD 5.0 10 points+ 0.25 points USD 12.5
Settlement style	Cash Settlement.
Option style	European Style.
Listing Day	The Monday preceding the Expiration Day each month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Expiration Day	The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	First two serial months and next four quarterly months of the "March, June, September and December" expiry cycle.
End of Day Price	Used for margining purposes, based on the volatility surface, itself dependent on; quotes per series, Underlying spot price, applicable interest rate, dividend amount (if applicable), ex-dividend date (if applicable), the second order interpolation and the arbitrage free surface.
Exercise Settlement Price	The official closing price of the FTSE RIOB as calculated by FTSE on Expiration Day following the closing auction on the IOB.
Exercise Settlement	One Bank Day after Expiration Day for payment of Exercise Settlement Amount.
Premium Settlement	One Bank Day after the Trade Day.

Tailor-made FTSE Russia IOB Index Derivatives: Flexible Parameters
Such contracts are available in accordance with Part 5 of the Rulebook allowing Members to specify specific parameters
Members may specify;
Expiration Day (any Trading Day out to Five years)
Premium (to two decimal places)
Options Strike Price (to two decimal places)

FTSE RIOB Index Futures
Contract Underlying	The FTSE Russia IOB Index (FTSE RIOB Index).
Type of Contract	Cash settled Futures Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 16:00 London time for Orderbook trading. 08:15 - 15:30 London time for Orderbook trading of Expiration Day. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	USD 50 per Index point.
Currency	USD, United States Dollar, $.
Quotation display	Future Price in Index points.
Tick Size and Tick Value	Tick Size Tick Value 0.25 points USD 12.5
Settlement style	Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the Contract.
Listing Day	The Monday preceding the Expiration Day each month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Expiration Day	The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	First two serial months and next four quarterly months of the "March, June, September and December" expiry cycle.
Daily Settlement Price	The official closing price of the FTSE RIOB Index on the London Stock Exchange IOB each day adjusted for Fair Value.
Daily Cash Settlement	One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of Daily Settlement Amounts.
Expiration Settlement Price	The official closing price of the FTSE RIOB Index on the London Stock Exchange IOB on Expiration Day.
Expiration Settlement	One Bank Day after Expiration for payment of Expiration Settlement Amount.

Tailor-made FTSE Russia IOB Index Derivatives: Flexible Parameters
Such contracts are available in accordance with Part 5 of the Rulebook allowing Members to specify specific parameters
Members may specify;
Expiration Day (any Trading Day out to Five years)
Future Price (to two decimal places)

IOB DR Options
Contract Underlying	Depositary Receipts (DRs) on International Companies listed on the London Stock Exchange (LSE) International Order Book (IOB) and listed in the Turquoise Derivatives - Product List.
Type of Contract	European Style, physically settled DR Call and Put Option Contracts.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Exercise Window	18:10 - 18:40 London time on Expiration Day.
Multiplier	100 DRs. This may change in specific cases in accordance with the Recalculation Rules.
Currency	USD, United States Dollar, $.
Quotation display	Option Premium in USD up to four decimal places.
Tick Size and Tick Value	Premium Tick Size Tick Value USD less than USD 0.25 USD 0.005 USD 0.50 USD 0.25 - USD 2.00 USD 0.01 USD 1 USD 2.0 - USD 4.00 USD 0.05 USD 5 USD 4.0 - USD 10 USD 0.10 USD 10 USD 10+ USD 0.25 USD 25
Settlement style	Physical Settlement.
Option style	European Style.
Listing Day	The Monday preceding the Expiration Day each month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Expiration Day	The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	First two serial months and first four quarterly contracts of the "March, June, September and December expiry cycle".
End of Day Price	Used for margining purposes, based on the volatility surface, itself dependent on; quotes per series, Underlying spot price, applicable interest rate, dividend amount (if applicable), ex-dividend date (if applicable), the second order interpolation and the arbitrage free surface rounded (where applicable) up to four decimal places.
Exercise Settlement Price	The official closing price of the Underlying DR on the London Stock Exchange IOB on Expiration Day. Turquoise shall take this value and rounded (where applicable) up to four decimal places.
Exercise Settlement	Three Bank Days after Exercise for Physical Delivery of DR against payment of Exercise Settlement Amount.
Premium Settlement	One Bank Day after the Trade Day.

Tailor-made IOB DR Option Contracts: Flexible Parameters
Such contracts are available in accordance with the Part 5 of the Rulebook allowing Members to specify specific parameters
Members may specify;
Expiration Day (any Trading Day out to Five years)
Premium (to four decimal places)
Strike Price (to four decimal places)

IOB DR Futures
Contract Underlying	Depositary Receipts (DRs) on International Companies listed on the London Stock Exchange´s (LSE) International Order Book (IOB) and listed in the Turquoise Derivatives - Product List.
Type of Contract	Physically settled Futures Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	100 DRs. This may change in specific cases in accordance with the Recalculation Rules.
Currency	USD, United States Dollar, $.
Quotation display	Future Price in USD.
Tick Size and Tick Value	Price Tick Size Tick Value USD less than - USD 0.5 USD 0.0001 USD 0.01 USD 0.5 - USD 0.9995 USD 0.0005 USD 0.05 USD 1 - USD 4.999 USD 0.001 USD 0.10 USD 5 - USD 9.995 USD 0.005 USD 0.5 USD 10 - USD 49.99 USD 0.01 USD 1.0 USD 50 - USD 99.95 USD 0.05 USD 5.0 USD 100 - USD 499.9 USD 0.1 USD 10 USD 500 - USD 999.5 USD 0.5 USD 50 USD 1000 - USD 4999 USD 1 USD 100 USD 5000+ USD 5 USD 500
Settlement style	Physical Settlement by Delivery of the Underlying DR on Expiration with Daily Cash Settlement throughout the lifetime of the Contract.
Listing Day	The Monday preceding the Expiration Day each month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Expiration Day	The third Friday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	First two serial months and next four quarterly months of the "March, June, September and December expiry cycle."
Daily Settlement Price	The official closing price of the Underlying DR on the London Stock Exchange IOB on each day adjusted for Fair Value and rounded (where applicable) up to four decimal places.
Daily Cash Settlement	One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of Daily Settlement Amounts.
Expiration Settlement Price	The official closing price of the Underlying DR on the London Stock Exchange IOB on Expiration Day. Turquoise shall take this value and round up (where applicable) to the nearest four decimal places to establish the Expiration Settlement Price.
Expiration Settlement	Three Trading Days after Expiration for Physical Delivery of DRs against payment of Expiration Settlement Amount.

Tailor-made IOB DR Future Contracts: Flexible Parameters
Such contracts are available in accordance with Part 5 of the Rulebook allowing Members to specify specific parameters
Members may specify;
Expiration Day (any Trading Day out to Five years)
Future Price (to four decimal places)

IOB DR Dividend Futures
Contract Underlying	The Annual Gross Dividend paid per relevant DR. "Annual is defined as having gone ex between the first Business Day after the third Friday of December and the third Friday of December the following year."
Type of Contract	Cash settled Futures Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	100 DR dividends. This may change in specific cases in accordance with the Recalculation Rules.
Currency	USD, United States Dollar, $.
Quotation display	Future Price in USD.
Tick Size and Tick Value	Future Price Tick Size Tick Value USD 0.0000 - USD 0.9995 USD 0.0005 USD 0.05 USD 1.0000 - USD 4.9990 USD 0.0010 USD 0.10 USD 5.0000+ USD 0.0100 USD 1.00
Settlement style	Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the Contract.
Listing Day	The Monday preceding the Expiration Day each year. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Expiration Day	The third Friday in the Expiration Month (January). Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	Out to two years. First two contracts of the "January" cycle.
Daily Settlement Price	The most up to date announcement by the Depository Bank relating to the Dividend. In the period before any announcements are made, Turquoise will use relevant dividend forecasts as supplied by its chosen Dividend Information Provider. Note that the Daily Settlement Price is NOT adjusted for Fair Value.
Daily Cash Settlement	One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of Daily Settlement Amounts.
Expiration Settlement Price	The amount of Gross Ordinary Dividend paid by the Depository Bank on or before the close of trading on the Expiration Day and normally rounded to four decimal places. This is in relation to the Dividends which are marked ex between the first Trading Day after the third Friday in December and the third Friday in December the following year.
Expiration Settlement	One Bank Day after Expiration for payment of Expiration Settlement Amount.

IOB DR Late Dividend Futures
Contract Trigger	Late IOB DR Futures only exist when a Dividend that was marked ex for a normal IOB DR Dividend Future has not been physically paid in its entirety by the Depository Bank before Expiration of the normal IOB DR Dividend Future Contract. Late IOB DR Dividend Contracts are extensions of normal Contracts to protect against any late payments of Dividends by Issuers.
Automatic Allocation	If not all Dividends are paid on the Underlying DR by Expiration, an equal position in "Late IOB DR Dividend Futures" is automatically created for any normal IOB DR Dividend Future position carried to Expiration. The position is opened at a price of zero and is subject to Daily Cash Settlement calculations specified below.
Contract Underlying	Remaining amount of ordinary Dividend that went ex in the relevant period for the normal Contract but was not paid by the Depository Bank before Expiration.
Type of Contract	Cash settled Future Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	As per Multiplier on the corresponding IOB DR Dividend Future at Expiration. This may change in specific cases in accordance with the Recalculation Rules.
Currency	USD, United States Dollar, $.
Quotation display	Future Price in USD.
Tick Size and Tick Value	Future Price Tick Size Tick Value USD 0.0000 - USD 0.9995 USD 0.0005 USD 0.05 USD 1.0000 - USD 4.9990 USD 0.0010 USD 0.10 USD 5.0000+ USD 0.0100 USD 1.00
Settlement style	Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the Contract.
Listing Day	The first Trading Day following Expiration of the corresponding IOB DR Dividend Future. This only occurs in accordance with the "Contract Trigger" (see above).
Expiration Day	The third Friday in the Expiration Month (January). Where this is not a normal Trading Day, the preceding Trading Day shall be used. Turquoise reserves the right to bring forward the Expiration Day once all outstanding Dividends have been physically paid.
Contract lifetimes and Expiration Months	Out to one year: First contract of the "January" cycle.
Daily Settlement Price	Determined by subtracting the Expiration Settlement Price of the corresponding IOB DR Dividend Future from the most up to date announcement by the Depository Bank relating to the relevant Dividend period.
Daily Cash Settlement	One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of Daily Settlement Amounts.
Expiration Settlement Price	The remaining amount of Gross Ordinary Dividend paid by the Depository Bank during the Lifetime of the Late Contract which applies in relation to Dividends captured by the corresponding normal IOB DR Dividend Future.
Expiration Settlement	One Bank Day after Expiration for payment of Expiration Settlement Amount.

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