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.

OBX Index Options
Contract Underlying	The OBX Index. The benchmark index for Norway.
Type of Contract	European Style, cash settled Call and Put Options Contracts.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:00 - 16:20 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	NOK 100 per Index point.
Currency	NOK, Norwegian Kroner.
Quotation display	Option Premium in Index points.
Tick Size and Tick Value	Premium Tick Size Tick Value 0.0 points - 0.10 points 0.01 points NOK 1 0.1 points - 3.95 points 0.05 points NOK 5 4.0 points - 7.90 points 0.10 points NOK 10 8.0 points - infinity 0.25 points NOK 25
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 Thursday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	Out to six months: First two months of "February, March, May, June, August, September, November, December" cycle; First two months of "January, April, July, October" 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	VWAP of the OBX cash market, including closing auction calculated by Oslo Børs on Expiration Day.
Exercise Settlement	One Bank Day after Expiration Day for payment of Exercise Settlement Amount.
Premium Settlement	One Bank Day after the Trade Day.

OBX Index Futures
Contract Underlying	The OBX Index. The benchmark index for Norway.
Type of Contract	Cash settled Futures Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:00 - 16:20 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	NOK 100 per Index point.
Currency	NOK, Norwegian Kroner.
Quotation display	Future Price in Index points.
Tick Size and Tick Value	Future Price Tick Size Tick Value 0 points - 1000 points 0.10 points NOK 10 1000 points - infinity 0.25 points NOK 25
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 Thursday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	Out to six months: First two non quarterly months of "February, March, May, June, August, September, November, December" cycle; First two quarterly months of "January, April, July, October" cycle.
Daily Settlement Price	The official closing price of the OBX Index as calculated each day by Oslo Børs and 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	VWAP of the OBX cash market, including closing auction calculated by Oslo Børs on Expiration Day.
Expiration Settlement	One Bank Day after Expiration for payment of Expiration Settlement Amount.

Norwegian Stock Options
Contract Underlying	Norwegian Companies listed on Oslo Børs and listed in the Turquoise Derivatives - Product List.
Type of Contract	American Style, Physically settled Call and Put Option Contracts.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:00 - 16:20 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Exercise Window	07:30 - 18:00 London time on any Trading Day except Expiration Day. 18:10 - 18:40 London time on Expiration Day.
Multiplier	100 Shares. This may change in specific cases in accordance with the Recalculation Rules.
Currency	NOK, Norwegian Kroner.
Quotation display	Option Premium in NOK.
Tick Size and Tick Value	Premium Tick Size Tick Value NOK 0.0 - NOK 0.10 NOK 0.01 NOK 1 NOK 0.1 - NOK 3.95 NOK 0.05 NOK 5 NOK 4.0 - NOK 7.90 NOK 0.10 NOK 10 NOK 8.0 - infinity NOK 0.25 NOK 25
Settlement style	Physical Settlement.
Option style	American 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 Thursday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	Group One - Out to 12 months: First two non quarterly months; First four quarterly months of "March, June, September, December" cycle. Group Two - Out to 6 months: First two quarterly months of "March, June, September, December" cycle. The Product List on the Turquoise Website shows all Stocks and their corresponding Group.
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 Underlying Stock on Oslo Børs each Trading Day including Expiration Day.
Exercise Settlement	Three Bank Days after Exercise for Physical Delivery of Stock against payment of Exercise Settlement Amount.
Premium Settlement	One Bank Day after the Trade Day.

Norwegian Stock Futures
Contract Underlying	Norwegian Companies listed on Oslo Børs and listed in the Turquoise Derivatives - Product List.
Type of Contract	Physically settled Future Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:00 - 16:20 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	100 Shares. This may change in specific cases in accordance with the Recalculation Rules.
Currency	NOK, Norwegian Kroner.
Quotation display	Future Price in NOK.
Tick Size and Tick Value	Premium Tick Size Tick Value NOK 0.0 - NOK 9.99 NOK 0.01 NOK 1 NOK 10.0 - NOK 49.95 NOK 0.05 NOK 5 NOK 50.0 - NOK 149.90 NOK 0.10 NOK 10 NOK 150.0 - NOK 999.75 NOK 0.25 NOK 25 NOK 1000.0 - infinity NOK 0.50 NOK 50
Settlement style	Physical Settlement by Delivery of the Underlying Stock 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 Thursday in the Expiration Month. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	Group One - Out to 12 months: First two non quarterly months; First four quarterly months of "March, June, September, December" cycle. Group Two - Out to 6 months: First two quarterly months of "March, June, September, December" cycle. The Product List on the Turquoise Website shows all Stocks and their corresponding Group.
Daily Settlement Price	The official closing price of the Underlying Stock on Oslo Børs 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 Underlying Stock on Oslo Børs on Expiration Day.
Expiration Settlement	Three Bank Days after Expiration for Physical Delivery of Stock against payment of Expiration Settlement Amount.