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Asuntos Que Se Someten a La Aprobación Del Consejo

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Asuntos Que Se Someten a La Aprobación Del Consejo Number: C-DF- 25/2019 Segment: Financial Derivatives Date: 24 June 2019 Circular Effective Date: 26 June 2019 Replaces: C-DF-20/2019 Subject Margin Calculation Parameters. In accordance with the provisions of the Article regarding “Margins required by BME CLEARING” of BME CLEARING’s Summary Rule Book, this Circular establishes the Margin Calculation Parameters. 1.- CONSTRUCTION OF VALUATION ARRAYS Total Percentage Extraordinary Fluctuation Increase and Margin Class Product Margin to be Decrease of Fluctuation analyzed Volatility 002 BONO 10 600 b.p. 480 b.p. 10% 021 IBEX 35, MINI IBEX 35 & MICRO IBEX 35 800 points 640 points 38% 0S1 IBEX 35 BANKS 11% 9% 10% 0S2 IBEX 35 ENERGY 8% 6% 10% 023 BBVA 11% 9% 29% 025 ENDESA 8% 6% 42% 027 IBERDROLA 8% 6% 32% 028 SANTANDER 11% 9% 30% 030 REPSOL 9% 7% 30% 031 TELEFÓNICA 8% 6% 26% 033 ACERINOX 12% 10% 27% 035 BANKINTER 10% 8% 34% 037 NATURGY 9% 7% 32% 038 INDRA 11% 9% 37% 041 AMADEUS 10% 8% 29% 043 INDITEX 10% 8% 28% 045 ACS 10% 8% 47% 046 BANCO SABADELL 13% 10% 33% 047 G FERROVIAL 9% 7% 31% 048 ACCIONA 9% 7% 29% 050 SACYR VALLEH. 13% 10% 41% 051 FCC 12% 10% 50% 052 ENAGAS 8% 6% 41% 053 REE 8% 6% 26% 054 SIEMENS GAMESA 16% 13% 29% 056 MEDIASET 13% 10% 43% 057 CORP. MAPFRE 10% 8% 44% 1/9 Total Percentage Extraordinary Fluctuation Increase and Margin Class Product Margin to be Decrease of Fluctuation analyzed Volatility 058 ATRESMEDIA 14% 11% 32% 066 COLONIAL 10% 8% 30% 067 BME 8% 6% 39% 068 GRIFOLS 10% 8% 28% 072 ARCELOR MITTAL 14% 11% 22% 073 TEC. REUNIDAS 13% 10% 34% 074 OBRASCON HUARTE 32% 26% 27% 076 EBRO FOODS 8% 6% 41% 078 IAG 12% 10% 27% 080 CAIXABANK 12% 10% 28% 081 BANKIA 10% 8% 41% 082 DIA 58% 46% 36% 085 VISCOFAN 10% 8% 40% 087 AENA 9% 7% 39% 088 MERLIN 9% 7% 20% 089 CELLNEX 13% 10% 26% 090 MELIA 10% 8% 23% 091 CIE AUTOMOTIVE 11% 9% 25% 092 ENCE 15% 12% 34% 099 IBEX 35 IMPACTO DIV YEAR 1 3% 2% 10% 199 IBEX 35 IMPACTO DIV YEAR 2 4% 3% 10% 299 IBEX 35 IMPACTO DIV YEARS 3-5 5% 4% 10% 399 IBEX 35 IMPACTO DIV YEARS 6-8 8% 6% 10% 150 DIVIDENDS BBVA YEAR 1 5% 4% 10% 250 DIVIDENDS BBVA YEAR 2 15% 12% 10% 350 DIVIDENDS BBVA YEARS 3-5 22% 18% 10% 450 DIVIDENDS BBVA YEARS 6-8 26% 21% 10% 151 DIVIDENDS IBERDROLA YEAR 1 2% 2% 10% 251 DIVIDENDS IBERDROLA YEAR 2 12% 10% 10% 351 DIVIDENDS IBERDROLA YEARS 3-5 14% 11% 10% 451 DIVIDENDS IBERDROLA YEARS 6-8 19% 15% 10% 152 DIVIDENDS SANTANDER YEAR 1 5% 4% 10% 252 DIVIDENDS SANTANDER YEAR 2 12% 10% 10% 352 DIVIDENDS SANTANDER YEARS 3-5 17% 14% 10% 452 DIVIDENDS SANTANDER YEARS 6-8 22% 18% 10% 153 DIVIDENDS REPSOL YEAR 1 5% 4% 10% 253 DIVIDENDS REPSOL YEAR 2 12% 10% 10% 353 DIVIDENDS REPSOL YEARS 3-5 16% 13% 10% 453 DIVIDENDS REPSOL YEARS 6-8 22% 18% 10% 154 DIVIDENDS TELEFÓNICA YEAR 1 3% 2% 10% 254 DIVIDENDS TELEFÓNICA YEAR 2 10% 8% 10% 354 DIVIDENDS TELEFÓNICA YEARS 3-5 12% 10% 10% 454 DIVIDENDS TELEFÓNICA YEARS 6-8 18% 14% 10% 155 DIVIDENDS INDITEX YEAR 1 2% 2% 10% 255 DIVIDENDS INDITEX YEAR 2 17% 14% 10% Circular C-DF-25/2019 2/9 Total Percentage Extraordinary Fluctuation Increase and Margin Class Product Margin to be Decrease of Fluctuation analyzed Volatility 355 DIVIDENDS INDITEX YEARS 3-5 20% 16% 10% 455 DIVIDENDS INDITEX YEARS 6-8 24% 19% 10% 157 DIVIDENDS NATURGY YEAR 1 9% 7% 10% 257 DIVIDENDS NATURGY YEAR 2 15% 12% 10% 357 DIVIDENDS NATURGY YEARS 3-5 16% 13% 10% 457 DIVIDENDS NATURGY YEARS 6-8 18% 14% 10% 158 DIVIDENDS CAIXABANK YEAR 1 2% 2% 10% 258 DIVIDENDS CAIXABANK YEAR 2 21% 17% 10% 358 DIVIDENDS CAIXABANK YEARS 3-5 21% 17% 10% 458 DIVIDENDS CAIXABANK YEARS 6-8 22% 18% 10% Dividend Futures Intervals are applied to both contract sizes. Comments on the above table For Class 021 the price fluctuation (up and down) is stated in price points. For the other Margin Classes the price fluctuation is stated as a percentage of the closing price of the Underlying asset, equal to the closing price of the respective future on expiration if available; If not, equal to the closing price of the shares on the Stock Exchange capitalized on the expiration date, less estimated dividends. For all Margin Classes the percentage increase and decrease of volatility is multiplied by the volatility. Number of columns Classes 0S1, 0S2, 021 and from 092: 11 Classes 002, and from 099 to 458: 3 Interest Rate For each option contract, the interest rate corresponding to the number of days remaining between the valuation date and the option’s expiration date will be used. Time to expiration Number of days between the session date and the option’s expiration date, taking an annual basis of 365 days, if the annualized period is greater than 365 days, and 360 days otherwise. Dividends When valuating American stock options MEFF will use the estimated dividends for each underlying included from Classes 023 to 458. Circular C-DF-25/2019 3/9 Options Pricing Model Class 021: Black option pricing model. Classes from 023 to 092: For American stock Options the Binomial option pricing model is used, considering a number of time steps equal to 50. For European stock Options included in these groups, the Black & Scholes option pricing model will apply. 2.- APPLICATION OF THE VALUATION ARRAYS TO OPEN POSITIONS Multiplier Classes 021 (IBEX 35), 099, 199, 299 and 399 (IBEX 10 35 IMPACTO DIV) and 002 (BONO 10): Classes 0S1 and 0S2 (Sectorial IBEX 35 Indexes): 5 Class 021 (MINI IBEX 35): 1 Class 021 (MICRO IBEX 35): 0.1 Classes from 023 to 458 (Except Classes 099, 199, 299 Contract Nominal and 399): 3.- TIME SPREAD MARGINS Variable Time Spread Margin Products Minimum Margin Class Product Factor spread margin 002 BONO 10 160 b.p. 1.2 021 IBEX 35, MINI IBEX 35 & MICRO IBEX 35 25 points 1.2 0S1 IBEX 35 BANKS 25 points 1.2 0S2 IBEX 35 ENERGY 35 points 1.2 023 BBVA 1.03 euro 1.2 025 ENDESA 0.33 euro 1.2 027 IBERDROLA 0.20 euro 1.2 028 SANTANDER 0.62 euro 1.2 030 REPSOL 0.51 euro 1.2 031 TELEFÓNICA 0.20 euro 1.2 033 ACERINOX 0.46 euro 1.2 035 BANKINTER 0.26 euro 1.2 037 NATURGY 0.62 euro 1.2 038 INDRA 1.07 euro 1.2 041 AMADEUS 0.45 euro 1.2 043 INDITEX 0.20 euro 1.2 045 ACS 0.38 euro 1.2 Circular C-DF-25/2019 4/9 Minimum Margin Class Product Factor spread margin 046 BANCO SABADELL 0.28 euro 1.2 047 G FERROVIAL 0.40 euro 1.2 048 ACCIONA 3.54 euro 1.2 050 SACYR VALLEH. 0.23 euro 1.2 051 FCC 0.29 euro 1.2 052 ENAGAS 0.68 euro 1.2 053 REE 0.63 euro 1.2 054 SIEMENS GAMESA 0.7 euro 1.2 056 MEDIASET 0.43 euro 1.2 057 CORP. MAPFRE 0.20 euro 1.2 058 ATRESMEDIA 0.68 euro 1.2 066 COLONIAL 1.14 euro 1.2 067 BME 0.68 euro 1.2 068 GRIFOLS 1.81 euro 1.2 072 ARCELOR MITTAL 1.31 euro 1.2 073 TEC. REUNIDAS 0.43 euro 1.2 074 OBRASCON HUARTE 0.87 euro 1.2 076 EBRO FOODS 0.61 euro 1.2 078 IAG 0.21 euro 1.2 080 CAIXABANK 0.47 euro 1.2 081 BANKIA 0.20 euro 1.2 082 DIA 0.47 euro 1.2 085 VISCOFAN 0.68 euro 1.2 087 AENA 5.42 euro 1.2 088 MERLIN 0.80 euro 1.2 089 CELLNEX 0.62 euro 1.2 090 MELIA 2.02 euro 1.2 091 CIE AUTOMOTIVE 0.90 euro 1.2 092 ENCE 0.70 euro 1.2 Fixed Time Spread Margin Products Fixed Margin Class Product Spread Margin 099 IBEX 35 IMPACTO DIV YEAR 1 20 points 199 IBEX 35 IMPACTO DIV YEAR 2 20 points 299 IBEX 35 IMPACTO DIV YEARS 3-5 20 points 399 IBEX 35 IMPACTO DIV YEARS 6-8 20 points 150 DIVIDENDS BBVA YEAR 1 0.02 euro 250 DIVIDENDS BBVA YEAR 2 0.04 euro 350 DIVIDENDS BBVA YEARS 3-5 0.04 euro 450 DIVIDENDS BBVA YEARS 6-8 0.04 euro 151 DIVIDENDS IBERDROLA YEAR 1 0.02 euro 251 DIVIDENDS IBERDROLA YEAR 2 0.04 euro 351 DIVIDENDS IBERDROLA YEARS 3-5 0.06 euro Circular C-DF-25/2019 5/9 Fixed Margin Class Product Spread Margin 451 DIVIDENDS IBERDROLA YEARS 6-8 0.06 euro 152 DIVIDENDS SANTANDER YEAR 1 0.02 euro 252 DIVIDENDS SANTANDER YEAR 2 0.03 euro 352 DIVIDENDS SANTANDER YEARS 3-5 0.04 euro 452 DIVIDENDS SANTANDER YEARS 6-8 0.04 euro 153 DIVIDENDS REPSOL YEAR 1 0.06 euro 253 DIVIDENDS REPSOL YEAR 2 0.11 euro 353 DIVIDENDS REPSOL YEARS 3-5 0.14 euro 453 DIVIDENDS REPSOL YEARS 6-8 0.14 euro 154 DIVIDENDS TELEFÓNICA YEAR 1 0.02 euro 254 DIVIDENDS TELEFÓNICA YEAR 2 0.05 euro 354 DIVIDENDS TELEFÓNICA YEARS 3-5 0.05 euro 454 DIVIDENDS TELEFÓNICA YEARS 6-8 0.05 euro 155 DIVIDENDS INDITEX YEAR 1 0.02 euro 255 DIVIDENDS INDITEX YEAR 2 0.10 euro 355 DIVIDENDS INDITEX YEARS 3-5 0.14 euro 455 DIVIDENDS INDITEX YEARS 6-8 0.14 euro 157 DIVIDENDS NATURGY YEAR 1 0.12 euro 257 DIVIDENDS NATURGY YEAR 2 0.20 euro 357 DIVIDENDS NATURGY YEARS 3-5 0.21 euro 457 DIVIDENDS NATURGY YEARS 6-8 0.21 euro 158 DIVIDENDS CAIXABANK YEAR 1 0.02 euro 258 DIVIDENDS CAIXABANK YEAR 2 0.04 euro 358 DIVIDENDS CAIXABANK YEARS 3-5 0.04 euro 458 DIVIDENDS CAIXABANK YEARS 6-8 0.04 euro 4.- INTER-COMMODITY SPREAD CREDITS Inter-commodity spread credits, expressed as percentages, are shown in the following table: Deltas for 1 Priority Classes (Underlying) Margin Credit spread st 1 IBEX 35 BANKS/ BBVA 921 / 100,000 60% / 60% nd 2 IBEX 35 BANKS / SANTANDER 712 / 100,000 60% / 60% rd 3 IBEX 35 / IBEX 35 BANKS 94 / 1,000 60% / 60% th 4 IBEX 35 / SANTANDER 72 / 100,000 60% / 60% th 5 IBEX 35 / TELEFÓNICA 75 / 100,000 45% / 45% th 6 IBEX 35 ENERGY / NATURGY 1,890 / 100,000 40% / 40% th 7 IBEX 35 ENERGY / IBERDROLA 603 / 100,000 40% / 40% th 8 IBEX 35 BANKS / BANCO SABADELL 227 / 100,000 40% / 40% th 9 IBEX 35 / BBVA 84 / 100,000 40% / 40% th 10 IBEX 35 BANKS / CAIXABANK 597 / 100,000 35% / 35% Circular C-DF-25/2019 6/9 Deltas for 1 Priority Classes (Underlying) Margin Credit spread th 11 BANCO SABADELL / CAIXABANK 197 / 100 35% / 35% th 12 REE / ENAGAS 98 / 100 35% / 35% th 13 SANTANDER / MAPFRE 32 / 100 35% / 35% th 14 TELEFÓNICA / SANTANDER 52 / 100 30% / 30% th 15 IBEX 35 / BANKIA 42 / 100,000 30% / 30% th 16 IBEX 35 / MAPFRE 26 / 100,000
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