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Price Limits and Trade Invalidation Value Ranges Document title PRICE LIMITS AND TRADE INVALIDATION VALUE RANGES Document type or subject EURONEXT DERIVATIVES MARKETS Date 20 May 2019 Number of pages Author 43 Euronext Market Services This document is for information purposes only. The information and materials contained in this document are provided ‘as is’ and Euronext does not warrant the accuracy, adequacy or completeness and expressly disclaims liability for any errors or omissions. This document is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Euronext. This document and any contents thereof, as well as any prior or subsequent information exchanged with Euronext in relation to the subject matter of this presentation, are confidential and are for the sole attention of the intended recipient. Except as described below, all proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced without the prior written permission of Euronext. Portions of this presentation may contain materials or information copyrighted, trademarked or otherwise owned by a third party. No permission to use these third party materials should be inferred from this presentation. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at https://www.euronext.com/terms-use. © 2017 Euronext N.V. - All rights reserved Price Limits and Trade Invalidation Value Ranges PRICE LIMITS The PLRP from the outright legs are used to calculate the PLRP for a strategy. For the strategy value ranges multipliers are used. Strategy Multipliers are a percentage of the In respect of futures contracts, value ranges for Price Limits and trade invalidations value ranges in the outright strikes. are expressed as a number of ticks (unless otherwise specified) from the Price Limit The option price for a delta neutral trade strategy order, should be at or within the set Reference Price or PLRP. For instance, a value range of “14” for Futures indicates a price limit range at submission of the order. The Delta used for a Delta Neutral limit bid which is 7 ticks above the PLRP and a limit offer which is 7 ticks below the strategy order should be within the maximum deviation of 10 delta points of the PLRP e.g. if the PLRP is 99.54 the offer limit will be 99.47 and the bid limit 99.61. The Euronext calculated delta. value ranges expressed are the “normal” settings, although the ranges can be widened. SPIKING LIMITS For the majority of futures contracts the PLRP for the most active contract month (“the blue month”) is the last traded price (or subsequent offers below/bids above that A Futures contract that uses Market Priced style price limits can additionally be price). For all other contract months, the PLRP is a fair value for that contract month, configured to support Spiking Price Limits. The purpose of Spiking Price Limits is to with the fair value being calculated in real time from outright and implied spread apply a certain amount of ‘inertia’ to the movement of Dynamic Price Limits when relationships with the blue month. By taking their lead from the most active contract the reference price is rapidly moving either up or down and constantly hitting the existing price limits. In this case, normal (i.e. non-spiking) price limits policy applies month, the price limits in other months remain up-to-date and therefore do not until the spiking functionality is triggered. Spiking is triggered when, as a result of interrupt normal trading. This method of calculating the PLRP is referred to in the orders trading in the Blue month, the Blue Month PLRP is moved to the lower or Euronext Trading Procedures as the “Central Order Book price method”, at Euronext upper Outer Price Limit, and this occurs twice within a configured maximum Trading Procedure 2.1.3. triggered time. For some futures (e.g. single stock futures) contracts and currency futures contracts, Spiking Price Limits are then in operation for all expiries in the contract, until a the PLRP is calculated by Euronext as the price of the underlying security plus the cost Market Control Analyst switches spiking off and the contract is returned to normal of carry for each contract month. This method of calculating the PLRP is referred to in price limits. Spiking Price Limits cannot be triggered during Pre-Open or Uncrossing. the Euronext Trading Procedures as the “theoretical fair value method”, at Euronext When Spiking Price Limits have been triggered the Outer Price Limit Spread on the Trading Procedure 2.1.4. opposite side to the direction of the market move is doubled. The outer price limit Options Price Limits operate in broadly the same way as those for futures contracts. spread on the side of the market move is adjusted by a spread offset according to In the case of options contracts the “theoretical fair value method” is used. Euronext the number of times the PLRP hits the outer price limit. Note that this means spiking calculates a fair value price (PLRP) to which a spread value range is applied, outside of price limits are not symmetrical around PLRP. this range orders are rejected by the Trading Host. The width of the spread range is calculated by reference to a fair value price. Price Limits for options contracts are described in Euronext Trading Procedure 2.1.6. The value ranges expressed are the “normal” settings, although the ranges can be Note widened. When Spiking Price Limits are active the current Price Limit Multiplier is taken into account when calculating any new limits – e.g. if the Price Limit Multiplier is set to Wide then the Wide multiplier will be applied to the basic price limit spread prior to being used by the Spiking Price Limit calculation algorithm. © 2017 Euronext N.V. - All rights reserved 2 of 43 Version Number: 1.0 Price Limits and Trade Invalidation Value Ranges TRADE INVALIDATION Euronext will not ordinarily invalidate trades that have occurred at prices within the value ranges set out in this document. An exception to this would be where the Euronext’s arrangements in respect of trade invalidations are governed by section 3.5 value range for the contract concerned temporarily failed to reflect the contract’s of the Euronext Trading Procedures and associated implementing notice. The fair value. In such exceptional circumstances, Euronext would be able to invalidate fundamental principle underlying the policy is that Price Limits prevent the vast trades at unrepresentative prices, or orders which may give rise to trades at majority of trades at unrepresentative prices and trades should be allowed to stand, unrepresentative prices, if executed, irrespective of whether such trades (or orders) and the market be allowed to operate without intervention by Euronext, except where fell within or outside the contract’s current value range. In so doing, Euronext exceptional circumstances dictate otherwise. exercises its discretion in order to fulfil its regulatory obligation to maintain fair and orderly markets. © 2014 Euronext N.V. - All rights reserved 3 of 43 Version Number: 1.0 Price Limits and Trade Invalidation Value Ranges INDEX FUTURES* OUTRIGHT MONTHS VALUE STRATEGY MULTIPLIER - STRATEGY MULTIPLIER - CONTRACT RANGE CALENDAR SPREADS OTHERS AEX-Index 120 (€6) 40% 30% AEX-Index Mini 120 (€6) 40% 30% AEX Dividend Index 30 (€3) 40% 30% AMX Index 80 (€8) 40% 30% BEL 20 Index 800 (€80) 40% 30% CAC 40 Index 60 (€30) 40% 30% CAC 40 Index Mini 60 (€30) 40% 30% CAC 40 Dividend Index 300 (€30) 40% 30% FTSE EPRA Euro Zone 60 (€60) 40% 30% FTSE EPRA Europe 60 (€60) 40% 30% FTSE Eurofirst 80 60 (€60) 40% 30% FTSE Eurofirst 100 60 (€60) 40% 30% Morningstar Eurozone 50 Price Index 3,000 (€30) 40% 30% PSI 20 Index 80 (€90) 40% 30% * The Price Limit Reference Price for price limits for these contracts (excluding the Euro/Dollar contracts) is calculated using the Central Order Book method. Price Limits and Trade Invalidation Value Ranges Exchange For Physicals (EFP) Strategies ‘m’: CAC 40® EFP PLRP ± 3.00 AEX-Index® EFP PLRP ± 0.50 Price Limits and Trade Invalidation Value Ranges for Total Return Futures (TRF): CAC 40® TRF PLRP ± 100 bps (for both TAIC and TAM trade) © 2017, Euronext N.V. Page 4 of 43 Price Limits and Trade Invalidation Value Ranges CURRENCY FUTURES* OUTRIGHT MONTHS VALUE STRATEGY MULTIPLIER - STRATEGY MULTIPLIER - CONTRACT RANGE CALENDAR SPREADS OTHERS Euro/US Dollar 400 ($4) 40% 30% GBP/US Dollar 400 ($4) 40% 30% GBP/Euro 400 (€4) 40% 30% *The Price Limit Reference Price for price limits for these contracts is calculated using the Theoretical Fair Value method COMMODITY FUTURES* Strategy Multiplier - Calendar Contract Outright Months Value Range Strategy Multiplier - Others Spreads Blé De Meunerie En Euro (Milling Wheat) 48 (€12) 40% 30% Colza En Euro (Rapeseed) 96 (€24) 40% 30% Future Mais (Corn) 48 (€12) 40% 30% Granulés de Bois en Euro (Residential Wood 48 (€12) 40% 30% Pellets) Huile de Colza en Euro (Rapeseed Oil) 192 (€48) 40% 30% Nitrogen Fertiliser (UAN 30) 48 (€12) 40% 30% Paris Real Estate 100(€100) 40% 30% Skimmed Milk Powder 384 (€96) 40% 30% Sweet Whey Food Grade 192 (€48) 40% 30% Tourteau de Colza en Euro (Rapeseed Meal) 96 (€24) 40% 30% Unsalted Lactic Butter 384 (€96) 40% 30% * The Price Limit Reference Price (PLRP) for price limits for these contracts is calculated using the Central Order Book method © 2017, Euronext N.V. Page 5 of 43 Price Limits and Trade Invalidation Value Ranges AMSTERDAM
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