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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 Número: C-DF-05/2016 Segmento: Derivados Financieros Fecha: 19 de febrero de 2016 Circular Fecha entrada en vigor: 26 de febrero de 2016 Sustituye a: C-DF-03/2016 Asunto Parámetros a utilizar para el cálculo de las garantías por posición. De acuerdo con el artículo 20.2.C del Reglamento, se detallan Resumen los parámetros para el cálculo de las garantías por posición. Los cambios respecto a la anterior Circular están resaltados en negrita. 1.- CONSTRUCCIÓN DE LAS MATRICES Porcentaje de Grupo Fluctuación Fluctuación incremento y de Producto Total a Garantía disminución Compensación Analizar Extraordinaria de la volatilidad 002 BONO 10 700 puntos 560 puntos 10% 021 IBEX 35 y MINI IBEX 35 950 puntos 760 puntos 25% 099 IBEX 35 IMPACTO DIV AÑO 1 4% 3% 10% 199 IBEX 35 IMPACTO DIV AÑO 2 9% 7% 10% 299 IBEX 35 IMPACTO DIV AÑOS 3-5 11% 9% 10% 023 BBVA 12% 10% 25% 150 DIVIDENDOS BBVA AÑO 1 11% 9% 10% 250 DIVIDENDOS BBVA AÑO 2 16% 13% 10% 350 DIVIDENDOS BBVA AÑOS 3-5 18% 14% 10% 024 ABERTIS 10% 8% 27% 025 ENDESA 10% 8% 25% 027 IBERDROLA 10% 8% 27% 151 DIVIDENDOS IBERDROLA AÑO 1 15% 12% 10% 251 DIVIDENDOS IBERDROLA AÑO 2 18% 14% 10% 351 DIVIDENDOS IBERDROLA AÑOS 3-5 21% 17% 10% 028 SANTANDER 12% 10% 25% 152 DIVIDENDOS SANTANDER AÑO 1 8% 6% 10% 252 DIVIDENDOS SANTANDER AÑO 2 17% 14% 10% 352 DIVIDENDOS SANTANDER AÑOS 3-5 21% 17% 10% 030 REPSOL 16% 13% 23% 153 DIVIDENDOS REPSOL AÑO 1 8% 6% 10% 253 DIVIDENDOS REPSOL AÑO 2 17% 14% 10% 353 DIVIDENDOS REPSOL AÑOS 3-5 23% 18% 10% 031 TELEFÓNICA 11% 9% 27% 154 DIVIDENDOS TELEFÓNICA AÑO 1 11% 9% 10% 254 DIVIDENDOS TELEFÓNICA AÑO 2 11% 9% 10% 354 DIVIDENDOS TELEFÓNICA AÑOS 3-5 12% 10% 10% 1/6 Porcentaje de Grupo Fluctuación Fluctuación incremento y de Producto Total a Garantía disminución Compensación Analizar Extraordinaria de la volatilidad 033 ACERINOX 15% 12% 28% 034 BANCO POPULAR 14% 11% 18% 035 BANKINTER 12% 10% 18% 037 GAS NATURAL 10% 8% 21% 038 INDRA 12% 10% 18% 041 AMADEUS 10% 8% 24% 043 INDITEX 10% 8% 25% 155 DIVIDENDOS INDITEX AÑO 1 10% 8% 10% 255 DIVIDENDOS INDITEX AÑO 2 10% 8% 10% 355 DIVIDENDOS INDITEX AÑOS 3-5 11% 9% 10% 045 ACS 12% 10% 25% 046 BANCO SABADELL 14% 11% 15% 047 G FERROVIAL 10% 8% 26% 048 ACCIONA 12% 10% 22% 050 SACYR VALLEH. 16% 13% 15% 051 FCC 19% 15% 15% 052 ENAGAS 10% 8% 25% 053 REE 10% 8% 20% 054 GAMESA 16% 13% 18% 056 MEDIASET 13% 10% 16% 057 CORP. MAPFRE 11% 9% 35% 058 ATRESMEDIA 15% 12% 18% 060 NH HOTELES 15% 12% 15% 067 BME 10% 8% 22% 068 GRIFOLS 10% 8% 23% 072 ARCELOR MITTAL 22% 18% 16% 073 TEC. REUNIDAS 12% 10% 18% 074 OBRASCON HUARTE 21% 17% 20% 076 EBRO FOODS 10% 8% 24% 078 IAG 14% 11% 20% 080 CAIXABANK 12% 10% 20% 081 BANKIA 15% 12% 16% 082 DIA 10% 8% 21% 084 ABENGOA B 50% 40% 19% 085 VISCOFAN 10% 8% 28% 087 AENA 15% 12% 25% NOTA: Los intervalos correspondientes a los grupos de Futuros sobre Dividendos de Acciones se aplican a los dos tamaños de contrato. Circular C-DF-05/2016 2/6 Observaciones al cuadro anterior Para el Grupo 021 la Fluctuación Total a Analizar (al alza y a la baja) se expresa en puntos constantes, para el resto de grupos la fluctuación total a analizar se expresa en porcentaje respecto al Precio de Cierre del Subyacente, igual al Precio de Cierre del futuro correspondiente al vencimiento o, de no haberlo, el precio de cierre de la acción en el Mercado Continuo capitalizado a la fecha de vencimiento menos dividendos estimados. Para todos los grupos el Porcentaje de incremento y disminución de la volatilidad se multiplica por la volatilidad Nº de Columnas Grupos 021 al 087: 11 Grupos 002, 099 al 355: 3 Tipo de Interés Para cada contrato de opciones, se utilizará el tipo de interés correspondiente al plazo igual al número de días entre la fecha de cálculo y la fecha de vencimiento de la opción. Tiempo a Vencimiento Número de días entre la fecha de la sesión y la fecha de vencimiento de la opción, utilizando una base anual de 365 días si el periodo analizado es superior a 365 días, y 360 en caso contrario. Dividendos MEFF utilizará, para el cálculo de la valoración de las opciones americanas, los dividendos futuros estimados para cada Subyacente de los Grupos 023 al 355. Deltas de los contratos de opciones Para todos los Grupos de Compensación, una delta distinta por cada escenario de volatilidad y precio del subyacente. Método de valoración de opciones Grupo 021: Modelo de Black. Grupos 023 al 087: Para las opciones americanas se aplicará el Modelo Binomial, con un nº de iteraciones igual a 50. Para las opciones europeas de estos grupos se aplicará el Modelo de Black y Scholes. 2.- APLICACIÓN DE LAS MATRICES DE EVALUACIÓN A LAS POSICIONES ABIERTAS Multiplicador Grupos 021 (IBEX 35), 099, 199 y 299 (IBEX 35 10 IMPACTO DIV) ) y 002 (BONO 10): Grupo 021 (MINI IBEX 35): 1 Grupos 023 al 355 (Excepto los Grupos 099, 199 y Nominal del Contrato 299): Circular C-DF-05/2016 3/6 3.- GARANTÍAS POR TIME SPREADS Productos con Garantía por Time Spread Variable Grupo de Spread Producto Factor Compensación mínimo 2 BONO 10 160 puntos 1,2 21 IBEX 35 y MINI IBEX 35 20 puntos 1,2 23 BBVA 0,20 euros 1,2 24 ABERTIS 0,23 euros 1,2 25 ENDESA 1,25 euros 1,2 27 IBERDROLA 0,2 euros 1,2 28 SANTANDER 0,23 euros 1,2 30 REPSOL 0,20 euros 1,2 31 TELEFÓNICA 0,34 euros 1,2 33 ACERINOX 0,38 euros 1,2 34 BANCO POPULAR 0,36 euros 1,2 35 BANKINTER 0,2 euros 1,2 37 GAS NATURAL 0,40 euros 1,2 38 INDRA 1,29 euros 1,2 41 AMADEUS 0,2 euros 1,2 43 INDITEX 0,2 euros 1,2 45 ACS 0,2 euros 1,2 46 BANCO SABADELL 0,2 euros 1,2 47 G FERROVIAL 0,23 euros 1,2 48 ACCIONA 8,87 euros 1,2 50 SACYR VALLEH. 0,33 euros 1,2 51 FCC 2,67 euros 1,2 52 ENAGAS 0,2 euros 1,2 53 REE 0,2 euros 1,2 54 GAMESA 0,2 euros 1,2 56 MEDIASET 0,37 euros 1,2 57 CORP. MAPFRE 0,2 euros 1,2 58 ATRESMEDIA 0,23 euros 1,2 60 NH HOTELES 0,38 euros 1,2 67 BME 0,82 euros 1,2 68 GRIFOLS 0,21 euros 1,2 72 ARCELOR MITTAL 2,08 euros 1,2 73 TEC. REUNIDAS 0,60 euros 1,2 74 OBRASCON HUARTE 0,2 euros 1,2 76 EBRO FOODS 0,2 euros 1,2 78 IAG 0,2 euros 1,2 80 CAIXABANK 0,2 euros 1,2 81 BANKIA 0,2 euros 1,2 82 DIA 0,2 euros 1,2 84 ABENGOA B 0,2 euros 1,2 85 VISCOFAN 0,95 euros 1,2 87 AENA 0,2 euros 1,2 Circular C-DF-05/2016 4/6 Productos con Garantía por Time Spread Fija Grupo de Garantía por Producto Compensación Spread Fija 99 IBEX 35 IMPACTO DIV AÑO 1 130 p.b. 199 IBEX 35 IMPACTO DIV AÑO 2 130 p.b. 299 IBEX 35 IMPACTO DIV AÑOS 3-5 130 p.b. 150 DIVIDENDOS BBVA AÑO 1 0,05 euros 250 DIVIDENDOS BBVA AÑO 2 0,06 euros 350 DIVIDENDOS BBVA AÑOS 3-5 0,07 euros 151 DIVIDENDOS IBERDROLA AÑO 1 0,03 euros 251 DIVIDENDOS IBERDROLA AÑO 2 0,05 euros 351 DIVIDENDOS IBERDROLA AÑOS 3-5 0,06 euros 152 DIVIDENDOS SANTANDER AÑO 1 0,12 euros 252 DIVIDENDOS SANTANDER AÑO 2 0,25 euros 352 DIVIDENDOS SANTANDER AÑOS 3-5 0,31 euros 153 DIVIDENDOS REPSOL AÑO 1 0,08 euros 253 DIVIDENDOS REPSOL AÑO 2 0,09 euros 353 DIVIDENDOS REPSOL AÑOS 3-5 0,14 euros 154 DIVIDENDOS TELEFÓNICA AÑO 1 0,08 euros 254 DIVIDENDOS TELEFÓNICA AÑO 2 0,12 euros 354 DIVIDENDOS TELEFÓNICA AÑOS 3-5 0,12 euros 155 DIVIDENDOS INDITEX AÑO 1 0,10 euros 255 DIVIDENDOS INDITEX AÑO 2 0,10 euros 355 DIVIDENDOS INDITEX AÑOS 3-5 0,14 euros 4.- CRÉDITO POR SPREADS ENTRE DISTINTOS SUBYACENTES Los Créditos sobre garantías porcentuales se muestran en la siguiente tabla: Delta para Orden de Grupos Crédito sobre formar Compensación (Subyacentes) garantías 1 spread 1º IBEX 35 / BBVA 86 / 100.000 55% / 55% 2º BBVA / BSAN 71 / 100 50% / 50% 3º IBEX 35 / BSAN 73 / 100.000 50% / 50% 4º IBEX 35 / INDITEX 306 / 100.000 30% / 30% 5º IBEX 35 / MAPFRE 25 / 100.000 25% / 25% 6º CAIXABANK / B.SABADELL 47 / 100 25% / 25% 7º IBEX 35 / TELEFONICA 103 / 100.000 20% / 20% 8º IBEX 35 / B.SABADELL 21 / 100.000 20% / 20% 9º IBEX 35 / ACS 283 / 100.000 20% / 20% 10º B.SABADELL / BBVA 223 / 100 20% / 20% 11º B.SABADELL / BSAN 184 / 100 20% / 20% Circular C-DF-05/2016 5/6 5.- DETERMINACIÓN DE LA GARANTÍA POR POSICIÓN A NIVEL DE CUENTA Se calcula conjuntamente la garantía por posición para todos los Grupos de Compensación. 6.- AUMENTO DE LOS PARÁMETROS DE GARANTÍAS POR POSICIÓN EN FUNCIÓN DEL RESULTADO DE LAS PRUEBAS RETROSPECTIVAS De acuerdo con el Artículo 49 del Reglamento (UE) 648 / 2012, que define el funcionamiento de las pruebas retrospectivas, desarrollado en la Instrucción Pruebas Retrospectivas de BME CLEARING, y del Reglamento Delegado (UE) 153 / 2013, Artículo 56.1, si en algún momento dichas pruebas, realizadas con una frecuencia diaria, demostraran que la cobertura de las garantías por posición no se corresponde al nivel de confianza que debe alcanzar la ECC, los parámetros de garantías por posición de la presente Circular se podrán aumentar de forma inmediata.
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