MERCK & CO

Single Stock Dividend Futures

Single Stock Dividend Futures
Unit of trading

10,000

Quotation

EUR/USD/CHF/GBX/SEK per share

Minimum price movement (tick size and value)

Central Order Book: EUR/USD/CHF/SEK 0.0001 (EUR/USD/CHF/SEK 1 per contract); GBX 0.01 (GBX 100 per contract)
Large-in-Scale Facility: EUR/USD/CHF/GBX/SEK 0.0001 (EUR/USD/CHF/GBX/SEK 1 per contract)

Last trading day

Trading ceases at 12:00 CET on the third Friday of the expiry month. In the event that the third Friday is not a business day, the Last Trading Day shall normally be the last business day preceding the third Friday

Exchange delivery Settlement Price (EDSP)

The final settlement value as established by Euronext at 12:00 (CET) on the third Friday of the expiry month, determined to four decimal places. The final settlement value is equal to the cumulative value of ordinary dividends declared by the relevant company without an adjustment for withholding taxes, tax credits or tax repayments. Declared ordinary dividends are taken into account if their ex-date falls on or between, the start and end date of the one-year reference period of the relevant expiry. For non-US underlyings, the reference period starts on the day following the third Friday in December and ends on the third Friday in December (the expiry date) one year later. For US underlyings, the reference period starts on the day following the third Friday in January and ends on the third Friday in January (the expiry date) one year later.

The complete dividend rules are explained in the document "Dividend rules SSDFs" in "Related documentation"

Last update
Mon, 08/05/2017
Trading Hours

Central Order Book 09:00 – 17:30 CET
Large-in-Scale Facility: 07:00 - 18:30 CET

Trading platform

UTP

Algorithm

Central order book applies a price-time trading algorithm with priority given to the first order at the best price

Wholesale service

Large-in-Scale Facility, AtomX. See the “Euronext Wholesale Facilities” document for the minimum size thresholds.

Clearing

LCH S.A.

Expiry months

12, 24, 36, 48 and 60 months yearly (of the December cycle for non-US underlyings; of the January cycle for US underlyings)
New expiry months are available for trading on the first business day after the expiry of a maturity

Settlement

Cash settlement based on the EDSP

Settlement day

First business day after the day on which the EDSP is published

Contract Size

Dividend payments in relation to a contract size of 10,000 shares

This product may not be offered and sold to US persons

Regarding Corporate Actions in SSDFs with US underlyings the following applies for technical reasons: in case of a Corporate Action where the price of the underlying is needed to calculate the adjusted contract specification, no trading is allowed in the respective SSDF on the effective date of the Corporate Action. The adjustment will be based on the official US close price of the underlying on the day before the effective date of the Corporate Action, and the changes to the referential of the SSDF contract will be entered into the system on the effective date.

If the effective date is not a Euronext business day, the contract will also be closed the business day after the effective date. In case the effective date of an adjustable event is on the last trading day of the contract (normally the last trading day is a Friday), the expiry day will be changed to the following business day. Please note that trading in this case is not allowed on both the Friday and the following business day.