CAC 40® Index Options (PXA)
Unit of trading



Euros per index point

Minimum price movement (tick size and value)

Central Order Book & Large-in-Scale Facility: € 0.10 (€ 1 per contract)

Last trading day

Trading ceases at 16:00 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)

Price determined on the Last Trading Day. Euronext calculates the settlement index as the arithmetic mean of all index values calculated and disseminated between 15:40 and 16:00 CET, rounded to two decimal places. Such settlement index is taken, and rounded to one decimal place, to produce the closing settlement price

Laatste update
din, 29/03/2016
Trading Hours

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

Legal Delivery/Expiry Month

Jun 2005 Onwards

Trading platform



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


LCH.Clearnet S.A.

Exchange contract


Exercise day

Exercise until 19:45 CET on Last Trading Day only

Expiry months

1, 2, 3 monthly; 6, 9, 12, 15, 18, 21, 24 months quarterly (of the March, June, September, December cycle) and 36, 48, 60 months yearly (of the December cycle)

Option style

European style
Holders of long positions are only entitled to exercise their options on the expiration date


Cash Settlement based on the EDSP

Settlement day

First business day after the Last Trading Day

Contract Size

Contract valued at € 10 per index point (e.g. value € 41,000 at 4,100.0)

Daily Settlement Price: The daily settlement price is based on the 17.30 settlement price of the CAC 40® index future.

Contract Standard: Cash settlement based on the EDSP for expiring series.

Option premium: Payable in full by the buyer on the business day following a transaction

In the United States these products may only be offered and sold to prescribed entities under specified conditions.

New expiry months are opened on the first trading day after maturity expires.

On the Last Trading Day, in-the-money options are automatically exercised, unless contrary instructions are received from the client/member. Please check the exact exercise rules with your broker.
Please refer to Paris Notice No. 2012–11 issued on 26 July 2012 which provides details of the procedures to be followed when determining the closing settlement price in case of special market circumstances.


In the United States this product may only be offered and sold to prescribed entities under specified conditions