BEL 20® Index Options
Exchange contract code BEL
Contract size Contract valued at € 10 per index point (e.g. value € 25,000 at 2500.0)
Unit of trading 10
Pricing unit/quotation Euros per index point
Minimum price movement (tick size and value) Central Order Book and Large-in-Scale Facility: € 0.01 (€ 0.10 per contract)
Option style European style
Holders of long positions are only entitled to exercise their options on the expiration date.
Expiry months 1, 2, 3 monthly; 6, 9 months quarterly (of the March, June, September, December cycle)
Introduction of new exercise prices and exercise price intervals See the document "Series Introduction Policy BEL 20 Index Options" in "Related documentation" to find the series introduction policy.
Introduction of new expiry months New expiry months are available for trading on the first business day after the expiry of a maturity
Wholesale services Large-in-Scale Facility.
See the “Euronext Wholesale Facilities” document for the minimum size thresholds.
Euronext market Brussels
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.
Exercise Exercise until 19:45 CET on Last Trading Day only[1]
Settlement Cash Settlement based on the EDSP
Settlement day First business day after the Last Trading Day
Exchange Delivery Settlement Price (EDSP) Price determined on the Last Trading Day as the average of all BEL20 index values calculated and disseminated between, and including, 15:40 and 16:00 CET. The EDSP value is rounded to two decimal places[2]
Option premium Payable in full by the buyer on the business day following a transaction.
Clearing organization LCH S.A. 
Trading hours Central Order Book: 09:01 – 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. Depending on the outcome of the Liquidity Provider auction, in certain classes Price/Time preferencing can be active, which means that Primary Market Makers (PMM) have a right to a certain percentage of the turnover traded at the PMM’s best bid or offer.
Last update 3 June 2019
  [1] 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.
[2] Please refer to Brussels Notice BRU 12–05 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 condition.