The OBX index is Oslo Stock Exchange's tradable index and consists of 25 Norwegian stocks chosen every six months based on turnover. This means that OBX index futures are an excellent instrument for quickly and efficiently increasing or decreasing exposure to the Norwegian market.
The following is a brief description of futures on OBX index. For a detailed contract specification, please consult chapter four in the Rules and Regulations for OMX Derivatives Markets, which is available here on the website.
Download a printer friendly product description here: Futures on OBX
Facts
Type of contract:
Futures contract with daily cash settlement.
Contract base:
The Norwegian OBX share index.
Index provider:
Oslo Børs.
Contract size:
Index value * NOK 100.
Series designation:
Indicate the designation for the contract base, expiration year and expiration month.
Futures price:
Agreed upon by the parties. Shall be expressed in Norwegian Kronor and cover the price for one one-hundredth of a contract. Re-calculation of the futures price may occur in certain cases (see Re-calculation).
Expiration day:
The third Thursday in the expiration month of the expiration year, or if this day is not a Norwegian bank day the previous bank day.
Last trading day:
The expiration day at the close of the electronic trading system for the series in question.
Daily cash settlement:
Daily cash settlement is paying or receiving a settlement amount on a daily basis. The settlement amount is the difference between previous day's futures closing price and current day's futures closing price. The settlement day for the cash settlement is the first Norwegian bank day following the mark-to-market day.
Final settlement:
The final settlement is the difference between the previous day's future closing price and a volume weighted average price of the OBX index on the expiration day. Payment of settlement occurs on the first Norwegian bank day following the expiration day.
Setting-off:
Setting-off may occur any time during the term.
Listing of new expiration month:
A new expiration month with a lifetime of three months is listed every month from the first Norwegian bank day following the expiration day of the previous futures series.
Re-calculation:
In the event of a planned index change other than that which is set forth in the terms for the index (deflation of the index or other similar event), a re-calculation of the futures price may occur with regards to the planned index change.
All information provided herein shall be deemed to be general information and under no circumstances constitute any recommendation regarding investments. The reader shall be personally liable for risks associated with any investment based on the information provided in this document. Notwithstanding that the accuracy of the information provided herein has been verified, NASDAQ OMX, or any other subsidiary of NASDAQ OMX, assumes no liability with respect to the accuracy or use of such information. Trading in options and other derivatives instruments may involve risks, advice therefore with your bank or broker before executing a trade. For current rules for trading and clearing of options and futures please see Rules and Regulations for OMX Derivatives Markets.
