FINANCIAL PRODUCTS

Future of S&P Merval index

S&P Merval Index Future contracts can be traded on BYMA.

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S&P Merval Index Futures

S&P Merval Index Futures are equity index futures that represent the obligation to exchange a theoretical portfolio of stocks mirroring the index at a predetermined future date and price established during trading.

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Globally, they rank among the most actively traded derivative contracts.

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BYMA offers trading in S&P Merval Index Futures.

The S&P Merval Index

The S&P Merval Index is the result of a consolidated alliance between BYMA and S&P Dow Jones Indices (S&P DJI), a leading global provider of index-based data and research. As of January 14, 2019, S&P DJI assumed responsibility for the development, licensing, distribution, and administration of BYMA's current and future indexes.

Main contract features

Ticker or Trading Code:MV
Trading Currency:ARS
Contract Size:an S&P Merval index unit
Minimum Trading Quantity:an S&P Merval contract
Minimum Price Fluctuation:1 S&P Merval Index point, equivalent to $1 (one peso) per contract
Available Expirations:current month and next two months
Last Trading Day:Last business day of the traded contract month

See the User Manual for more information.

About S&P Merval Index Futures Trading

Underlying asset	S&P MERVAL Index
Initial margin per contract	View press release
Initial Margin Monthly Adjustment Factor	View press release
Market rights	View fees
Maximum price variation	Up to a value equivalent to 100% of the margins.
Forms of liquidation	By difference between the closing price of the future contract and the purchase price negotiated between the parties.

More about S&P Merval Index Futures

Both sides of the exchange must post initial margin, according to the underlying assets enabled.
Trades must be settled in the currency agreed.
Daily profits and losses (MtM) will be required in pesos on the next business day.
A stock index future represents the right and obligation to exchange a notional portfolio of stocks reflected by the index.
The trades shall be financially settled by price differences.
The trade shall be arranged in the Price Time Priority Segment and may be executed throughout the trading session.

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Trading Sessions and Schedules	Opening Auction: 10:30 a.m. to 11:00 a.m. Regular Trading: 11:00 a.m. to 4:58 p.m. Closing Auction: 4:58 p.m. to 5:00 p.m.
Reject Tunnels	Type 1 rejection tunnel: variation greater than 7.5% on the adjustment price. Type 2 rejection tunnel: variation greater than 3% on the last price. Type 3 rejection tunnel: orders exceeding 5,000 contracts.
Auction Tunnels	Type 1 auction tunnel: variation of more than 1.5% on the price of the last transaction, last updated price or adjustment price. Auction tunnel type 2: variation higher than 2% on the weighted average price of transactions in 1 minute. Protection tunnel: variation greater than 2% on the theoretical price.
Type of orders	Limited: Executed for a limited price or better specified in the order. Stop: recorded in the bid book when it reaches the trigger price. It should be closed at prices between the trigger price and the limit price specified in the order.
Validity of orders or time in force	Day: valid for the day. IOC: Immediate or cancel. What is not arranged at the time of entry will be canceled. FOK: Fill or Kill. All or nothing.