FINANCIAL PRODUCTS
Options
Contracts that grant the right to buy or sell a standardized quantity of an underlying asset at a strike price.
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Key Changes to Options Trading Ahead of the BYMA Clearing Go-Live
Effective with the BYMA Clearing go-live on April 24, 2026, the main changes to the Options market are as follows:
- The option premium is settled on the same day as the transaction (T+0).
- On the expiration date, options may be traded until 3:30 PM.
- Exercise or non-exercise instructions may be submitted through BYMA Clearing until 3:59 PM.
- In-the-money (ITM) and at-the-money (ATM) options are considered for automatic exercise at expiration unless a different instruction is submitted within the established deadlines.
- The ITM/ATM/OTM classification serves as a reference for the automatic exercise process. Participants are therefore encouraged to review their positions and, where applicable, submit an exercise or non-exercise instruction before 3:59 PM on the expiration date.
- If no instruction is submitted, ITM and ATM options will be exercised automatically, while out-of-the-money (OTM) options will expire unexercised.
- No changes are introduced to the settlement process: exercises will continue to settle on a regular settlement basis (T+1).
- Starting with the series expiring in July 2026, no adjustments will be made for ordinary dividends.
What is an Option?
An option is a contract where the writer (seller) receives a payment called a premium from the holder (buyer). This premium gives the holder the right, but not the obligation, to buy or sell a specific amount of underlying securities (called a lot) at a predetermined exercise price (or strike price) within a specified period or on a specific date
BYMA OFFERS TRADING OPTIONS ON STOCKS, CEDEARS, AND GOVERNMENT BONDS.
Types of Options
Call Option
It grants the holder (buyer), who pays a premium, the right, but not the obligation, to purchase an underlying asset at a specific price (the strike price) by a certain date (the expiration date). In return for the premium, the writer (seller) is obligated to sell the asset to the holder if the option is exercised.
Put Option
It grants the holder (buyer), who pays a premium, the right, but not the obligation, to sell an underlying asset at a specific price (the strike price) by a certain date (the expiration date). In return for the premium, the writer (seller) is obligated to buy the asset from the holder if the option is exercised.
Options
- BYMA supports options on the American type. Holders may exercise their right from the day the premium is settled until the maturity date.
- BYMA requires collateral only from the writers, which may be covered or uncovered.
- Lots consist of 10 nominal securities, for CEDEARs, 100 nominal securities for stocks and 1,000 nominal securities for government securities.
- Covered call: For call options only. The underlying asset is used as collateral, with no haircut applied to its value.
- Uncovered or naked call/put: An asset different from the underlying is used as collateral. A haircut is applied.
Options Trading
Each series has a predetermined strike price and maturity date. Participants trade the premium price on the market.
