Date 23/04/2009
Trading in the Options of Bank Leumi Shares (ISIN IL0006046119) & Bank Hapoalim shares (ISIN IL0006625771) Commenced on Thursday, April 23 2009.
1. Equity Options – Specifications
Sunday through Thursday 9:30-16:30
Trading Schedule
1,000 shares
Contract unit
Each month
Expiration Months
One month, two months, three months and six months.
During the launching the following Expiration Months will trade:
· May 2009
· June 2009
· July 2009
· September 2009
Options Lifetime
Stated in NIS
Price Quotation
NIS 1 (for prices up to 20 NIS)
NIS 5 (for prices of 21-200 NIS)
NIS 10 (for prices of 201-2,000 NIS)
NIS 20 (for prices exceeding 2,000 NIS)
Minimum Price Fluctuation
Strike Price Intervals
(in NIS)
Stock Price
Strike Prices
0.1
Up to 5
0.5
5 - 10
1.0
10 - 50
2.5
50 - 100
5.0
100 - 150
10.0
Over 150
The Wednesday before the last Friday of the expiration month
Last Trading Day
Based on the opening price of the shares on the last trading day before the expiration date
Settlement Price
European
Exercise Style
Cash settlement
Settlement
12,000
Position Limits
None
Price Fluctuation
A trading halt in the underlying share triggers a trading halt in options as well.
Trading halt
2. Parameters for calculating margin requirements
Parameter
Bank Leumi
Bank Hapoalim
Annual Standard Deviation (22.4.09)
55%
54%
Standard Deviation Fluctuations (22.4.09)
11%
3. Market Makers
The Tel Aviv Stock exchange appointed the following market makers for equity options:
· Clal Finance Derivatives
· Tradedomatix
Further details concerning the options and their features may be found on TASE's website at:
http://www.tase.co.il/TASEEng/Products/DerivativesMarket/DerivativesFAQ/FAQ.htm