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S&P/NZX 20 Index Futures | Individual Contract Specification |
---|---|
Underlying | S&P/NZX 20 Capital Index |
Unit of Trading | Contract valued at NZ$25 per index point (e.g. value NZ$75,000 at 3,000 index points) |
Price Basis | Index points |
Minimum Price Movement(Tick Size and Value) | One Index Point (NZ$25) |
Daily Price Limits | None |
Contract Months | March / June / September / December up to six quarter months ahead. |
Trading Hours | As determined from time to time by NZX by notice to the Market in accordance with the NZX Derivatives Market Rules and Procedures. |
Last Trading Day | Trading will cease at 12:00 hrs NZST/NZDST on the third Thursday of the Contract Month, or if that day is not a Business Day, the next Business Day. |
Final Settlement | Trades will be cash settled to the special opening quotation of the S&P/NZX 20 Capital Index. The special opening quotation will be calculated using the first on-market traded price of each constituent in the S&P/NZX 20 Capital Index on the Last Trading Day, irrespective of when those shares first trade on the NZX Main Board during the Trading Day. This means that the first traded price of each constituent in the index may occur at any time between NZX market open and NZX market close. Should any constituent of the index not have traded by NZX market close on the Last Trading Day, the last traded price of that share will be used to calculate the special opening quotation. |
Clearing House | New Zealand Clearing Limited |
Common Trading Facilities | Block Trading Facility |
Exchange for Physicals Facility | Exchange for Physicals Facility |
Common Trading Facilities Minimum Volume Thresholds | Minimum Volume Thresholds for each Contract or Class of Contracts are specified in Part C, Appendix One of the Procedures |
Exchange Code | KIW |
Cross Transactions Minimum Time Period | 15 seconds |
Position Limits | As prescribed by NZX from time to time |
Exchange Rule | The Contracts are Traded on the NZX Derivatives Market and subject to the NZX Derivatives Market Rules and Procedures |
Where a Daily Settlement Price results in decimals and/or a price that is not a valid Tick Size this price will be rounded to the nearest whole Tick. Where the Daily Settlement Price results in a decimal that is exactly half way between two Tick Sizes, this will be rounded up to the nearest whole Tick.
This is an Individual Contract Specification for the purpose of the NZX Derivatives Market Rules ("Rules") as amended or supplemented from time to time. Capitalised terms used herein have the meanings given in the Rules, the Procedures and the Contract T&Ps unless otherwise defined. The information published in this Individual Contract Specification cannot and does not substitute the Rules, Procedures or Contract T&Ps, which should be read in full.
This Individual Contract Specification does not constitute investment advice nor an offer, invitation, solicitation or recommendation to engage in any transaction. NZX and its subsidiaries take no responsibility for any errors or omissions or losses, direct, consequential or otherwise arising from actions based upon this information. Before entering into any transaction you should take steps to ensure that you understand the transaction and have made an independent assessment of its appropriateness in light of your own objectives and circumstances. You should also consider seeking advice from independent advisors.
The "S&P/NZX 20 Capital Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and NZX Limited. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"), Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and NZX® is a registered trademark of NZX Limited. The S&P and Dow Jones® trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by NZX Limited. The S&P/NZX 20 Index Futures are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the S&P/NZX 20 Index Futures or any member of the public regarding the advisability of investing in securities generally or in the S&P/NZX 20 Index Futures particularly or the ability of the S&P/NZX 20 Capital Index to track general market performance. The S&P/NZX 20 Capital Index is determined composed and calculated by S&P Dow Jones Indices without regard to the S&P/NZX 20 Index Futures. S&P Dow Jones Indices and NZX Limited have no obligation to take the needs the owners of the S&P/NZX 20 Index Futures into consideration in determining, composing or calculating the S&P/NZX 20 Capital Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the S&P/NZX 20 Index Futures or the timing of the issuance or sale of the S&P/NZX 20 Index Futures or in the determination or calculation of the equation by which the S&P/NZX 20 Index Futures are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the S&P/NZX 20 Index Futures. There is no assurance that investment products based on the S&P/NZX 20 Capital Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
Neither S&P Dow Jones indices nor NZX Limited guarantees the adequacy, accuracy, timeliness and/or the completeness of the S&P/NZX 20 Capital Index or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. S&P Dow Jones indices and NZX Limited shall not be subject to any damages or liability for any errors, omissions, or delays therein. S&P Dow Jones indices and NZX Limited make no express or implied warranties, and expressly disclaim all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by owners of the S&P/NZX 20 index futures, or any other person or entity from the use of the S&P/NZX 20 Capital Index or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall S&P Dow Jones indices or NZX Limited be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. There are no third party beneficiaries of any agreements or arrangements between S&P Dow Jones indices and NZX Limited, other than the licensors of S&P Dow Jones indices.
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