Trading derivatives

Derivatives are financial instruments where the price is derived from an underlying instrument. Derivatives provide opportunities for positive returns in falling and stable markets, as well as in rising markets. Oslo Børs offers trading in both standardised derivatives and non-standardised TM derivatives, also known as OTC derivatives.

Standardised derivatives

Standardised derivatives on the Oslo Børs are listed on fixed underlying indices and stocks and have fixed terms in regards to exercise price, expiration and duration, as well as a standard method for managing corporate events and settlements. All standardised derivatives are cleared.

Oslo Børs partnership with the London Stock Exchange Derivatives Market (LSEDM) ensures efficient international distribution of Norwegian derivatives in the SOLA trading system. Linked order book for Norwegian derivatives enhances liquidity for both Oslo Børs and LSE members.

TM derivatives at Oslo Connect

Oslo Connect offers a flexible solution for reliable and efficient trading in TM derivatives, or Tailor Made derivatives. Here, the parties themselves agree on the underlying instruments, expiry date, exercise price, handling of corporate events etc. Trading rules and clearing ensures equal treatment, predictability and efficient straight through trade processing.

The market place offers the brokerage services of the Oslo Børs’ MPS (Market Place Services), in addition to indication of interest and trade reporting through the internet based trading and price discovery system EDGE. All FSA (or equal national authorities) approved investment firms may be approved for an Oslo Connect membership. Read more about the Connect rules

Derivatives Product Specifications

 

Index Futures

Index Options

Stock Forwards/ Futures

Stock Options

TM Derivatives

Instrument Types

Futures

CALL & PUT (Eu)

Forwards & Futures

CALL & PUT (Am)

Forwards, CALL & PUT (Am/ Eu)

Trading Hours (CET)

09:00-16:20 (Trade reporting: 08:00-17:00)

08:00-17:00

Market Place

Oslo Børs derivatives (XOSL) and LSE Derivatives Market (XLOD) - instruments are traded in linked order books

Oslo Connect (XOSC).

Quotes

Premium specified in NOK per underlying unit

NOK per underlying unit

Contract Size

NOK 100 * index

100 underlying stocks

100 underlying/ NOK

Underlying Instruments

OBX, OBOSX

AKSO, DNB, DNO, GJF, NAS, NHY, NOD, NSG, OPERA, ORK, PGS, REC, STB, SUBC, TEL, TGS, YAR, MHG*, SDRL*, STL**

Oslo Børs & Oslo Axess listed shares and selected indices

Dividend Adjustment

Underlying is a total return index, adjusted for all dividends

Adjusted for extraordinary dividends (*AD class 100% dividend adjusted)

None or adjusted for extraordinary

Listing Cycles and Terms

3 months term listed monthly and 12 (OBX) or 6 (OBOSX) months term listed quarterly (Mar, Jun, Sep, Dec)

3 months term listed monthly and 12 (or 6* or 24**) months term listed quarterly ( Mar, Jun, Sep, Dec)

Flexible

Expiration Date

3rd Thursday of expiration month

Flexible

Listing day

The Monday preceding expiration date

Flexible

Settlement

Cash

Cash

Delivery

(Futures: +Daily mark to market)

Delivery of underlying

Delivery (stocks) or cash (index)

Settlement Cycle

Daily (mark-to-market)

Expiration

Expiration

(Futures: +Daily mark to market)

Expiration or exercise

Expiration or exercise

Exercise

N/A

Expiration

N/A

Any trading day

Flexible

Fixing Value

VWAP on expiration date.

Last on expiration date

VWAP or last on expiration date

Trading Safeguards

Price Band Limit +/- 10%

N/A

Price Band Limit +/- 50%

N/A

N/A

Series Designation

CALL and Index Futures / Cashsettled Futures: Series designation A to L (January to December) 
PUT and Stock Forwards/ Futures: Series designation M to X ( January to December )

  • See Derivatives Rules / Connect Rules for full specifications.
  • Oslo Connect includes service for reporting and publishing concluded transactions that are not cleared with a co-operating clearinghouse. Contract size =1. Series designations ends with “BL”.
  • VWAP = Volume Weighted Average Price (automatically matched trades only)

 

 

Derivatives