How can you find today's daily index options and their quotes, and what is the logic behind the rotation?
The daily index options available for trading rotate on a daily basis. With daily options each trading day becomes an expiry day. This means that the trading codes of expiring options also change on a daily basis.
Daily index options on the AEX and CAC 40 Index complement the weekly and monthly options
Index options are primarily listed and traded on a monthly basis, and sometimes on a weekly basis. The daily index options fill up the remaining trading days. The combination of monthly, weekly and daily options makes each trading day an expiration day.
For example: the weekly option expires on a Friday. Euronext will add daily options with expiry on Monday-Thursday to have full coverage on each day of the week.
A weekly or monthly option that is within one day from expiry will show the same characteristics and usage as a daily option that is listed on the day before its expiry. However, market conditions could differ slightly, as the number of traded contracts, open positions and active trading parties may be larger on monthly expiries. This is even more likely if the monthly option originates from a quarterly or annual rotation.
Covering all days of the month as expiry days using daily, weekly and monthly options
Each daily option has the corresponding number of the day inserted in its chain logic. Listed and traded dailies correspond with Euronext trading days whereby options are made available on the trading day before expiration. We do not issue daily options for the expiry dates of weekly and monthly options.
Provided that the day is a normal business day and that no other monthly or weekly index option expires on that day:
- the option class with symbol P1 expires on the first calendar day of a month;
- the option class with symbol P2 expires on the second calendar day of a month;
- the option class with symbol P3 expires on the third calendar day of a month, etc.
The codes return on a monthly basis, and will be used in each specific month if the corresponding day is a trading day. For example, the 28 March contract will use the code P28, the same code that was used for the 28 Feb contract. For the Paris CAC 40 daily index options, the full coverage of all trading days includes:
Monthly option
PXA expires third Friday of the month*
Weekly options
1PX expires first Friday of the month*
2PX expires second Friday of the month*
4PX expires fourth Friday of the month*
5PX expires fifth Friday of the month*
* In the event that the third Friday is not a business day, the Last Trading Day shall normally be the last business day preceding the third Friday.
All other days
As explained, the remaining days in the month are filled with the daily options based on the calendar date.
The first day of trading of a daily option class is the first normal business day preceding the expiry day.
Exchange contract code
Available exchange codes for daily options are
P1, P2, P3, P4, P5, P6, P7, P8, P9, P10, P11, P12, P13, P14, P15, P16, P17, P18, P19, P20, P21, P22, P23, P24, P25, P26, P27, P28, P29, P30, P31.
Only the relevant calendar days will be released for trading. Calendar days that represent a day on a weekend, bank holiday, or are covered by a weekly or monthly option will not be activated for that month.
All trading codes and links to the related instrument pages for both the AEX index and CAC 40 index daily options can be found in the table below.
A few examples:
- For September 2024, the first calendar day is a Sunday. The first daily expiring option is therefore P2 on Monday 2 September. P2 is listed and starts trading on Friday 30 August. The rest of the first week of September is covered by P3, P4, P5, and on the Friday by 1PX (the weekly option).
- For October 2024, the P1 contact will expire on Tuesday 1 October. P1 is listed and starts trading on Monday 30 September. The rest of the week will be covered by P30 for the preceding Monday, P2, P3, and on the Friday by 1PX (the weekly option).
- For November 2024, the first calendar day is a Friday. This day is covered by 1PX (the weekly option).
Links to the instrument pages
Contract lists on our website