IDEM final

The deadline to early exercise stock options on the IDEM is:

• a. 6:30pm CET
• b. 8:30pm CET
• c. 7:30pm CET

The "Circuit Breaker" phase on the IDEM market last:

• a. 30 seconds
• b. differently whether the instrument involved is a future or an option
• c. 1 minute

When a derivative contract traded on the IDEM market is moved into the 'Circuit Breaker' phase:

• a. trading is temporarily suspended on that particular instrument only
• b. trading is temporarily suspended on all the series with the same underlying
• c. all the orders on the book on that particular instrument are inactivated

A PMM/PS on stock options has to fulfil the following obligations:

• a. Continuous quotation on first 4 subsequent expiries, with a minimum quotation size and maximum spread depending on the underlying. For underlying belonging to the 'Focus Group' also the fifth, the sixth and the seventh expiries need to be quoted, for at least 60% time of the trading day. At least 30 underlying need to be quoted.
• b. Continuous quotation on first 4 subsequent expiries, with a minimum quotation size and maximum spread depending on the underlying. For underlying belonging to the 'Focus Group' also the fifth and sixth expiries need to be quoted, for at least 60% of the trading day. At least 20 underlying need to be quoted for American options, at least 3 underlyings for European options
• b. Continuous quotation on first 6 subsequent expiries for all listed underlying, with a minimum quotation size and maximum spread depending on the underlying. At least 10 underlying need to be quoted.

A LP/LPS on stock options has to fulfill the following obligations:

• a. Continuous quotation on first 5 subsequent expiries, with a minimum quotation size and a maximum spread depending on the underlying. Obligation to restore quotes no later than 2 minutes after the quote is hit on the order book.
• b. Continuous quotation on first 3 subsequent expiries, with a minimum quotation size and a maximum spread depending on the underlying, for at least 60% time of the trading day.
• c. Continuous quotation on first 4 subsequent expiries, with a minimum quotation size and a maximum spread depending on the underlying, for at least 60% time of the trading day.

Voluntary and Mifid2 Market Makers on the IDEM market are required:

• a. To display bids and offers on a continuous basis for specified amount of lots, showing comparable quantities and at competitive price. Market makers must comply with the quoting obligations for specific thresholds on daily and monthly basis.
• b. To display bids and offers on a continuous basis showing comparable quantities and at competitive price. Market makers must comply with the quoting obligations for specific thresholds on monthly basis.
• c. To display bids and offers on a continuous basis for specified amount of lots at competitive price. Market makers must comply with the quoting obligations for specific thresholds during each trading day.

The Market Making obligations on IDEM - Equity market start at:

• a. 09:00 a.m. CET/CEST
• b. 09:20 a.m. CET/CEST
• c. 09:15 a.m. CET/CEST

On the last trading day, the positions still open at the close on FTSE MIB index shall be settled on the basis of the settlement price:

• a. calculated on the opening-auction prices on the expiry day of the stocks making up the FTSE MIB index
• b. calculated on the closing-auction prices of the day before the expiry of the stocks making up the FTSE MIB index
• c. calculated on the closing-auction prices on the expiry day of the stocks making up the FTSE MIB index

When a derivative contract traded on the IDEM market is moved into the “Circuit Breaker” phase:

• a. you are able to cancel any order on that particular instrument
• b. you are able to modify the price of your order
• c. you are able to insert a new order on that particular instrument

If a mistake occurs on equity (single stock, index) futures contracts, trades involved are cancelled or rectified if:

• a. the request is submitted promptly as soon as possible to Market Supervision, the mistake is evident, the total loss is bigger than 25,000 euro for a single order/quote and the maximum divergence threshold is bigger the 5% for stock futures and 1.5% daily session/2.0% extended hours for index futures
• b. the request is submitted promptly as soon as possible to Market Supervision, the mistake is evident, the total loss is bigger than 12,500 euro for a single order/quote and the maximum divergence threshold is bigger the 5% for stock futures and 1.5% daily session/2.0% extended hours for index futures
• c. the request is submitted promptly as soon as possible to Market Supervision, the mistakeis evident, the total loss is bigger than 12,500 euro for a single order/quote and the maximum divergence threshold is bigger the 5% for both stock and index futures