Q: Is Turquoise Derivatives Corporate Actions policy in line with other European derivatives exchanges Corporate Actions policies? A: Yes. Turquoise Derivatives has a dedicated Corporate Action team, which works with other European exchanges to ensure its policy is following the highest international markets standards.
|
Q: Would Turquoise Derivatives adjust contracts if a company pays interim dividends? A: In case of interim, part of the dividend of year N is paid with record date XX and part is paid with record date YY, with YY later than XX. The second payment is not considered as an additional payment as it is just the second part of year's N dividend. Hence interim dividends will not be considered as extraordinary and no adjustment will be done.
|
Q: Are contracts adjusted in the case of a share buyback, or in the case of a partial public tender offer? A: In the case of a buyback, shares will be bought at the market price and then destroyed - hence, contracts will not be adjusted. In case of a partial public tender offer, if the last price of the shares is less then the tender offer price on the last day of acceptance, derivatives contracts will be adjusted according to the following formula: PEX = [Pcum – (% of shares to be purchased) * ( tender offer price )]/(1–(% of shares to be purchased))
|
Q: What happens in case of cancellation of Treasury shares by a company? A: There would typically be no contract adjustments on derivatives contracts.
|
Disclaimer
The information on this page is solely intended as information. Although this information is issued in good faith, no representation or warranty, express or implied, is or will be made. No responsibility or liability is or will be accepted by Turquoise Global Holdings Limited or by any of its officers, employees, or agents in relation to the accuracy of completeness of this information. Any such liability is expressly disclaimed.