Source Facts: Financial Supervisory Service Electronic Disclosure System (DART) / 2024-12-18
Disclosure Type: Investment Caution for Stock Futures and Options
💡 3-Second Summary
Following Celltrion’s stock dividend decision, KOSCOM has pre-announced that it will implement market measures adjusting the reference prices, trading multipliers, and exercise prices for Celltrion stock futures and options, effective December 27, 2024.
📊 1. [Key Disclosure Content & Key Metrics Summary]
- Underlying Asset: Celltrion
- Expected Effective Date: December 27, 2024 (Friday) *The ex-dividend date of the underlying stock
- Reason and Regulatory Basis: Celltrion’s stock dividend decision; scheduled under Articles 25, 30, 35, 62, and 70 of the Derivatives Market Business Regulations.
- Scheduled Market Measures & Formulas:
- 1. Adjustment of Reference Prices (All contract months for Futures and Options): Formula: Adjusted Reference Price = Reference Price Before Adjustment × (Adjusted Reference Price of Underlying Stock ÷ Closing Price of Underlying Stock on the Business Day Prior to the Ex-Dividend Date)
- 2. Adjustment of Trading Multiplier: Target: Futures (Contracts with open interest as of the close of December 26, 2024), Options (All contract months) Formula: Adjusted Trading Multiplier = Trading Multiplier Before Adjustment × (Closing Price of Underlying Stock on the Business Day Prior to the Ex-Dividend Date ÷ Adjusted Reference Price of Underlying Stock)
- 3. Delisting of Futures Spread Contracts: Futures spread contracts with differing trading multipliers between the near-month and far-month contracts will be delisted.
- 4. Adjustment of Option Exercise Prices & Special Listing: Exercise Price Adjustment (All contract months): Adjusted Exercise Price = Exercise Price Before Adjustment × (Adjusted Reference Price of Underlying Stock ÷ Closing Price of Underlying Stock on the Business Day Prior to the Ex-Dividend Date) Special Listing: When the trading multiplier is adjusted, new option contracts utilizing a standard trading multiplier of 10 will be listed (9 or more contracts for the near-month to third near-month, and 3 or more contracts for the fourth to sixth near-month).
- Other Terms:
- Detailed measures will be announced on December 26, 2024, the business day prior to the effective date.
- This schedule is subject to change depending on the progress of Celltrion’s stock dividend.
📈 2. [Expert View: What This Disclosure Means for Investors]
- Verification of Derivatives Adjustment Schedule: This filing serves to notify derivatives investors of the upcoming schedule and administrative formulas to adjust contract specifications for Celltrion stock futures and options. Market participants must note the scheduled effective date of December 27, 2024, as the point of contract adjustment.
- Verification of Formulated Contract Changes: The future reference prices, trading multipliers, and option exercise prices will be determined using the designated formulas based on the ex-dividend underlying stock prices. Investors should verify how these mathematical adjustments will modify the specifications of their existing contracts.
- Provisions for Delisting and Special Listings: The disclosure outlines the pre-established administrative criteria for delisting specific futures spread contracts and introducing new options contracts set with a standard multiplier of 10, which should be verified against subsequent final filings.
📝 Editor’s Comment (by K-STOCK Editor)
This informational pre-announcement by KOSCOM outlines the scheduled technical adjustments to be applied to derivatives contracts in connection with Celltrion’s upcoming stock dividend. It functions as an administrative blueprint to mathematically calibrate the futures and options contract specifications to align with the adjusted cash market metrics once the ex-dividend date arrives on December 27, 2024.
The primary focus for market participants is to note the scheduled timeline and the regulatory formulas provided in the filing. The specific adjusted figures are scheduled for final release on December 26, 2024, with the actual contract modifications formally taking effect on December 27, which is the ex-dividend date of the underlying stock.
Consequently, investors should monitor the subsequent announcement scheduled for December 26 to verify the finalized figures, and check that the technical adjustments are applied to trading platforms on the effective date of December 27.
📢 Disclaimer & Source Information
Source: This content has been newly structured and written based on official disclosure data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Warning: This content is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial liabilities rest solely with the investor.
Contact: For compliance inquiries or copyright-related requests, please contact ksb220805@gmail.com.
🔥 Bulls vs Bears, drop your analysis in the comments!
