International Indices

S&P Merval Futures Contract

• The product

  S&P Merval Futures Contract allows trading today future price forecasts of the stock portfolio represented by the S&P Merval Index, thus meeting the demand of local investors who seek exchange rate fluctuation and international index exposure with a lower investment amount for the S&P Merval Futures Contract.

  The S&P MERVAL Index, Argentina’s flagship index, seeks to measure the performance of the largest, most liquid stocks trading on the Bolsas y Mercados Argentinos Exchange (BYMA) classified as domestic stocks. The constituents of the index must meet minimum size and liquidity requirements.

• Specifications

  Underlying	S&P Merval Index
  Ticker	IMV
  Contract size	S&P Merval Futures Contract multiplied by the index point value in Brazilian Reals, each point equals 10 Argentine Pesos
  Quotation	Index points to two decimal places.
  Tick size	1 index point.
  Round-lot	1 contract
  Last trading day	The last trading day will be on the Expiration Date
  Expiration date	Last business day of the contract month
  Contract months	All months
  Settlement on expiration	Cash settlement.

• Benefits
  • Diversified portfolio.
  • International exposure: Allows local investors to gain exposure to the Argentine market.
  • Use of B3’s trading infrastructure and Clearinghouse by trading Brazilian contracts in Argentine Pesos and cash settlement in Brazilian Reals.