Contract specifications / trading rules

The Warsaw Stock Exchange lists options on the WIG20 index.

The Exchange as the organiser of trading develops standard specifications, i.e., detailed characteristics of options. In its role as a clearing house, KDPW_CCP determines procedures for clearing and record-keeping, as well as the required margins.

Options contracts are traded in the continuous system from 8.45 a.m. to 5.05 p.m. As is the case with other securities quoted in the continuous system, an auction is held at the opening and closing of trading.

The following futures are listed on the Warsaw Stock Exchange: WIG20 index futures, mWIG40 index futures, WIG.GAMES5 index futures, WIG.MS-BAS index futures, WIG.MS-FIN index futures, USD futures, EUR futures, GBP futures, CHF futures, and futures on stocks of companies.

The Exchange as the organiser of trading develops standard specifications, i.e., detailed characteristics of futures. In its role as a clearing house, KDPW_CCP determines procedures for clearing and record-keeping, as well as the required margins.

Futures contracts on WIG20, mWIG40, currencies and stocks are traded in the continuous system from 8.45 a.m. to 5.05 p.m. As is the case with other securities quoted in the continuous system, an auction is held at the opening and closing of trading.

 

Group of contract/option Underlying Listed since Standard specification Trading rules KID
Index futures WIG20 (multiplier PLN 20) 23-09-2013      
mWIG40 18-02-2002      
WIG.GAMES5 30-09-2019      
WIG.MS-BAS  30-09-2019      
WIG.MS-FIN  30-09-2019      
Single-stock futures

multiplier 1: LPP

multiplier 10: 11B, BDX, CAR, KRU, KTY, MBK, PLW, SPL, TEN

multiplier 100: ACP, ALE, ALR, APR, ASB/1, ATT, CCC, CDR, CPS, DIA, DNP/2, 
DOM, EAT, GPW, ING, JSW, KGH, LWB, MAB, PCO, PEO, PKN, PKO, PKP, 
PZU, XTB, ZAB

multiplier 1000: ENA, EUH, MIL, OPL, PGE, PXM, SVE, TPE

22-10-2001      
Currency futures USD/PLN 25-09-1998      
EUR/PLN 31-05-1999      
CHF/PLN, GBP/PLN 30-09-2008      
Index Options call 22-09-2003      
put 22-09-2003      

/1 For Z25, H26 series the multiplier is 102.60
/2 For Z25, H26 series the multiplier is 1000

Communiqué of the Warsaw Stock Exchange dated 13 November 2025 on contracts for ASBISc Enterprises Plc (ASBIS) >>

Communiqué of the Warsaw Stock Exchange dated 30 July 2025 on contracts for DINO POLSKA S.A. >>

Derivatives


The first derivatives – WIG20 futures – were introduced on the Warsaw Stock Exchange in 1998. Today the exchange offers a range of diverse instruments: index futures, single-stock futures, currency futures, index options. Investors appreciate the opportunities provided by the derivatives market.

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Futures

Futures are derivatives: their price is linked to the price of the underlying. To simplify, a futures contract is an agreement between two parties (investors). The contract buyer agrees to buy the underlying instrument back from the seller (issuer) at an agreed price and at an agreed future date.

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Options

To better understand options, think of insurance policies. Options are like insurance. We all know about insurance policies: we insure our homes, cars, health and life against unexpected events. Options work in quite the same way as they protect our portfolios (mitigate investment risks).

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How to read abbreviated option names

  • O Option
  • W20Underlying of the option (at this time, only WIG20)
  • KCode of the type and month of delivery of the option
  • RRTwo last digits of the year of expiry of the option
  • CCCCExercise price of the option