The Spanish Exchange has begun trading the first Turbo warrants, which have been issued by BNP Paribas Arbitrage Issuance B.V. The issue comprises 8 Turbo Call and 8 Turbo Put warrants on the IBEX 35.
Those products offer the possibility of bringing forward the expiry date with respect to that set in the terms of the issue. That facility is linked to the setting of a barrier, whereby if the price of the underlying asset hits or exceeds this barrier, the expiry date for the Turbo Warrant is brought forward.
Turbo Warrants are traded on the Spanish electronic trading system – Sistema de Interconexin Burstil Espaol (SIBE) – on the Warrant, Certificates and Other Products market segment under the heading “Other Products.”