Notice

ETO Special Size changes – Adjustments based on notional caps and introduction of Special Size Crossings on BPT

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  • BPT
  • ETO
  • AMC
  • ANZ
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  • BXB
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  • FMG
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  • NAB
  • NST
  • RIO
  • RRL
  • TLS
  • WBC
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Notice reference number: 0453.26.04
Date published: 23/04/26
Effective as of: 04/05/26
Last updated: 07/05/26

Review of Special size - Notional

ASX participants and users were advised via market notice 170.25.12 of the results of the Equity Option Consultation Paper at the end of 2025. This included the introduction of a new policy resulting in the following changes for special size thresholds (in notional terms):

-       Top 20 Single Stock ETOs will have a capped notional amount of $7.5 million

-       Outside the top 20 Single Stock ETOs will have a notional cap amount of $5 million

Note: Each quarter, ASX will review all Single Stock ETO classes and determine the number of contracts that align to the above notional values, rounded up to the nearest increment of 50 contracts. The number of contracts set as part of this review will remain constant for the quarterly period, unless a corporate action adjustment warrants a change outside the review cycle.

As previously communicated, ASX will review this policy 12 months after the policies introduction to determine its effectiveness and consider any necessary adjustments based on market feedback.

A summary of the changes that will come into effect on Monday 4th May 2026 is below: 

ETO Class

Current Special Size Threshold

(# contracts)

New Special Size Threshold

(# contracts)

AMC

700

750

ANZ

1,900

2,000

BHP

1,400

1,350

BSL

1,800

1,750

BXB

2,050

2,250

COL

2,300

2,200

EVN

3,200

3,650

FMG

3,750

3,550

LYC

3,000

2,500

NAB

1,600

1,850

NST

1,700

2,100

RIO

500

450

RRL

5,650

6,550

TLS

10,000

14,050

WBC

1,800

1,900

Introduction of Special Size Crossings - BPT

ASX participants and users were advised via market notice 0555.21.04 of ASX’s plan to trial the removal of Special Size crossings on NEW ETO Classes. The trial period for the removal of Special Size crossings for new ETO Classes proved successful and is now part of ASX’s ongoing ETO listing policy.

As part of the policy, ASX reviews how new ETO Classes are performing to determine if any have reached a liquidity metric that supports the introduction of Special Size crossings.

ASX has completed a review and determined that the introduction of Special Size crossings on one ETO Class is now appropriate. The introduction of Special Size on the ETO Class will occur on Monday, 4 May 2026.

The ETO Class whereby Special Size crossings will be introduced is:

-        BPT (Beach Energy Ltd)

Summary of the new Special Size levels:

Name

ASX Code

Min. MM Quote Size (lots)

Special Size Level (lots*)

Value threshold

($)

Beach Energy Ltd

BPT

1000

15,000

$200k

*Subject to min. $50k premium

A full list of ETO Class Special Size levels can be found at:

https://www.asx.com.au/content/dam/asx/participants/derivatives-market/equity-derivatives/special-size-thresholds.pdf

Note: The new ETO Class Special Size levels will be updated on the pdf on 4 May 2026.

What do I need to do by when?

Participants and end users should familiarise themselves with the Special Size changes and make any necessary process changes to accommodate the introduction.

Need more information?

Issued by

Benjamin Hatava – Product Manager, Equity Derivatives

Contact information

Benjamin Hatava
T: +61 (02) 9227 0061
E: benjamin.hatava@asx.com.au

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