Notice

ASX to List New Short-Dated Options (XJD) on the S&P/ASX 200 Index

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Notice reference number: 0771.26.07
Date published: 03/07/26
Effective as of: 28/09/26
Last updated: 03/07/26

ASX participants and users are advised that ASX intends to list New Short-Dated Index Options (XJD) on the S&P/ASX 200 Index for trading.

ASX is targeting a go-live date of Monday 28 September 2026, subject to final internal and regulatory approval.

The ASX is launching this new product to provide customers with more precise tools to manage short-term market exposure and event-driven risk over the S&P/ASX 200 Index. The product will expand ASX’s existing index options offering by introducing daily expiries, allowing customers to target specific trading sessions and align exposures more closely with market events, economic announcements and periods of volatility.

Compared to existing Weekly Index Options (XJO), the new Short-Dated Index Options will use the separate XJD security code and will introduce daily listings and expiries from Monday to Friday. Existing XJO options are listed with Thursday expiries and are cash settled using the opening price index calculation on expiry morning, whereas the new XJD options will be cash settled on a T+1 basis using the closing price of the index on expiry day.


Contract Specification

Specifications

Short-Dated Index Options (XJD)

Underlying Index

S&P/ASX 200 index (XJD)

Security Codes

The first three characters are the ASX code e.g. XJD, the fourth and fifth characters are the clearing code randomly assigned by ASX. Certain codes include a sixth character which is always numeric.

Contract Size

$10 per point

Tick Size

Quoted as the number of points of the index. (Tick size 1.0 point)

Exercise style

European, i.e. exercisable only on expiry day.

Type

Call and put options

Contract expires

Daily listing of new maturities.

Expiry date

Monday, Tuesday, Wednesday, Thursday, Friday.

Trading hours

9.50am to 5.00pm and 5.30pm to 7.00pm (Sydney time)

Settlement

Index options are cash settled on a T+1 basis using the closing price of the index on expiry day.


Fees & Special Sizes

ASX will provide an introductory fee waiver for the new Short-Dated Index Options from launch.

The fee waiver period is anticipated to run from 28 September 2026 until 31 December 2026. This fee waiver will apply to registration fees only. All other applicable fees, including exercise fees, will continue to apply during the waiver period.

From 1 January 2027, fees for the new Short-Dated Index Options will be aligned with the current listed XJO options. ASX Clear currently charges a registration fee of $0.45 plus GST per contract for Index Options and an exercise fee of $0.35 plus GST per contract. For index option registration reported on FlexClear, ASX Clear charges a registration fee of $0.40 plus GST per contract and an exercise fee of $0.30 plus GST per contract.

Block size levels for the new Short-Dated Index Options (XJD) will be aligned with the existing Weekly Index Options (XJO). The block size levels for the new Short-Dated Index Options are aligned to the notional value of the SPI 200 Future.


Initial Margin Parameters

Please refer to the table below for the initial margin parameters and assigned fee schedule for the new Short-Dated Index Options:

Code

Name

PSR

VSR

ICS

XJD

Short-dated Index Options

7%

104%

$31


Risk Profile & Risk Management
Short-Dated Index Options have a different risk profile to the existing XJO options due to their shorter time to expiry, settlement based on index closing level and daily expiry cycle. As expiry approaches, option prices may become more sensitive to movements in the S&P/ASX 200 Index, particularly around market events or periods of volatility. Investors should be aware that short-dated options may experience accelerated time decay and rapid changes in value, especially on the expiry day.

ASX Clear will continue to apply its existing margining and stress testing framework to the new Short-Dated Index Options. Given the daily listing and expiry profile of XJD contracts, ASX Clear will also apply additional monitoring arrangements to support the management of intraday exposures associated with the new product, which may result in intraday margin calls.

Testing

The indicative external test environment is expected to be available in mid-August, a further market notice will be released with further details in due course.

Market Making

ASX will release details on market makers in the lead up to the product launch.

Client Education

ASX will develop clear, practical education materials that participants can use with their clients in the lead-up to launch, helping explain the product, its user cases and key risks.

What do I need to do by when?

Market Participants and vendors are encouraged to review the contract specifications and undertake appropriate testing before product launch.

Trading Participants wanting to trade the new Short-Dated Options should be in contact with their Clearing Participant to ensure they are aware of the listing and intend to clear the new product from go live.

If you experience any issues with testing or have any questions relating to the new Short-Dated Options, please contact Gregory Pill or your assigned ASX Technical Account Manager (TAM).

Need more information?

Issued by

Gregory Pill – Head of Equity Derivative Products & Multi Asset Market Making

Contact information

Gregory Pill
T: +61 (02)  9227 0696
E: greg.pill@asx.com.au

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