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Notice
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 3 Aug 2026 is below:
ETO Class |
Current Special Size Threshold (# contracts) |
New Special Size Threshold (# contracts) |
ANZ |
2,000 |
2,100 |
BHP |
1,350 |
1,300 |
BSL |
1,750 |
1,600 |
BXB |
2,250 |
2,650 |
CPU |
1,500 |
1,300 |
DNL |
15,000 |
13,400 |
EVN |
3,650 |
4,250 |
FMG |
3,550 |
3,950 |
LYC |
2,500 |
3,000 |
MQG |
350 |
300 |
NAB |
1,850 |
1,900 |
NST |
2,100 |
2,550 |
QBE |
2,250 |
1,950 |
RIO |
450 |
500 |
RRL |
6,550 |
7,500 |
SUN |
3,000 |
2,650 |
TLS |
14,050 |
15,000 |
WBC |
1,900 |
2,050 |
A full list of ETO Class Special Size levels can be found at:
Note: The new ETO Class Special Size levels will be updated on the pdf on 3 Aug 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
Jeff Kuo -Equity Derivatives Product Manager
Contact information
Jeff Kuo
E: jeff.kuo@asx.com.au