1.   Futures options become more valuable when the percentage rises, and less valuable when it declines.

2.   Telefonica announced that futures options on its shares would be traded on the American Stock Exchange, Pacific Stock Exchange and the Chicago Board of Exchange.

3.   The exchange currently lists futures and futures options on the Mexican peso, and has filed for approval to trade futures on the Brazilian real.

4.   The Montreal Exchange will be open for equity and equity options trading although futures and futures options will not trade.

5.   However, the futures option will not be open to all listed companies during this period, he said.