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Unit of Trade
One contract equals $100 (the index multiplier) times the index level.
Premium Quotations
Stated in points and decimals. One point equals $100. Minimum tick for series
trading below 3 is .05 ($5.00), and for all other series, .10 ($10.00).
Strike Price Intervals
Generally, index options are listed at 5 point intervals to bracket the current
value of the index. Higher index values may result in larger strike price intervals.
Contact each exchange for specific information. MID options are also listed in
selective 2.50 point intervals in the nearest two months.
Generally, Index LEAPS® are listed in 2.50 point intervals. SPX options may
be listed with up to 25 point intervals in the far-term months. OEX options are
listed in 10 point intervals in the far-term month. SPL options are only listed
in 25 point intervals. JPN options with more than one year to expiration are
listed in 50 point intervals. Strike price intervals of 2.50 points may be available
for WSX options.
Exercise Style
Index options are designated as either American-style or European-style. American-style
options can be exercised on any business day prior to expiration. European-style
options can be exercised only on the last trading day prior to expiration.
Expiration Dates
The Saturday immediately following the third Friday of the expiration month.
Exercise Settlement Price
The dollar difference between the index number and the strike price of the contract,
multiplied by 100. (Note: See product specifications for each index as there
my be different means of calculation).
| BKX |
BMX |
BTK |
CMR |
CRX |
| CYC |
DDX |
DJX |
DOT |
DRG |
| DTX |
DUX |
DXE |
ECM |
EUR |
| FPP |
GHA |
GIN |
GIP |
GOX |
| GSM |
GSO |
GTC |
HKO |
IIX |
| INX |
JPN |
MEX |
MID |
MOX |
| MSH |
MUT |
NDX |
NYA |
OSX |
| OTX |
RUT |
SOX |
SPX |
SVX |
| TXX |
XAL |
XBD |
XNG |
YLS |
| BKO for
BKX |
DNS for
DTX |
GHZ for
GHA |
| BMZ for
BMX |
DOS for
DOT |
GMZ for
GSM |
| BTS for
BTK |
DRO for
DRG |
GPZ for
GIP |
| CSO for
CMR |
DUS for
DUX |
GSZ for
GSO |
| CTM for
CTN |
ECS for
ECM |
GTZ for
GTC |
| CXV for
CRX |
EUV for
EUR |
IIV for
IIX |
| CYO for
CYC |
FPS for
FPP |
ITS for
INX |
| DDO for
DDX |
GDS for
GOX |
JPV for
JPN |
| DJS for
DJX |
GGZ for
GIN |
KDY for
HKO |
| MEO for
MEX |
NWO for
DXE |
TTS for
TXX |
| MIV for
MID |
NYX for
NYA |
XAO for
XAL |
| MOY for
MOX |
OSV for
OSX |
XBS for
XBD |
| MVH for
MSH |
OTS for
OTX |
YSO for
YLS |
| MWS for
MUT |
RLS for
RUT |
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| NDS for
NDX |
SET for
SPX |
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| NGV for
XNG |
SX for
SOX |
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EUR and JPN options have several unique exercise settlement characteristics which
are described in their respective sections.
Exercise Settlement Time
Exercise notices tendered will result in the delivery of cash on the next business
day.
Trading Hours
| 9:30
a.m. to 4:15 p.m. (Eastern
Time) for broad-based indices |
| CMR |
CYC |
DJX |
FNC |
FSX |
| HKO |
JPN |
LEX |
LNU |
LRU |
| LSZ |
LSW |
LUR |
MEX |
MID |
| NDX |
NNA |
NYA |
OAX |
OCX |
| OEX |
PSE |
RUT |
SPL |
SPX |
| WRU |
WSX |
XII |
XMI |
XOC |
| ZRU |
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| 9:30
a.m. to 4:02 p.m. (Eastern
Time) for industry specific
indices |
| BKX |
BMX |
BTK |
CRX |
CWX |
| DDX |
DJX |
DOT |
DRG |
DXE |
| ECM |
FPP |
GAX |
ICX |
IIX |
| LBG |
MSH |
MOX |
MUT |
OSX |
| OTX |
SOX |
UTY |
XAL |
XAU |
| XAX |
XBD |
XCI |
XNG |
XOI |
| YLS |
YTK |
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| 8:30 a.m.
to 11:30 a.m. (Eastern Time)
for EUR |
Minimum Customer Margin for
Uncovered Writers
For broad-based indices: the dollar amount of the premium plus 15% of the current
underlying index value (index number x $100) minus the amount by which the option
is out-of-the-money (if any) with a minimum of the premium plus 10% of the current
index value.
For industry-specific and narrow-based indices: the dollar amount of the premium
plus 20% of the current underlying index value (index number x $100) minus the
amount by which the option is out-of-the-money (if any) with a minimum of the
premium plus 10% of the current index value.
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