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U.S. Dollar Cash-Settled Currency Options

Exchanges:  PHLX

Exercise Style:  European

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).

Expiration Dates:  The third Friday of the expiration month.

Exercise Settlement Price:  The dollar difference between the settlement value and the strike price of the contract, multiplied by 100. Generally, settlement value is based on the 12:00 Noon (Eastern Time) Buying Rate, as determined by the Federal Reserve Bank of New York on the last trading day prior to expiration (usually a Friday). (Note: See product specifications for each currency option as there may be different means of calculation).

Exercise Settlement Time:  Exercise notices tendered will result in the delivery of cash (U.S. Dollars) on the next business day.

Trading Hours:  9:30 a.m. to 4:00 p.m. ET

For more information, please visit the Product Specifications area on the PHLX website.

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as an endorsement, recommendation or solicitation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of the disclosure document, Characteristics and Risks of Standardized Options. Individuals should not enter into option transactions until they have read and understood this document. To obtain copies, contact your broker, any exchange on which options are traded, or The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 ([email protected]).