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Characteristics and Risks of Standardized Options

Prior to buying or selling an option, investors must read a copy of the Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD). It explains the characteristics and risks of exchange traded options.

OCC has submitted to the SEC a restatement of the options disclosure document entitled Characteristics and Risks of Standardized Options (also known as the "ODD"). The restated version (the "Restated ODD") is anticipated to become effective at the end of October 2021. Once the Restated ODD is eligible for distribution, it should be delivered to investors and prior versions of the ODD should no longer be distributed.

Those firms who deliver printed versions of the ODD to investors may pre-order the Restated ODD directly from OCC at [email protected]. Orders will not be fulfilled until after the Restated ODD is effective. Clearing Members should be aware that additional time will be required for the initial printing of the Restated ODD since the document cannot be printed prior to the effective date. The fee for the Restated ODD will be $0.45 per copy plus shipping and handling.

For additional details, please refer to OCC Information Memos #49332 and #49428.

Download the Characteristics and Risks of Standardized Options (PDF)
188 pages, February 1994 (1997 through 2012 supplements)

October 2018 Supplement (PDF)
November 2012 Supplement (PDF)

Copies of this document may also be obtained from your broker, from any exchange on which options are traded, or by placing an order online. If you have questions, please contact the Options Clearing Corporation at [email protected].

Having Trouble Viewing the ODD?

We recommend downloading and installing the latest version of Adobe Acrobat Reader, which is available as a free download. If your problems persist you may want to order a printed version or contact your broker.

Click here to place an order for the printed version of the Options Disclosure Document. The ODD is only $0.45 plus shipping and handling. Please allow 8-10 days for delivery. Orders of less than 5 documents must be placed with [email protected].

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]).