U.S. Dollar Cash-Settled Currency Options
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.