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Mini Options Product Specifications

Description

Mini options share many of the same product specifications as the Equity or ETF option contract except that they deliver only 10 shares of the underlying rather than the 100 shares of the standard contract, and the premium and strike multiplier is also 10. They can be identified by the numeral "7" after the underlying symbol. (If there is a corporate action, the symbol may have an "8" or "9" after it.)

Unit of Trade

10 shares per option contract.

Premium Quotations

Stated in points. One point equals $10.

Strike Price Intervals

In general, mini-option strikes mimic existing option strikes in that regular series.

Exercise Style

American-style. Mini options on equity and ETF products may be exercised on any business day prior to the expiration date.

Exercise Settlement Time

Exercise notices tendered on any business day will result in delivery of the underlying shares on the second (T+2) business day following exercise.

Expiration Months

Mini options are listed on the same cycle as the product's standard options. Weekly and quarterly expirations may also be listed.

Expiration Dates

Mini monthly options expire on the third Friday of the expiration month. Many products also list mini weekly options that expire on Fridays. If an exchange holiday occurs on that Friday, mini weekly options will expire on the preceding Thursday.

Position Limits

For purposes of compliance with the Position Limits Rules, ten mini options contracts equal one standard contract overlying 100 shares. Investors may check Position Limit reports from OCC's website for more information.

Minimum Customer Margin

Purchases of puts or calls with nine months or less until expiration must be paid for in full. Writers of uncovered puts or calls must deposit / maintain 100% of the option proceeds* plus 20% of the aggregate contract value (current equity price x $100) minus the amount by which the option is out-of-the-money, if any, subject to a minimum for calls of option proceeds* plus 10% of the aggregate contract value and a minimum for puts of option proceeds* plus 10% of the aggregate exercise price amount. Margin requirements for some broad-based ETFs may vary.

(*For calculating maintenance margin, use the option's current market value instead of the option proceeds.)

Trading Hours

9:30 a.m. to 4:00 p.m. ET. 9:30 a.m. to 4:15 p.m. for broad-based ETFs.