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Quarterly Options Product Specifications

Description

Quarterly options are listed with expiration dates that coincide with the end of the financial quarter. They will generally have the same product specifications of the monthly contracts listed on that product and will list an expiration date of the last business day of the financial quarter.

Unit of Trade

ETF: 100 shares of the underlying.
Index: One contract equals $100 (the index multiplier) times the index level.

Premium Quotations

Stated in points. One point equals $100.

Strike Price Intervals

Quarterly option strike listings will generally mimic that of the standard product.

Exercise Style

The exercise style for quarterly options will be the same as for standard options on that product.

Expiration Months

March, June, September, December.

Expiration Dates

Quarterly options will list the last business day of the financial quarter as the expiration date. This means that quarterly options will be available with expirations in March, June, September and December.

Exercise Settlement Price

ETFs will settle the same as the standard options on the same underlying. Cash-settled quarterly options on index products are PM settled and will derive their settlement value based on a calculation of the closing values of the component securities of that index.

Position Limits

Quarterly option positions will be aggregated with standard open positions for ETFs. Customer hedge exemptions are available. Index option limits area also aggregated but may vary. Investors should check the Position Limit reports and exchange rules.

Minimum Customer Margin

Same as standard options on the same underlying or index.

Trading Hours

Quarterly options will have the same trading hours as standard options for that product.