PHLX Quarterly Index Options Series
Contract Specifications*
Description: Quarterly Options are series
of options that expire on the last business day of each calendar
quarter. Quarterly Option Series are p.m. settled, therefore,
their exercise settlement value is based on the closing level
of the index on the day the options expire.
Underlying: Currently the PHLX lists Quarterly
Options Series on the following Indices:
BQA / BKXSM KBW Bank Index
XGI / XAUSM PHLX Gold/Silver SectorSM
OSA / OSXSM PHLX Oil Service SectorSM
SBO / SOXSM PHLX Semiconductor SectorSM
Contracts Listed: Up to four (4) consecutive
calendar quarters.
Multiplier: $100
Exercise Style: Same as the standard options
on the same underlying index. (BKX and OSX are European-style;
XAU and SOX are American-style).
Strike Price Intervals: The Exchange shall
determine fixed-point intervals of exercise prices for index
options. Generally, the exercise (strike) price intervals
will be no less than $5. However, the Exchange may determine
to list strike prices at no less than $2.50 intervals if the
strike price is less than $200 for listed index options, and
in response to demonstrated customer interest or specialist
request.
Strike Prices: At least two but not more
than five strike prices above, and two but not more than five
strike prices below the value of the underlying index at about
the time that a Quarterly Index Options Series is opened for
trading on the Exchange. Consult PHLX Rule 1012 for more information.
Premium Quotation: Stated in decimals. One point
equals $100. Minimum tick for options trading below 3.00 is
0.05 ($5.00) and for all other series, 0.10 ($10.00).
Expiration Date: The last business day of
each calendar quarter.
Last Trading Day: Quarterly Index Options
are p.m.-settled contracts; therefore, the last trading day
is the last business day of each calendar quarter.
Position Limit: Quarterly Options positions
will be aggregated with the normal options on the same underlying
index.
Margin: Same as the normal options on the
same underlying index.
Trading Hours: Same as the normal options
on the same underlying index. (9:30 a.m. to 4:00 p.m. Eastern
Time.
*Options
involve risk and are not suitable for all investors. Prior
to buying or selling an option, a person must receive a copy
of Characteristics and Risks of Standardized Options (“ODD”).
Copies of the ODD are available from your broker, by calling
1-888-OPTIONS, or from The Options Clearing Corporation, One
North Wacker Drive, Suite 500, Chicago, IL 60606. The information
on this Website is provided solely for general education and
information purposes and therefore should not be considered
complete, precise, or current. Many of the matters discussed
are subject to detailed rules, regulations, and statutory
provisions which should be referred to for additional detail
and are subject to changes that may not be reflected in the
Website information. The Philadelphia Stock Exchange assumes
no responsibility for any errors or omissions in the Website.
No statement within the Website should be construed as a recommendation
to buy or sell a security or to provide investment advice.
