PHLX Quarterly Index Options Series Contract Specifications

As NASDAQ OMX continues to build client synergies and efficiencies, it is in the process of migrating the Phlx.com website content into various NASDAQ OMX websites. As a first step of this initiative, PHLX Quarterly Index Options Series Contract Specifications have been migrated to the NASDAQtrader.com website. Please use this link http://www.nasdaqtrader.com/micro.aspx?id=phlxquarterlyindexes to access this information.

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.

Currently the PHLX lists Quarterly Options Series on the following Indices:

BQA/BKX KBW Bank Index
XGI/XAU PHLX Gold/Silver SectorSM
OSA/OSX PHLX Oil Service SectorSM
SBO/SOX 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.