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U.S. Dollar Cash-Settled Currency Options Product Specifications

Exchanges

ISE, PHLX

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 Saturday immediately following 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

ISE 9:30 a.m. to 4:15 p.m. (Eastern Time)
PHLX 9:30 a.m. to 4:00 p.m. (Eastern Time)

For more information please visit the FX Options area on the ISE website or the Product Specifications area on the PHLX website.