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| Specifications
For All Equity Options Unit of Trade 100 shares per option contract. Premium Quotations Stated in points and fractions. One point equals $100. Minimum tick for series trading below 3 is .05 ($5.00) and for all other series .10 ($10.00). Strike Price Intervals 2-1/2 points for stocks trading below $25, 5 points for those trading from $25 to $200, and 10 points for those trading above $200. Exercise Style American. Option may be exercised on any business day prior to the expiration date. Expiration Months Two near-term months plus two additional months in the January, February or March quarterly cycle. Expiration Dates The Saturday immediately following the third Friday of the expiration month. Position Limits Limits vary according to the number of outstaing share and trading volume. The largest, most frequently traded stocks have an option position limit of 75,000 contracts; smaller capitalization stocks may offer position limits of 60,000, 31,500, 22,500 or 13,500 contracts. Customer hedge exemptions are available. Minimum Customer Margin for Uncovered Writers The dollar amount of the premium plus 20% of the underlying security value minus the amount by which the option is out of the money (if any) with a minimum of the premium plus 10% of the underlying security value. Trading Hours 9:30 a.m. to 4:00 p.m. (Eastern Time). Exercise Settlement Price Strike price times $100. Exercise Settlement Time Exercise notices tendered on any business day will result in delivery of the underlying stock on the third (T+3) business day following exercise. |
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