Specifications: Confers to buyer the right to buy (in the case of a call) or sell (in the case of a put) one sugar no. 11 futures contract.

Trading Unit: One sugar no. 11 futures contract

Trading Hours: 10:00 AM New York

Price Quotation: Cents per pound

Contract Months: "Regular Options": March, May, July, October plus a January option on March futures; "Serial Options": February, April June, August, September, November and December.

Option cycles: Serial options (listed in italics) arc short-life options providing additional option expirations on existing future contracts. All options are designated by the month following the expiration of the option contract.

Expiration Date: 9:00 PM New York Time on last trading day. Notification of intention to exercise must be made by an options holder to carrying member firm by 3:00 PM that day.

First Trading Day: "Regular Options": First trading day after last trading day for any expiring option, if trading has begun in the related futures contract; other wise the first trading day after the related futures contract begins trading. Serial options - First business day of the second month preceding expiration month.

Min Price Fluct: 1/100 cent/lb., equivalent to $11.20 per contract

Daily Price Limits: None

Position Limits: Options considered part of futures position 6,000 contracts net any single month; 9,000 net total. Combine published 'futures equivalent" ratios of options positions with futures positions. Exemptions may apply for hedge, straddle and arbitrage positions.

Strike Prices: For future prices less than 13 cents strike price intervals will be .5 cent, between 13 and 40 intervals will be one cent and over 40 cents prices will have intervals of 2 cents.