Trading Unit: The Index value multiplied by $100.
Expiration Cycle: Three consecutive near-term expiration months plus three successive months from the March-June-September December cycle. In addition, two- and three-year long-term December expiration months are available.
Expiration: The Saturday following the third Friday of the expiration mouth.
Limited Exercise : European style. Options may be exercised only on the last trading day prior to expiration of the options. Writers of options are subject to assignment only at expiration.
Last Trading Day: For opening-settled options: two business days prior to expiration (normally Thursday). For closing-settled options: the last business day prior to expiration (normally Friday).
Settlement Value: For opening-settled options: the final Index settlement value is determined on the last business day prior to expiration and is based on the first (opening) reported sale price for each component stock.
For closing-weighted options: the final Index settlement value is determined on the last business day prior to expiration and is based on the last (closing) reported sale price for each component stock.
Delivery Method: If exercised, Cash settlement based on the dollar difference between the Index value and exercise price of the contract multiplied by 100.
Exercise Prices: Exercise (strike) prices are set at five-point intervals to bracket the current value of the Index and additional exercise prices are added when the Index moves.
Premium Quotations: Stated in dollars and cents. Fractions of a dollar for premiums of less than $3, in I/ 16ths; for premiums greater than $3, in 1/8ths.
Settlement of Options: Next business day.
Position Limits: For opening-settled options: 45,000 contracts on the same side of the market. For closing-settled 25,000 contracts on the same side of the market provided no more than 15,000 are in a series with the nearest expiration. Position limits in opening- and closing-settled options must be aggregated. Hedge limits are available for public customer accounts subject to prior Exchange approval. In addition, an XII option position and exercise limit facilitation exemption may be approved for Member Organizations subject to certain criteria.
Minimum Margin : (For uncovered writers) The option premium plus 15% of the aggregate Index value (Index value x S 100) reduced by any out-of-the- money amount of the option. The minimum margin requirement is the option premium plus 10% of the aggregate Index value.
Trading Hours: 9:30 a.m. to 4:15 p.m., New York time.
Trading System: Specialist/Registered Option Trader.
Index Base Points: 250.00 at the close of market on June 24, 1986.
Cusip Numbers: Opening-settled options: 030959 100; Closing-settled options: 031124 100.
Trading Symbols: PXP - Closing-settled contracts
XII - Opening-settled contracts
XSV - Final settlement value for opening-settled (XII) contracts