Index Components: The Index is composed of stocks in four broad-market sectors (as of 6/30/92) - Industrials (64%); Utilities (16%); Financial (18%); and Transportation (2%). A list of the MidCap Index's 400 stocks is available from the American Stock Exchange.
Trading Unit: The Index value multiplied by 100.
Expiration Cycle: Up to four consecutive near-term expiration months, plus two additional ftirther- term expiration months in the March cycle are available at any one time. LEAPS" - Long Term Equity AnticiPation Securities are also available.
Expiration: The Saturday following the third Friday of the expiration month.
Last Trading Day: Two business days prior to expiration (normally Thursday).
Limited Exercise : European style. Options may be exercised only on the last business day prior to expiration. Writers are subject to exercise assignment only at expiration.
"Delivery" Method : If exercised, cash settlement based on the dollar difference between the final settlement value of the Index and the option exercise price multiplied by $100. The Index final settlement value is determined on the last business day prior to expiration, based on opening prices of the component stocks.
Settlement: Next business day following expiration.
Exercise Prices: Exercise (strike) prices for options with up to one year to expiration are set at five-point intervals to bracket the current value of the Index. Exercise prices set at 2'h-point intervals may be available. New exercise prices are added as the Index moves.
Premium Quotations: Stated in dollars and fractions. One point equals $100. Minimum tick for series trading below 3 is I/ 16 ($6.25), and for all other series, 1/8 ($12.50).
Minimum Margin: Option premium plus 15% of the aggregate Index value (Index value x $ 100) reduced by any for Uncovered Writers out-of- the-money amount to a minimum of premium plus 10% of the aggregate Index value.
Position Limits: 25,000 contracts on the same side of the market, provided no more than 15,000 of such contracts are in the nearest expiration month series.
Trading Hours: 9:30 a.m. to 4:15 p.m., New York time.
Trading System: Specialist/Registered Option Trader.
Cusip Number: 03113HIO0.
Symbol: MID. Final Settlement Yaluation Symbol: MIV