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FLEX® Options on PHLX

Available on PHLX only, FLEX Options offer the newest in risk management instruments, especially designed to extend investor access to customized derivative products. With FLEX Options, clients can customize equity options to fit specific investment strategies and goals. FLEX Options allow clients to specify characteristics such as the expiration date, strike price, and exercise-style of the contract.

Accessing FLEX Trade Information

The following quote vendors currently display online updates of FLEX option information. Each terminal enabled for options data will display FLEX information. The format currently provided by vendors includes RFQs, quotes and trades in a news headline format.

Bloomberg Financial Markets Thomson Reuters Track Data
  • Type FLEX[Go] for page display of all FLEX messages for all exchanges.
  • Type FLXD[Go] to filter messages displayed by FLEX[Go] function. User may select type and / or exchange.
  • For customer support, call Bloomberg Analytics, +1 800 357 7555.
  • Type XYZ/FLXA [Enter] for most recent E-FLEX activity for all exchanges.
  • Type XYZ/FLXB through Z [Enter] for today's history of E-FLEX activity for all exchanges.
  • For customer support, call +1 800 435 0101.
  • Type .FLEX [News Recall] for page display of all FLEX messages for all exchanges.
  • For customer support, call +1 888 832 2878.

FLEX® Equity Options

  • Underlying Security: Any security upon which options currently trade can be eligible.
  • Type of Option: Put or call.
  • Strike (Exercise) Prices: Call option strike prices may be set at standard intervals only. Put option strikes may be specified in terms of a specific dollar amount rounded to the nearest $.10 or a percentage of the underlying security rounded to the nearest tick or minimum increment. A strike price specified as a percentage will be rounded to the nearest eighth.
  • Expiration Date: Any business day up to three years from the trade date, except that a FLEX® option may not expire on any day that falls on or within two business days of a non-FLEX® option expiration date. For example, if Saturday, July 18, represents the expiration date for July equity options, FLEX® options may not be established to expire on Thursday, July 16, Friday, July 17, Monday, July 20 and Tuesday, July 21. Further, a FLEX® equity option may not be established to expire on the same day as the trade date.
  • Exercise Style: American or European.
  • Minimum Opening Transaction Size: If there is no open interest in the particular series when an RFQ is submitted, the minimum size of an RFQ is:
    • (i) $10 million underlying equivalent value, reflecting FLEX market index options, and $5 million underlying equivalent value reflecting FLEX industry index options; and
    • (ii) the lesser of 250 contracts or the number of contracts having $1 million of underlying equivalent value, with respect to FLEX equity options.
  • Minimum Closing Transaction Size: The lesser of 25 contracts and the remaining size.
  • Position and Exercise Limits: FLEX® equity options are not subject to a separate FLEX® position limit and positions in FLEX® equity options are not taken into account when calculating the position limits for non-FLEX® options. However, position limits which exceed three times the non-FLEX® position / exercise limit must be reported to the Exchange.
  • Settlement: Physical delivery.

FLEX® Index Options

  • Underlying Security: Any index upon which options currently trade. However, prior to requesting a quote for a particular index option, the requesting member should first determine whether that index has been listed for FLEX trading. Such lists will be posted at the Corrections Post.
  • Type of Option: Put or call.
  • Strike (Exercise) Prices: May be specified in terms of a specific index value number or a percentage of the index value calculated as of the open or close of trading on the Exchange on the trade date.
  • Expiration Date: Any business day up to five years from the trade date, except that a FLEX® option may not expire on any day that falls on or within two business days of an expiration date for a non-FLEX® option. Note that the restriction does not apply to quarterly expiring index option expiration dates. For example, if Saturday July 18, represents the expiration date for July index options, FLEX® options may not be established to expire on Thursday, July 16, Friday, July 17, Monday, July 20 and Tuesday, July 21. Further, a FLEX® option may not be established to expire on the same day as the trade date.
  • Exercise Style: American or European.
  • Minimum Opening Transaction Size: If there is no open interest in the particular series when a Request for Quote (RFQ) is submitted, the minimum size of an RFQ is $10 million underlying equivalent value for broad-based index options and $5 million for narrow-based index options. If a particular series has open interest then the minimum size to open is $1 million underlying equivalent value.
  • Minimum Closing Transaction Size: The lesser of $1 million underlying equivalent value and the remaining size.
  • Position and Exercise Limits: FLEX® index options are subject to a separate position limit of 200,000 contracts on the same side of the market respecting broad-based index options and 36,000, 48,000 or 60,000 contracts respecting narrow-based index options. However, positions in p.m.-settled FLEX® options shall be aggregated with positions in quarterly expiring options listed pursuant to Rule 1101A(b)(v) on the same underlying index, if the FLEX® index option series expires at the close of trading on or within two business days of the last day of trading in each calendar quarter. Positions in FLEX® index options shall otherwise not be taken into account when calculating position limits for non-FLEX® index options.
  • Settlement: Cash.

FLEX® U.S. Dollar-Settled Foreign Currency Options

  • Underlying Security: Any U.S. Dollar-Settled Foreign Currency upon which options currently trade can be eligible.
  • Type of Option: Put or call.
  • Strike (Exercise) Prices: Call and put strike price may be specified in terms of a specific dollar amount rounded to the nearest ten thousandth of a dollar (expressed without reference to the first two decimal places) for FLEX® currency options other than the Japanese yen currency option. FLEX® options on the Japanese yen may be specified in terms of a specific dollar amount rounded to the nearest one millionth of a dollar (expressed without reference to the first four decimal places).
  • Expiration Date: Any business day up to two years from the trade date, except that a FLEX® option may not expire on any day that falls on or within two business days of a non-FLEX® U.S. Dollar-Settled Foreign Currency option expiration date. For example, if Saturday, July 18, represents the expiration date for July equity options, FLEX® options may not be established to expire on Thursday, July 16, Friday, July 17, Monday, July 20 and Tuesday, July 21. Further, a FLEX® U.S. Dollar-Settled Foreign Currency option may not be established to expire on the same day as the trade date.
  • Exercise Style: European.
  • Minimum Opening Transaction Size: If there is no open interest in the particular series when an RFQ is submitted, the minimum size of an RFQ is 50 contracts.
  • Minimum Closing Transaction Size: The lesser of 25 contracts and the remaining size.
  • Position and Exercise Limits: FLEX® U.S. Dollar-Settled Foreign Currency options will be aggregated with positions in non-FLEX® U.S. dollar-settled FCO contracts, as well as physical delivery FCO contracts, for purposes of determining compliance with the position limits established by PHLX Rule 1001.
  • Settlement: Cash settlement in U.S. dollars.
  • Trading Method: The PHLX XL trading system is not available for FLEX® options. All FLEX® options must be quoted and traded in the trading crowd of the corresponding non-FLEX® options. Quoting and trading in FLEX® currency options will be subject to Rule 1079(b), which currently governs the quoting and trading of FLEX® index and equity options.

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