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PHLX Quarterly Index Options Series

Contract Specifications

Quarterly Options are series of options that expire on the last business day of each calendar quarter. Quarterly Option Series are P.M. settled, therefore, their exercise settlement value is based on the closing level of the index on the day of expiration.

Currently the PHLX lists Quarterly Options Series on the following Indices:

  • KBW Bank Index (BKX)
  • PHLX Gold/Silver Sector SM (XAU)
  • PHLX Oil Service SectorSM (OSX)
  • PHLX Semiconductor SectorSM (SOX)
Contracts Listed:Up to four (4) consecutive calendar quarters
Multiplier:$100
Exercise Style:Same as the normal monthly expiration options on the same underlying index. (BKX and OSX are European-style; while XAU and SOX are American-style).
Strike Price Intervals:Strike price intervals shall be the same as the interval for strike prices for series in that same option class that expire in accordance with normal monthly expiration cycle.
Strike Prices:At least two but not more than five strike prices above, and two but not more than five strike prices below the value of the underlying index at about the time that a Quarterly Index Options Series is opened for trading on the Exchange. Consult PHLX Rule 1012 for more information. Additional series may be added so as long as the strike price is within 30% of the current index value. Consult PHLX Rule 1101A for more information.
Premium Quotation:Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05 ($5.00) and for all other series, 0.10 ($10.00).
Expiration Date:The last business day of each calendar quarter.
Last Trading Day:Quarterly Index Options are P.M.-settled contracts; therefore, the last trading day is the last business day of each calendar quarter.
Position Limit:Quarterly Options positions will be aggregated with the normal monthly expiration options on the same underlying index.
Margin:Same as the normal monthly expiration options on the same underlying index.
Trading Hours:9:30 A.M. to 4:00 P.M. Eastern Time.

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