Nasdaq offers short-term options series (“Weeklies”) on underlyings. Short-term options series trade for approximately 50 products one week and expire on Fridays, unless Friday is a trading holiday. Select symbols have weeklies going out as far as five weeks, pursuant to ISE Rule 504.02. Nasdaq will list new Weeklies on Thursday of each week expiring the following Friday. Weeklies on AM-settled indexes will stop trading at close of business on the Thursday prior to expiration. Weeklies on equities and ETFs will stop trading at close of business on Friday (expiration day). Weeklies on ISE FX Options will stop trading at noon on Friday (expiration day).
ISE, ISE Gemini and ISE Mercury are allowed to list up to 60 series in each weekly class. In the event of unusual market movement or significant customer demand, each exchange will list new series up to two days prior to expiration. Weeklies are subject to corporate action adjustment as their standard counterparts.
The option symbols of Weeklies are identical to those used for standard monthly options. The difference between monthly and weekly options is the expiration date. The series name of Weeklies is structured as follows:
- Underlying symbol
- 1-character Expiration Year
- 3-character Expiration Month
- Strike Price with one decimal place
- Call/Put Indicator
- "-DD" (Expiration Day)
An example series name for a weekly is BAC3FEB11.0C-08.