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Product Specifications: British Pound (BPX)

Symbol BPX
FX Description
The underlying value for ISE FX Options® on the exchange rate USD/GBP. The underlying value represents the exchange rate between the US dollar (base currency) and the British pound (counter currency) times 100.
Rate Modifier 100
Premium Multiplier $100. The multiplier means that the options premiums are multiplied by $100 to obtain the actual premium amount.
Strike Price Interval
Strike price increments are $0.10 minimum, but in most cases $0.50.
Minimum Trading Increments The minimum trading increment for an FX options contract is $0.01.
Expiration Date
Saturday following the third Friday of the expiration month.
Expiration Months
Up to four near-term months followed by up to four additional months from the March quarterly cycle (March, June, September and December). Up to ten long-term months, none further out than thirty-six.
Exercise Style
European style. Options may be exercised only on the last trading day (usually a Friday). Writers are subject to assignment only at expiration.
Last Trading Day
Trading will ordinarily cease at 12:00 PM Eastern Time on the business day (usually a Friday) preceding the expiration day.
Settlement Type
Cash settlement
Settlement Value Symbol HAZ
Settlement Value Determined on the last trading day (usually a Friday) based on the WM/Reuters Spot Rate corresponding to 12:00 PM New York time. Settlement values are available on Yahoo Finance.
Position and Exercise Limits
The position and exercise limits are 600,000 contracts on the same side of the market. Position and Exercise limits are subject to change.
Trading Hours
9:30 A.M. - 4:15 P.M. Eastern Time (New York time).

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