|
PRODUCT SPECIFICATION
|
|
| Symbol |
|
IXK |
| |
|
|
| Index Description |
|
The ISE 50 Index tracks the performance of the “Mega Cap” stocks listed in the United States. The Index is a subset of the ISE 250, generally including the top 50 stocks. |
| |
|
|
| Index Multiplier |
|
$100. The index multiplier means that the options premiums are multiplied by 100 to obtain the actual premium amount. |
| |
|
|
| Price Interval |
|
Strike price intervals are at least $2.50. |
| |
|
|
Minimum Trading
Increments |
|
The minimum trading increment for an options contract trading at less than $3.00 is $0.05. The minimum trading increment for an options contract trading at $3.00 or higher is $0.10. |
| |
|
|
| Expiration Date |
|
Saturday following the third Friday of the expiration month. |
| |
|
|
| Expiration Months |
|
Up to three near-term months followed by three additional months from the March quarterly cycle (March, June, September and December). |
| |
|
|
| Exercise Style |
|
European. Options generally may be exercised only on the last business day before expiration. |
| |
|
|
| Last Trading Day |
|
Trading will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated. |
| |
|
|
| Settlement Type |
|
A.M., cash settlement |
| |
|
|
Settlement Value
Symbol |
|
SPV |
| |
|
|
| Settlement Value |
|
The exercise-settlement value is calculated using the opening (first) reported sales price in the primary market of each component stock on the last business day (usually a Friday) before the expiration date. If a stock in the index does not open on the day in which the exercise-settlement value is determined, the last reported sales price will be used in calculating the exercise-settlement value. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration. |
| |
|
|
Position and Exercise
Limits |
|
The aggregate Full-Size and Mini position and exercise limits are 50,000 Full-Size contracts on the same side of the market with no more than 30,000 of such contracts in the near-term month. Ten Mini contracts are equivalent to 1 Full-Size contract. An index option hedge exemption for public customers may be available for certain diversified portfolios, which may expand the position limit up to an additional 75,000 contracts. Additionally, proprietary accounts of member organizations may receive an exemption of up to 200,000 contracts for the purpose of facilitating public customers’ orders. Position and Exercise limits are subject to change. |
| |
|
|
| Trading Hours |
|
9:30 A.M. - 4:15 P.M. Eastern Time (New York time). This options product is exclusively traded at the ISE. In the event of a wide-scale disruption to the ISE Options Market, this product will be temporarily unavailable for trading. ISE will communicate with market participants in the event of a wide-scale disruption so that investors holding open positions in an exclusively traded product are made aware of such an event. |