ISE introduced Quarterly Options (Quarterlies) in July 2006. This innovative new product was developed in response to member interest in an alternative expiration structure aligned to their equity trading strategies. Quarterlies represent a new type of options product that expires on the last trading day of the calendar quarter.
ISE established an SEC pilot program on July 10, 2006 for the trading of Quarterly Options on five ETF products: SPY, DIA, QQQQ, XLE, and IWM. ISE also trades Quarterlies on products selected for the pilot program by other exchanges, including BKX.
Quarterly Options trade under the same rules and have the same contract specifications as standard monthly options, with the following exceptions:
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