ISE Index Options Specifications

From MarketsWiki

Product Specs – Index Options FOR ALL INDEX OPTIONS

Unit of Trade	One contract equals $100 (the index multiplier) times the index level.
Premium Quotations	Stated in points and decimals. One point equals $100. Minimum tick for series trading below 3 is .05 ($5.00), and for all other series, .10 ($10.00).
Strike Price Intervals	Generally, index options are listed at 5-point intervals to bracket the current value of the index. Higher index values may result in larger strike price intervals. Contact each exchange for specific information. MID options are also listed in selective 2.50 point intervals in the nearest two months. (Generally, Index LEAPS® are listed in 2.50-point intervals. SPX options may be listed with up to 25-point intervals in the far-term months. OEX options are listed in 10-point intervals in the far-term month. SPL options are only listed in 25-point intervals. JPN options with more than one year to expiration are listed in 50-point intervals. Strike price intervals of 2.50 points may be available for WSX options.)
Exercise Style	Index options are designated as either American-style or European-style. American-style options can be exercised on any business day prior to expiration. European-style options can be exercised only on the last trading day prior to expiration.
Expiration Dates	The Saturday immediately following the third Friday of the expiration month.
Exercise Settlement Price	The dollar difference between the index number and the strike price of the contract, multiplied by 100. EUR and JPN options have several unique exercise settlement characteristics.
Exercise Settlement Time	Exercise notices tendered will result in the delivery of cash on the next business day.
Trading Hours	9:30 a.m. to 4:15 p.m. (ET) for broad-based indices; 9:30 a.m. to 4:00 p.m. (ET) for industry specific indices; 8:30 a.m. to 11:30 a.m. (ET) for EUR
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