S&P MidCap 400 Index options

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On the securities option side, the International Securities Exchange and AMEX list a cash-settled Standard & Poor's MidCap 400 Index option (MID). This Index measures the performance of the mid-range sector of the U.S. stock market based on 400 stocks chosen on the basis of market capitalization, liquidity and industry group representation. The S&P MidCap Index is market value (capitalization) weighted. The MidCap Index was introduced on June 19, 1991.^{[1] [2]}

Because these contracts are fungible, contract specifications at these exchanges mirror one another.

Product Specifications

Symbol	MID
Index Multiplier	100
Price Interval	The strike price interval is $10.00
Minimum Trading Increments	Stated in dollars and cents. Minimum price variant $0.05 for series trading under $3.00 and $0.10 for series trading $3.00 and above.
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
Last Trading Day	Two business days prior to expiration (normally a Thursday).
Settlement Type	Next business day following expiration.
Settlement Value	Determined on the last business day prior to expiration, based on the first (opening) reported sale price for each component stock.
Position and Exercise Limits	45,000 contracts on the same side of the market, provided that no more than 25,000 of such contracts are in the nearest expiration month series.
Trading Hours	9:30 a.m. to 4:15 p.m., New York time.

References

1. ↑ Product Details. International Securities Exchange. Retrieved on November 5, 2007.
2. ↑ "Directory of Listed Products”. www.occ.com. Retrieved on Nov. 15, 2007.