Mini-Nasdaq-100 Index option

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In the security option arena, the Mini-Nasdaq-100 option (MNX) is listed on the AMEX, Boston Options Exchange, CBOE and International Securities Exchange[1].

The contract is based on 1/10th the value of the Nasdaq-100 Index (NDX). The Nasdaq-100 Index is a "modified market capitalization-weighted" index representing 100 of the largest non-financial domestic and international issues listed on the Nasdaq Stock Market. The index was created in 1985 with a base value set to 250. The index level was cut in half in January 1994 after reaching a level of nearly 800 on Dec. 31, 1993.

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

PRODUCT SPECIFICATIONS

Symbol: MNX
Index Multiplier: 100
Price Interval : Strike price intervals are at least $2.50 for certain near-the-money series in near-term expiration months when the Full-size or Mini-Nasdaq 100 Index is at a level below 200, and 5 point strike price intervals for other options series with expirations up to one year, and at least 10 point strike price intervals for longer-term options.
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). Long-term expiration months may also be available.
Exercise Style : European
Last Trading Day : Trading in MNX options 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 : The exercise-settlement value, XMS, is calculated based on the Nasdaq Official Opening Price (NOOP) for each of the component securities on the last business day before the expiration date (usually a Friday). In the event a component security in the Nasdaq 100 Index does not have a Nasdaq Official Opening Price on Settlement Day, the closing price from the previous trading day will be used to calculate the Settlement Value. The exercise-settlement amount is equal to the difference between the exercise-settlement value, XMS, 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: There are no position and exercise limits on the Full-Size (NDX). For the Mini (MNX), position and exercise limits are 750,000 contracts on the same side of the market.
Trading Hours : 9:30 A.M. - 4:15 P.M. Eastern Time (New York time). Position and Exercise limits are subject to change.


References

  1. "Directory of Listed Products”. www.occ.com.