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