Morgan Stanley Technology Index

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Both the International Securities Exchange[1] and American Stock Exchange[2] list options on the cash-settled Morgan Stanley Technology Index (MSH),[3] an equal-dollar weighted index designed to measure the performance of a cross section of highly capitalized U.S. companies active in nine technology subsectors: computer services, design software, server software, PC software and new media, networking and telecommunications equipment, server hardware, PC hardware and peripherals, specialized systems and semiconductors. The Index comprises 35 companies.

The MSH Index was developed with a base value of 200.00 on December 16, 1994, and the index value was later split 2-for-1 on March 20, 2000.

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

Product Specifications[edit]

Symbol MSH
Index Multiplier 100
Price Interval $5.00
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).
Exercise Style European
Last Trading Day Trading in MSH 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, MVH, is calculated using the opening (first) reported sales price in the primary market of each component stock on the last business day (usually a Friday) before the expiration date. In the event that a stock in the index does not open on the day in which the exercise-settlement value is determined, the last reported sales price in the primary market will be used in calculating the exercise-settlement value. The exercise-settlement amount is equal to the difference between the exercise-settlement value, XSM, 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 31,500 contracts on the same side of the market.
Trading Hours 9:30 A.M. - 4:00 P.M. Eastern Time (New York time). Position and Exercise limits are subject to change.


  1. Product Details. International Securities Exchange.
  2. Morgan Stanley Technology Index. American Stock Exchange.
  3. "Directory of Listed Products". The Options Clearing Corporation.