Product Specifications

CBOE EXCHANGE INDEX OPTIONS

Symbols:
EXQ

Underlying:
The CBOE Exchange Index (EXQ) is an equal-dollar weighted sector index composed of security and futures exchanges, all of which are either U.S.-listed common stocks, American Depository Receipts (ADRs), New York Registered Shares (NYSs) or NYSE Global Shares® (NGSs). The components are either traded on the NYSE or the NASDAQ Stock Market. The index will be re-balanced on a quarterly basis (after the close of trading on the third Friday of March, June, September and December).

Multiplier:
$100.

Strike Price Intervals:
Strike prices below 200 are listed with minimum intervals of 2.5 points. Strike prices above 200 are listed with minimum intervals of 5 points.

Strike Prices:
In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the indexes move up or down.

Premium Quotation:
Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05($5.00) and for all other series, 0.10 ($10.00).

Exercise Style:
European - CBOE Exchange Index options generally may be exercised only on the last business day before expiration.

Expiration Date:
Saturday following the third Friday of the expiration month.

Expiration Months:
Up to three near-term months plus up to three months on the March quarterly cycle. LEAPS with expirations up to five years in the future may also be listed.

Settlement Value:
Exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value, EXU, is calculated using the opening sales price in the primary market of each component security on the last business day (usually a Friday) before the expiration date. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100.

Position Limit:
2,000 contracts. (CBOE Rule 24.4B. Position Limits for Options on Micro Narrow-Based Indexes).

Margin:
For purchases of puts or calls with more than 9 months until expiration, deposit / maintain 75% of the total cost / option current market value. When time to expiration reaches 9 months, the option no longer has value for margin purposes. Purchases of puts or calls with 9 months or less until expiration must be paid for in full. Writers of uncovered puts or calls must deposit / maintain 100% of the option proceeds* plus 20% of the aggregate contract value (current index level x $100) minus the amount by which the option is out-of-the-money, if any, subject to a minimum for calls of option proceeds* plus 10% of the aggregate contract value and a minimum for puts of option proceeds* plus 10% of the aggregate exercise price amount. (*For calculating maintenance margin, use current market value instead of option proceeds.) Additional margin may be required pursuant to Exchange Rule 12.10.

Last Trading Day:
Trading in CBOE Exchange Index options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Trading Hours:
8:30 a.m. to 3:00 p.m. Central Time (Chicago time).