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Product Specifications


Mini Options Contract Specifications


Description:
Mini Options are physically-settled option contracts overlying 10 shares of a security. Currently, Mini Options may be listed on the following securities:

SPDR S&P 500 ("SPY")
Apple, Inc. ("AAPL")
SPDR Gold Trust ("GLD")
Google Inc. ("GOOG")
Amazon.com Inc. ("AMZN")

Symbol:
The option symbol for Mini Options shall be the underlying security symbol followed by the number "7" (e.g., AAPL7, GLD7, etc.). Visit the CBOE Symbol Directory for specific symbols.

Strike Price Intervals:
Strike price intervals for Mini Options shall be the same as for standard options on the same underlying security.

Strike (Exercise) Prices:
Strike prices for Mini Options shall be set at the same level as for standard options on the same underlying security. No additional series of Mini Options may be added if the underlying security is trading at $90 or less.
Please refer to CBOE Rule 5.5.22 for additional information.

Premium Quotation:
Stated in decimals. One point equals $10. The minimum tick for Mini Options shall be the same as the minimum tick for corresponding standard options.

Expiration Date:
Saturday immediately following the third Friday of the expiration month until February 15, 2015. On and after February 15, 2015, the expiration date will be the third Friday of the expiration month.

Expiration Months:
CBOE may list Mini Options for all expirations applicable to standard options on the same underlying security.

Exercise Style:
American - Mini Options generally may be exercised on any business day before the expiration date.

Settlement of Option Exercise:
Exercise notices properly tendered on any business day will result in delivery of the underlying stock on the third business day following exercise.

Position and Exercise Limits:
Positions in Mini Options and standard options shall be aggregated for purposes of determining compliance with the position and exercise limits under CBOE Rule 4.11 (10 Mini Option contracts shall equal one standard contract overlying 100 shares).

Reporting Requirements:
Please refer to Exchange Rule 4.13 for information pertaining to reporting requirements for positions in excess of 200 contracts.

Margin:
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 equity price x $10) 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 option current market value instead of option proceeds.) Additional margin may be required pursuant to Exchange Rule 12.10.

Last Trading Day:
Trading in Mini Options will ordinarily cease on the same business day as for applicable standard options on the same underlying security.

Trading Hours:
Mini Options will be open for trading whenever standard options on the same underlying security are open.








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