Nasdaq-100^® Index Options

Symbol:
NDX

Underlying:
The Nasdaq-100 Index is a capitalization-weighted index composed of 100 of the largest non-financial securities listed on the Nasdaq Stock Market. The index was created in 1985 with a base value set to 250 on February 1 of that year. After reaching a level of nearly 800 on December 31, 1993, the index level was halved on January 3, 1994. The Nasdaq Stock Market calculates and disseminates the Nasdaq-100 Index every 15 seconds during the trading day.

Index Components

Multiplier:
$100.

Strike Price Intervals:
5 points.

Strike Prices:
In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when the Nasdaq-100 trades through the highest or lowest strike price available.

Premium Quote:
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).

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

Expiration Months:
Up to three near-term months plus up to three additional months from the March quarterly cycle (March, June, September and December).

Exercise Style:
European - Nasdaq-100 options generally may be exercised only on the last business day before the expiration date.

Last Trading Day:
Trading in Nasdaq-100^® options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Settlement of Option Exercise:
The exercise-settlement value, NDS, is calculated using the opening price, as determined by the Nasdaq Stock Market, of each component stock on the last business day (usually a Friday) before the expiration date. In the event that the Nasdaq Stock Market does not open for trading, halts trading prematurely, or otherwise experiences a disruption of normal trading on that day, or in the event that the Nasdaq Stock Market is open for trading on that day, but a particular security does not open for trading, halts trading prematurely, or otherwise experiences a disruption of normal trading on that day, the price of that security shall be determined, for the purposes of calculating the exercise-settlement value, as set forth in Rule 24.7(e). The exercise-settlement amount is equal to the difference between the exercise-settlement value, NDS, and the exercise price of the option, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration.

Position Limit and Exercise Limits:
No position and exercise limits are in effect. Each member (other than a market-maker) or member organization that maintains an end of day aggregate position in excess of 100,000 contracts in NDX, MNX and MML (10 MNX, 10 MML or 10 Mini-NDX options equal 1 NDX full value contract) for its proprietary account or for the account of a customer, shall report certain information to the Department of Market Regulation. The member must report information as to whether such position is hedged and, if so, a description of the hedge employed. A report must be filed when an account initially meets the aforementioned applicable threshold. Thereafter, a report must be filed for each incremental increase of 25,000 contracts. Reductions in an options position do not need to be reported. However, any significant change to the hedge must be reported.

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 15% 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 option current market value instead of option proceeds.) Additional margin may be required pursuant to Exchange Rule 12.10.

Cusip Number:
12490H

Trading Hours:
8:30 a.m. - 3:15 p.m. Central Time (Chicago time).

Position and exercise limits are subject to change.

¹ Ten (10) Mini-NDX options are equivalent to 1 full-value NDX option.
² Ten (10) MML options are equivalent to 1 full-value NDX option.