Quarterlys - End-Of-Quarter Options

Product Specifications

Description:
Quarterly Options are series of options that expire on the last business day of each calendar quarter.

Underlying:
Quarterly Option Series may be listed on any Index or ETF class that is currently trading on CBOE. Under a one-year pilot program, CBOE may list Quarterly Option Series on 5 Index or ETF classes. In addition, CBOE may list Quarterlys on any class that has been selected by another options exchange. See the Quarterlys Index Site for additional information.

Contracts Listed:
Up to four consecutive calendar quarters plus the last quarter of the next calendar year.

Multiplier:
$100.

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

Strike Prices:
Two (2) in-, one (1) at- and two (2) out-of-the-money strike prices will be listed at the time Quarterly Option Series are opened for trading. In addition, CBOE will list Quarterly Option Series that are within $5 of the closing value of the underlying on the preceding day.

Exercise Style:
Same as the standard options on the same underlying.

Expiration Date:
The last business day of each calendar quarter.

Last Trading Day:
Quarterly options are p.m.-settled contracts. The last trading day, therefore, is the last business day of each calendar quarter.

Settlement of Option Exercise:
Same as the standard options on the same underlying.

Position Limit:
Quarterly Options positions will be aggregated with standard options on the same underlying.

Margin:
Same as the standard options on the same underlying.

Trading Hours:
* Same as the standard options on the same underlying.

* NOTE:
Beginning with June 2009 expiration, CBOE is changing the close of trading hours from 3:15 p.m. (Chicago time) to 3:00 p.m. (Chicago time) on the last day of trading only in expiring Quarterly Index Expirations on broad-based indexes (i.e.; SPX, XSP and XEO). All non-expiring Quarterly Index Expirations will continue to trade until 3:15 p.m. Refer to IC09-120 for additional information.