CBOE Technology Index
Symbol:
TXX
Underlying:
TThe CBOE Technology Index is a price-weighted index of 30 high technology stocks trading on the New York Stock Exchange and NASDAQ.
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 are generally added when the underlying trades through the highest or lowest strike price available.
Premium Quote:
Stated in decimals. One point equals $100. The 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:
Generally, 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 - TXX options may only be exercised on the last business day before expiration.
Last Trading Day:
Trading in TXX 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 CBOE Technology Index exercise-settlement value, (symbol TTS) is calculated using the first (opening) reported sales price in the primary market of each component stock on the last business day (usually a Friday) before the expiration date. If a stock in the index does not open on the day on 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 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:
The aggregate (TXX and TXX LEAPS) position and exercise limits are 31,500 contracts on the same side of the market. 10 TXX LEAPS are equivalent to 1 full-value TXX option contract. *
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 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:
1248H0
Trading Hours:
8:30 a.m. - 3:00 p.m. Central Time (Chicago time).
Position and Exercise limits are subject to change.
Options involve risk and are not suitable for all
investors. Prior to buying or selling an option, a person must receive a copy
of Characteristics and Risks of Standardized
Options (ODD). Copies of the ODD are available from your broker, by
calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North
Wacker Drive, Suite 500, Chicago, Illinois 60606. The information on this
website is provided solely for general education and information purposes and
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matters discussed are subject to detailed rules, regulations, and statutory
provisions which should be referred to for additional detail and are subject to
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