The Mini-SPX Index, based on 1/10th the value of the Standard & Poor's 500 Index (SPX). The Standard & Poor's 500 Index is a capitalization-weighted index of 500 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding "free float" shares.
Strike Price Intervals:
Strike prices are set to bracket the Mini-SPX Index level in minimum increments of 1 point.
Strike (Exercise) Prices:
In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the index moves up or down.
Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.01 ($1.00) and for all other series, 0.05 ($5.00).
European - Mini-SPX Index options generally may be exercised only on the last business day before expiration.
Last Trading Days:
Trading in Mini-SPX options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.
Saturday following the third Friday of the expiration month.
Up to three near-term months plus up to three months on the March quarterly cycle.
Settlement of Option Exercise:
Exercise will result in delivery of cash on the business day following expiration. The exercise settlement value, XSR, 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.
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 SPX and Mini-SPX (10 Mini-SPX options equal 1 SPX 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.
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.
8:30 a.m.- 3:15 p.m. Central Time (Chicago time).