In regard to the popular S&P 500® options, on May 1, 2017, CBOE changed the symbol for existing SPXPM option series to option symbol SPXW. Beginning last month, CBOE is offering both SPX options with a.m.-settlement, and SPXW options with p.m.-settlement, on third Fridays of the month. This conversion was designed to allow greater ease of access for those looking to place spreads from week to week.  We have received some very positive feedback from institutional investors on this change to the symbol SPXW.


The transition in the ticker symbol has facilitated an increase in volume for the S&P 500 options with p.m.-settlement on third Fridays. As shown in the chart below, the average daily volume increased from 8,298 for SPXPM options in April, to 30,845 for the SPXW options (that settle on third Fridays) in June (through June 12).


One of the reasons that the change has facilitated increased volume is the fact that the SPXW options are in the SPX options chain (see the screenshot from Bloomberg below), while the SPXPM options were not in the SPX options chain.


SPXW options can provide opportunities for investors to implement more targeted buying, selling or spreading strategies. SPXW options may help investors efficiently take advantage of market events, such as earnings, government reports and Fed announcements. To learn more, please visit