Mini-SPX Index Options - XSP

The Chicago Board Options Exchange (CBOE) now offers a new options contract, Mini-SPX options, based on the Standard & Poor's 500 Stock Index, beginning October 25, 2005.

Key features of the proposed Mini-SPX options include the following:

• The ticker symbol for Mini-SPX options is XSP.



• Mini-SPX options have 1/10th the value of the S&P 500® (SPX) Index options (e.g. if the S&P 500 Index is at 1235.00, the Mini-SPX would have a value of 123.50, and notional value covered by the Mini-SPX options (with a $100 multiplier) would be $12,350).

Comparing Index Prices

	Mini-SPX Index	S&P 500® Index	CBOE Volatility Index®	CBOE S&P 500 BuyWrite Index
Ticker	XSP	SPX	VIX®	BXMSM
31-Dec-2002	87.98	879.82	28.62	523.92
31-Dec-2003	111.19	1111.92	18.31	625.38
31-Dec-2004	121.19	1211.92	13.29	677.26
31-Aug-2005	122.03	1220.33	12.6	710.87

Daily Closing Prices on Select Dates. Sources: Bloomberg and CBOE.

• The last trading day for Mini-SPX options generally will be on the business day (usually a Thursday) prior to the third Friday of the expiration month.
• Mini-SPX options trade on CBOE's Hybrid 2.0 Trading System, which includes Remote Market Makers. Trading XSP options on CBOE's Hybrid Trading System offers investors a smaller-sized S&P 500 contract with the combined advantages of electronic trading and the open-outcry market on a single platform.

Links to More Information

Press Release on Mini-SPX Options
S&P 500 (SPX) Options

Graphs

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 therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in the website information. No statement within the website should be construed as a recommendation to buy or sell a security or to provide investment advice. The inclusion of non-CBOE advertisements on the website should not be construed as an endorsement or an indication of the value of any product, service, or website. The Terms and Conditions govern use of this website and use of this website will be deemed acceptance of those Terms and Conditions.