Settlement Value Symbol:
The FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large and mid cap companies in Developed European markets, including the UK. The index is comprised of approximately 500 securities from 16 countries, and derived from the FTSE Global Equity Index Series (GEIS), which covers over 7,400 securities in 47 different countries and captures 98% of the world's investable market capitalization.
Stated in points, one point equals $100. Minimum tick for series trading below $3 is 0.05 ($5.00); at or above $3 is 0.10 ($10.00).
Strike (Exercise) Prices:
In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the underlying trades through the highest and lowest strike price available.
Strike Price Interval:
Strike prices may be listed with a minimum interval of 2.5 points if the strike price is less than 200. When the strike price is 200 or above, strike price intervals will be no less than 5 points.
Up to 12 near-term months. In addition, the Exchange may list up to 10 AWDE LEAPS expiration months that expire from 12 to 60 months from date of issuance.
The third Friday of the expiration month.
European and P.M.-settled - AWDE options generally may be exercised only on the Expiration Date.
Last Trading Day:
Trading in expiring standard AWDE options will cease upon the close of the London Stock Exchange (usually 10:30 a.m. Central Time) on the expiration date (usually a Friday).
Settlement of Option Exercise:
Exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value, [AWS], is the official closing value of the FTSE Developed Europe Index as reported by FTSE International Limited on the last trading day of the expiring contract. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100.
Position and Exercise Limits:
The position limit is 25,000 contracts on the same side of the market, with no more than 15,000 contracts in the near term expiration month and the exercise limit is 15,000 contracts.
Customer Strategy-Based Margin:
Purchases of puts or calls with 9 months or less until expiration must be paid for in full. Purchases of puts or calls with more than 9 months until expiration may be effected on a margin basis and must comply with Exchange Rule 12.3(c)(4)(B). 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 Rules 12.3(h) and 12.10.
Customer Portfolio Margin:
AWDE options are eligible for a portfolio margin account. AWDE options are accommodated in the European Markets Product Group (42), with an 85% offset with the other classes contained in that Product Group. The magnitude of the valuation point range under Cboe Rule 12.4 (Portfolio Margin) for AWDE options held in a portfolio margin account is -8%/+6%. The current (spot or cash) AWDE index value will be used to calculate theoretical gains and losses for AWDE options. Additional margin may be required pursuant to Exchange Rule 12.10.
8:30 a.m. to 3:15 p.m. (Chicago time).