RUT Options Product Specifications

Russell 2000 Index Options

The Russell 2000 Index is designed to measure the performance of the bottom 2,000 companies from a universe of the 3,000 largest stocks in the U.S. The index is capitalization-weighted and includes only common stocks belonging to corporations domiciled in the US and its territories and traded on the NYSE, NASDAQ or the AMEX. The Russell 2000 Index is adjusted once per year, in June, to reflect changes in rankings and shares outstanding.



Strike Price Intervals:
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.

Strike (Exercise) Prices:
In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the indexes move up or down.

Premium Quotation:
Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05($5.00) and for all other series, 0.10 ($10.00).

Exercise Style:
European - RUT Index options generally may be exercised only on the expiration date.

Expiration Date:
The third Friday of the expiration month.

Expiration Months:
Three near-term months plus three months on the March quarterly cycle. LEAPS with expirations up to five years in the future may also be listed.

Settlement Value:
Exercise will result in delivery of cash on the business day following expiration. The exercise settlement value, RLS, is calculated using the opening sales price in the primary market of each component security on 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.

Position and Exercise Limits:
No position and exercise limits are in effect.

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. Additional margin may be required pursuant to Exchange Rule 12.10. (*For calculating maintenance margin, use option current market value instead of option proceeds.)

Last Trading Day:
Trading in Russell Index options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Trading Hours:
8:30 a.m. - 3:15 p.m. Central Time (Chicago time).