CBOE Options on MSCI Indexes www.cboe.com/MSCI

CBOE's options on MSCI indexes are designed to provide investors different ways to efficiently gain exposure to the global equity markets and execute risk management, hedging, asset allocation and income generation strategies. In April 2015, CBOE launched trading in options on the MSCI Emerging Markets Index (MXEF) and the MSCI EAFE Index (MXEA).

Margin - CBOE Regulatory Circular RG15-183 notes that CBOE rules allow a short position in a cash-settled-index option established and carried in a margin account to receive covered margin treatment, if the short option position is offset in the same account by an equivalent position in an index-tracking ETF that is based on the same index that underlies the short option(s).

In order to receive covered margin treatment, the market value of the offsetting ETF position must be equivalent or exceed the current aggregate index value of the option being covered. One should note that not all ETFs are managed so as to maintain a share price that is a constant fraction (e.g., 1/10 th, 1/100 th, 1/1,000 th, etc.) of the index being tracked..

Key Indexes

  • The MSCI EAFE® Index (ticker MXEA) is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises the MSCI country indices that represent developed markets outside of North America: Europe, Australasia and the Far East. The MSCI EAFE Index is calculated in US Dollars on a real time basis and disseminated every 60 seconds during market trading hours. Contract Specifications for MXEA Options.
  • The MSCI Emerging Markets Index (ticker MXEF) captures large- and mid-cap representation across 23 Emerging Markets (EM) countries. With more than 800 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Contract Specifications for MXEF Options.
  • CBOE calculates and disseminates the CBOE Emerging Markets ETF Volatility Index (ticker VXEEM), which reflects the implied volatility of the EEM ETF, the iShares MSCI Emerging Markets Index.
  • Introduced in mid-2013, the CBOE EFA ETF Volatility Index (VXEFA) measures the expected volatility of the iShares MSCI EAFE Index Fund (EFA), an exchange traded fund (ETF) that offers exposure to developed-market stocks in Europe, Australia, Asia and the Far East.

Ticker Symbols and Price Quotes for MSCI EAFE Index (MXEA)

Ticker Symbols and Price Quotes for MSCI Emerging Markets Index (MXEF)

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