Unit of Trade:

100 shares per option contract

Premium Quotations:

Stated in full points and decimals. One point equals $100. Minimum tick for series trading below 3 is .05 ($5.00) and for all other series .10 ($10.00).

Strike Price Intervals:

2-1/2 points for stocks trading below $25, 5 points for those trading from $25 to $200, and 10 points for those trading above $200.

Exercise Style:

American. Option may be exercised on any business day prior to the expiration date.
Expiration Months: Two near-term months plus two additional months in the January, February or March quarterly cycle.

Expiration Dates:

The Saturday immediately following the third Friday of the expiration month.

Position Limits:

Limits vary according to the number of outstaing share and trading volume. The largest, most frequently traded stocks have an option position limit of 75,000 contracts; smaller capitalization stocks may offer position limits of 60,000, 31,500, 22,500 or 13,500 contracts. Customer hedge exemptions are available.

Minimum Customer Margin for Uncovered Writers:

The dollar amount of the premium plus 20% of the underlying security value minus the amount by which the option is out of the money (if any) with a minimum of the premium plus 10% of the underlying security value.

Trading Hours:

9:30 a.m. to 4:02 p.m. (Eastern Time).

Exercise Settlement Price:

Strike price times $100.

Exercise Settlement Time:

Exercise notices tendered on any business day will result in delivery of the underlying stock on the third (T+3) business day following exercise.