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PHLX Broad Based Index Options


NASDAQ-100® Index Options (NDX)

Description: The NASDAQ-100 Index is a modified market capitalization-weighted index composed of 100 of the largest non-financial companies listed on the Nasdaq Stock Market. The value of the Index equals the aggregate value of the Index share weights, also known as the Index Shares, of each of the Index Securities multiplied by each such security’s Last Sale Price on Nasdaq (which may be the Nasdaq Official Closing Price), and divided by the divisor of the Index. If trading in an Index Security is halted on its primary listing market, the most recent Last Sale Price for that security is used for all index computations until trading on such market resumes. Likewise, the most recent Last Sale Price is used if trading in a security is halted on Nasdaq before the market is open. Nasdaq calculates and disseminates the NASDAQ-100® Index once per second from 09:30:01 to 17:16:00 ET. The closing value of the Index may change up until 17:15:00 ET due to corrections to the Last Sale Price of the Index Securities. The Index began on January 31, 1985 at a base value of 125.00, as adjusted.

For more information on the NASDAQ-100 Index, visit: http://business.nasdaq.com/campaigns/nasdaq-100/index.html.

Trading Symbol: NDX

Settlement Value Symbol: XQO

Settlement: Cash settlement - equal to the difference between the final settlement value and the strike price of the contract, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration. The NDX final settlement value, XQO, is calculated at the open of trading on the last business day (usually a Friday) based on the NASDAQ Official Opening Price (NOOP) that day for each of the component securities. In the event a component security in the NASDAQ-100® Index does not have a NOOP, the last sale price of that security on NASDAQ will be used to calculate the XQO settlement value.

Exercise Style: European - NASDAQ-100® options generally may be exercised only on the expiration date.

Expiration Months: The Exchange shall open for trading a minimum of one expiration month and series for each class of index options. Weekly, Quarterly and LEAP options (up to 60 months) may also be available.

Exercise (Strike) Price Intervals: 5 points. In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when the NASDAQ-100® trades through the highest or lowest strike price available.

Expiration Date: The third Friday of the expiration month.

Last Trading Day: Trading in NASDAQ-100® options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Index Multiplier: $100

Premium Quote: 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).

Position Limit and Reporting Requirements: No position and exercise limits are in effect. Each member or member organization that maintains a position on the same side of the market in excess of 100,000 contracts for its own account or for the account of a customer in the NASDAQ-100 Options, NDX; or in excess of 100,000 contracts for its own account or for the account of a customer, must file a report with the Exchange that includes, but is not limited to, data related to the option position, whether such position is hedged and if applicable, a description of the hedge and information concerning collateral used to carry the position. Ten (10) Mini-NDX options are equivalent to 1 full-value NDX option. Ten (10) MML options are equivalent to 1 full-value NDX option. Registered Options Traders are exempt from this reporting requirement.

Margin: 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. (*For calculating maintenance margin, use option current market value instead of option proceeds.) Additional margin may be required pursuant to Phlx Rule 721 et seq.

Trading Hours: 9:30 A.M. - 4:15 P.M., ET

Issuer & Guarantor: The Options Clearing Corporation (OCC)

Position and exercise limits are subject to change.

NASDAQ®, NASDAQ-100 ® and NASDAQ-100 Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates are the “Corporations”) and are licensed for use by the Philadelphia Stock Exchange, Inc. in connection with the trading of options products based on the NASDAQ-100 Index®. The options products have not been passed on by the Corporations as to their legality or suitability. The options products are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the options products.

Contact Information:

For more information on the NASDAQ-100 Index Options (NDX), contact: sales@nasdaq.com

Mini-NDX (NASDAQ-100®) Index Options (MNX)

Description: Mini-NDX Index Options (MNX) is 1/10th of the value of the NASDAQ-100® Index (NDX). The NASDAQ-100 Index is a modified market capitalization-weighted index composed of 100 of the largest non-financial companies listed on the Nasdaq Stock Market. The value of the Index equals the aggregate value of the Index share weights, also known as the Index Shares, of each of the Index Securities multiplied by each such security’s Last Sale Price on Nasdaq (which may be the Nasdaq Official Closing Price), and divided by the divisor of the Index. If trading in an Index Security is halted on its primary listing market, the most recent Last Sale Price for that security is used for all index computations until trading on such market resumes. Likewise, the most recent Last Sale Price is used if trading in a security is halted on Nasdaq before the market is open. Nasdaq calculates and disseminates the NASDAQ-100® Index once per second from 09:30:01 to 17:16:00 ET. The closing value of the Index may change up until 17:15:00 ET due to corrections to the Last Sale Price of the Index Securities. The Index began on January 31, 1985 at a base value of 125.00, as adjusted.

For more information on the NASDAQ-100 Index, visit: http://business.nasdaq.com/campaigns/nasdaq-100/index.html.

Trading Symbol: MNX

Settlement Value Symbol: XMS

Settlement: Cash settlement - equal to the difference between the final settlement value and the strike price of the contract, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration. The NDX final settlement value, XQO, is calculated at the open of trading on the last business day (usually a Friday) based on the NASDAQ Official Opening Price (NOOP) that day for each of the component securities. In the event a component security in the NASDAQ-100® Index does not have a NOOP, the last sale price of that security on NASDAQ will be used to calculate the XQO settlement value.

Exercise Style: European - NASDAQ-100® options generally may be exercised only on the expiration date.

Expiration Months: The Exchange shall open for trading a minimum of one expiration month and series for each class of index options. Weekly, Quarterly and LEAP options (up to 60 months) may also be available.

Exercise (Strike) Price Intervals: 5 points. In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when the NASDAQ-100® trades through the highest or lowest strike price available.

Expiration Date: The third Friday of the expiration month.

Settlement: Cash settlement - equal to the difference between the final settlement value and the strike price of the contract, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration. The NDX final settlement value, NDS, is calculated at the open of trading on the last business day (usually a Friday) based on the NASDAQ Official Opening Price (NOOP) that day for each of the component securities. In the event a component security in the NASDAQ-100® Index does not have a NOOP, the last sale price of that security on NASDAQ will be used to calculate the NDS settlement value.

Last Trading Day: Trading in NASDAQ-100® options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Index Multiplier: $100

Premium Quote: 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). Complex orders may be entered in increments of $0.01 ($1.00).

Position Limit and Reporting Requirements: No position and exercise limits are in effect. Each member or member organization that maintains a position on the same side of the market in excess of 100,000 contracts for its own account or for the account of a customer in the NASDAQ-100 Options, NDX; or in excess of 100,000 contracts for its own account or for the account of a customer, must file a report with the Exchange that includes, but is not limited to, data related to the option position, whether such position is hedged and if applicable, a description of the hedge and information concerning collateral used to carry the position. Ten (10) Mini-NDX options are equivalent to 1 full-value NDX option. Ten (10) MML options are equivalent to 1 full-value NDX option. Registered Options Traders are exempt from this reporting requirement.

Margin: 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. (*For calculating maintenance margin, use option current market value instead of option proceeds.) Additional margin may be required pursuant to Phlx Rule 721 et seq.

Trading Hours: 9:30 A.M. - 4:15 P.M., ET

Issuer & Guarantor: The Options Clearing Corporation (OCC)

Position and exercise limits are subject to change.

NASDAQ®, NASDAQ-100 ® and NASDAQ-100 Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates are the “Corporations”) and are licensed for use by the Philadelphia Stock Exchange, Inc. in connection with the trading of options products based on the NASDAQ-100 Index®. The options products have not been passed on by the Corporations as to their legality or suitability. The options products are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the options products.

Contact Information:

For more information on the Mini-NDX (NASDAQ-100) Index Options (MNX), contact: sales@nasdaq.com

Contact Information