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| Description |
E-FLEX - Equity FLEXible Exchange Options - are
exchange-traded options on underlying stocks that provide the opportunity to customize
key contract terms, including expiration date, exercise style, and exercise price. E-FLEX
options have no position or exercise limits but do have minimum size requirements
as indicated below. Like all exchange-traded options, E-FLEX options are issued, cleared
and guaranteed by The Options Clearing Corporation (OCC).
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|
| Customized
Contract Terms |
Expiration
Date: May be up to three years or five years, subject to Exchange approval, from the trade date,
down to a minimum of one day for a
newly created series (same day expiration not permitted for a newly created series).
Expiration can fall on any business day except during the period between the two business
days immediately preceding and following an "expiration Friday." Example:
if expiration Friday were Sept. 17, E-FLEX options could not expire on Sept. 15, 16, 17,
20 or 21. |
|
Exercise
Style: American or European. |
|
Exercise
(Strike) Price: For Calls — Strike prices may be set only at
standard intervals – 2 1/2 points for strike prices at $25 or less; 5 points for
strike prices over $25 through $200; and 10 points for strike prices over $200. Exception
— Option classes that are part of a strike price program may also have strike prices at 2 1/2-point
intervals for strikes in the range of $25 - $50. A list is available from the Exchange. For Puts
— Not as limited as calls, strike prices can be created based upon a numerical or
percentage value for an underlying stock. A calculated strike price will be rounded to the
nearest eighth. |
|
| Minimum
Size |
A minimum
of 250 contracts or 1 million notional value must trade to open a new E-FLEX
series or 100 contracts, or remaining open interest if the series is currently open. A minimum of 25 contracts (or
remaining open interest if closing out a position) is required for trading an open E-FLEX
series. Current open series information is available from the Exchange each trading day. |
|
| Trading
Unit |
One E-FLEX
option contract represents 100 shares of an underlying stock. |
|
| Method
of Trading |
Specialist-conducted
auction market. Trading in E-FLEX options is initiated upon submission of a valid Request
For Quote (RFQ) by a "Submitting Member." |
|
| Dissemination
of Prices and Quotes |
RFQs
and transactions (including execution price and size) are disseminated as Administrative
Text Messages (ATMs) over the Options Price Reporting Authority (OPRA) and are received on
quotation terminals of OPRA vendors who display E-FLEX options data. |
|
| Position
Limits |
There
are no limits on the positions that may be held in E-FLEX options. |
|
| Minimum
Customer Margin for Uncovered Writers |
E-FLEX Options are
subject to the same customer margin rules governing standardized equity options. Initial
and maintenance margin for uncovered writers is 100% of the current premium plus 20% of
current notional value, reduced by any out-of-the-money amount to a minimum of the current
premium plus 10% of the current notional contract value. |
|
| Trading
Hours |
10
a.m. to 4 p.m., New York time. |
|
E-FLEX
Options
(Underlying Stocks) |
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ABN Amro Holdings, N.V (AAN)
Adaptec, Inc. (ADPT)
ADVANTA Corporation, Class A (ADVNA)
ADVANTA Corporation, Class B (ADVNB)
Agouron Pharmaceuticals, Inc. (AGPH)
Alumax Inc. (AMX)
Amazon.com, Inc. (AMZN/ZQN)
America Online, Inc. (AOL)
American Express Co. (AXP)
American Home Products Corporation (AHP)
AmeriPath, Inc. (PATH/AQE)
Amgen Inc. (AMGN)
Apple Computer, Inc. (AAPL)
Arrow Electronics, Inc. (ARW)
Ascend Communicaitons, Inc. (ASND)
Asia Pulp & Paper Company Ltd. (PAP)
At Home Corp. (ATHM)
Atlantic Coast Airlines Hldgs, Inc. (ACAI/ QKA)
AT&T Corp. - Liberty Media Group (LMG.A/LMG)
Aviron (QCV)
Avis Rent A Car, Inc. (AVI)
Ballard Medical Products (BMP)
Barrick Gold Corp. (ABX)
BellSouth Corporation (BLS)
Boston Chicken, Inc. (BOST)
Broadcast.com Inc. (BCST/QBC)
Browning Ferris Industries, Inc. (BFI)
The BISYS Group, Inc. (BSYS/BQY)
Cabletron Systems, Inc. (CS)
Cardinal Health , Inc. (CAH)
Caribiner International, Inc. (CWC)
CBS Corporation (CBS)
CD Radio Inc. (CDRD/QXO)
CellNet Data Systems, Inc. (CNDS)
CellStar Corporation (CLST)
Cendant Corporation (CD)
Chase Manhattan Corporation (CMB)
Checkfree Corporation (CKFR)
The Cheesecake Factory, Inc. (CAKE)
CHS Electronics, Inc. (CHSE)
CIBER, Inc. (CBR)
CIENA Corporation (CIEN)
CMG Information Services, Inc. (CMGI)
Columbia/HCA Heatlhcare Corp. (COL)
Compania Anonima Nacional Telefonos de
Venezuela (VNT)
CompUSA, Inc. (CPU)
Computer Learning Centers, Inc. (QXT)
ConAgra, Inc. (CAG)
Conseco Inc. (CNC)
Continental Airlines, Inc., Class B (CAI.B)
Corrections Corporation of America (CXC)
Costco Companies, Inc. (COST/PRQ)
Credence Systems (CMOS)
Cyberian Outpost, Inc. (COOL/QOO)
Cymer Inc. (CYMI)
Deere & Company (DE)
The Dial Corporation (DL)
Digital Equipment Corporation (DEC)
The DII Group (DIIG)
The Disney (Walt) Company (DIS)
du Pont (E.I.) de Numours & Co. (DD)
Dura Pharmaceuticals, Inc. (DURA)
Earthlink Network, Inc. (ELNK/QKL)
Eastern Environmental Services, Inc. (JIQ)
eBay, Inc. (EBAY/QXB)
Egghead.com, Inc. (EGGS)
The Elder-Beerman Stores Corp. (EBSC/BQM)
Empresas ICA Sociedad Controladora S.A. de C.V. (ICA)
ENSCO International Inc. (ESV)
Enhance Financial Services Group, Inc. (EFS)
Enzo Biochem, Inc. (ENZ)
Enzon, Inc. (ENZN/QYZ)
The Equitable Companies Inc. (EQ)
EXCEL Communications, Inc. (ECI)
Finova Group Inc. (FNV)
First Data Corporation (FDC)
Fomento Economico Mexi cano, S.A. de C.V. (FMX)
FORE Systems, Inc. (FORE/FQO)
Franklin Covey Co. (FC)
Friede Goldman International Inc. (FGI)
Gateway 2000, Inc. (GTW)
General Re Corporation (GRN)
Genesis Health Ventures, Inc. (GHV)
Genzyme Transgenics Corp. (GETC)
Gilat Satellite Networks Ltd. (GILTF)
Gillette Company (G)
Global Crossing Ltd. (GBLX/QGV)
Globalstar Telecommunications Ltd. (GSTRF)
Global TeleSystems Group, Inc. (GTSG/GTQ)
Go2Net, Inc. (GNET/GQI)
Group Televisa, S.A. (TV)
GST Telecommunications, Inc. (QGS)
GTE Corporation (GTE)
HFS, Inc. (HFS)
HA-LO Industries, Inc. (HALO)
HealthCare Financial Partners, Inc. (HCFP/HQP)
Hecla Mining Co. (HL)
Hertz Corporation, Cl.A (HRZ)
HMT Technology Corporation (HMTT)
Household International, Inc. (HI)
The Houston Exploration Company (THX)
i2 Technologies, Inc. (ITWO)
ICG Communications, Inc. (ICGX)
Immunex Corporation (IMNX/IUQ)
InaCom Corporation (INAC)
InfoSeek Corporation (SEEK/QI)
Ingram Micro, Inc. - Cl. A (IM)
Inktomi Corporation (INKT/QYK)
Intergrated Silicon Solution, Inc. (ISSI/IXQ)
International Game Technology (IGT)
Iomega Corporation (IOM)
Intel Corporation (INTC)
Iridium World Communications Ltd. (IRIDF/QAK)
ITEQ, Inc. (QIE)
IXC Communications, Inc. (IIXC/XCQ)
Jones Pharmaceutical, Inc. (JMED)
Knight/Trimark Group, Inc. (NITE/QTN)
The Learning Company (TLC)
Leggett & Platt, Inc. (LEG)
Lehman Brothers Holdings, Inc. (LEH)
Lennar Corporation (LEN)
Lernout & Hauspie Speech Products N.V. (LHSPF)
Level One Communications, Inc. (LEVL)
Level 3 Communications, Inc. (QHN)
Living Centers of America, Inc. (LCA)
Loews Cineplex Entertainment Corp. (LCP)
Louis Dreyfus Natural Gas Corp. (LD)
Lucent Technologies Inc. (LU)
Lycos, Inc. (LCOS/QWL)
MacroChem Corporation (MCHM/QQ)
Mariner Post-Acute Network, Inc. (MPN)
Maxtor Corporation (MXTR/ MQL)
MediaOne Group (YMG)
MedImmune, Inc. (MEDI/MEQ)
Meditrust (MT)
MedPartners, Inc. (MDM)
Mentor Graphics Corporation (MENT/MGQ)
The Meridian Resource Corporation (TMR)
Mercantile Bancorporation Inc. (MTL)
Merrill Lynch & Co., Inc. (MER)
Metro-Goldwyn-Mayer Inc. (MGM)
Metromedia Fiber Network, Inc. (MFNX/QFN)
The Metzler Group, Inc. (METZ/QZE)
Micro Warehouse, Inc. (MWHS/MQR)
MindSpring Enterprises, Inc. (MSPG/MQD)
Mirage Resorts, Inc. (MIR)
The Money Store Inc. (MONE)
Morgan Stanley Dean Witter & Co. (MWD)
Motorola, Inc. (MOT)
MRV Communications, Inc. (MRVC)
MTI Technology Corporation (MTIC/QTX)
Nabisco Holdings (NA)
National Computer Systems, Inc. (NLCS/QEZ)
Navistar International Corporation (NAV)
Net.B@nk, Inc. (NTBK/NQA)
Netscape Communicaitons Corporation (NSCP)
Network Associates, Inc. (NETA/CQM)
New Plan Realty Trust (NPR)
The News Corporation Limited (NSW/NWS.A)
Novell, Inc. (NKQ)
Office Depot, Inc. (ODP)
Onsale, Inc. (ONSL/QOL)
Open Market, Inc. (OMKT/OQM)
Orbital Sciences Corporation (ORB)
Orthodontic Centers of America, Inc. (OCA)
Pan American Silver Corporation (PAASF /PZQ)
Park Place Entertainment Corporation (PPE)
Pepsi-Gemex S.A. (GEM)
Petroleum Geo-Services A/S (PGO)
Pfizer Inc. (PFE)
Philip Morris Companies, Inc. (MO)
Photronics, Inc. (PLAB)
Pioneer Hi-Bred International Inc. (PHB)
Playtex Products, Inc. (PYX)
The PMI Group, Inc. (PMA)
Pohang Iron & Steel Company Ltd. (PKX)
Pomeroy Computer Resouces, Inc. (PMRY/PBQ)
Premier Parks Inc. (PKS)
Premiere Technology, Inc. (PTEK)
Prime Medical Services, Inc. (PMSI/QSI)
The Procter & Gamble Company (PG)
PSINet, Inc. (PSIX)
P.T. Telekomunikasi Indonesia (TLK)
Quaker State Corporation (KSF)
Quintiles Transnational Corporation (QTRN)
Qwest Communications Intl. (QWST/QWA)
Rambus, Inc. (RMBS/BNQ)
RealNetworks, Inc. (RNWK/QRN)
Republic Industries, Inc. (RII)
Republic Services, Inc. (RSG)
RJR Nabisco Holdings Corporation (RN)
Rural/Metro Corporation (RURL)
Sabratek Corporation (SBTK)
Safeskin Corporation (FQK)
Saks Holdings Inc. (SKS)
Sanmina Corporation (SANM/SQN)
Santa Fe International Corporation (SDC)
Silicon Graphics Inc. (SGI)
Snap-On Incorporated (SNA)
Snyder Communications, Inc. (SNC)
Spectrian Corporation (SPCT/QCS)
SportsLine USA, Inc. (SPLN /QSP)
STAR Telecommunications, Inc. (STRX)
Sunbeam Corporation (SOC)
TAVA Technologies, Inc. (TAVA/QTV)
Tecnomatix Technologies Ltd. (TCNOF /TQY)
Telebras Holding Co. Depositary Receipts (TBH)
Telecomunicacoes Brasileiras S.A. (TBR)
Telecom Argentina Stet-France Telecom (TEO)
Telecom Corp. of New Zealand Ltd (NZT)
Telecom Inc. - TCI Ventures Group (TCIVA)
Tele-Comm, Inc./ TCI Group (TCOMA/TCQ)
Telefonica de Argentina (TAR)
Telefonica del Peru S.A. (TDP)
Telefonica S.A. (TEF)
Telefonos de Mexico, S.A. (TMX)
Terex Corporation (TEX)
Texaco Inc. (TX)
Thermo Cardiosystems, Inc. (TCA)
Thermo Instrument Systems, Inc. (THI)
THQ, Inc. (THQI/QHI)
Toll Brothers, Inc. (TOL)
Toronto-Dominion Bank (TD)
Trans World Airlines, Inc. (TWA)
Tricon Global Restaurants, Inc. (YUM)
Uniao de Bancos Brasileiros S.A. (UBB)
UniSource Energy Corporation (UNS)
Unisys Corporation (UIS)
United States Cellular Corporation (USM)
United States Surgical Corp. (USS)
U.S. Bancorp
U.S. Satellite Broadcasting Co., Inc. (USSB/QUS)
USA Waste Management, Inc. (UW)
USWeb Coporation (USWB/QWB)
VeriSign, Inc. (QVR/VRSN)
Verio Inc. (VRIO/RLQ)
VERITAS Software Corporation (VRTS)
Vodafone Group PLC (VOD)
Washington Mutual , Inc. (WAMU)
Western Digital Corporation (WDC)
Wind River Systems, Inc. (WIND)
WinStar Communications, Inc. (WCII)
Western Resources (WR)
World Access, Inc. (WAXS)
W.R. Grace & Co. (GRA)
Xeikon N.V. (XEIKY/ QIY)
Xylan Corporation (XYLN)
Young & Rubicam Inc. (YNR)
YPF Sociedad Anonima (YPF)
Ziff-Davis Inc. (ZD) |
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