Difference between revisions of "Standard & Poor's Index Options offered at CBOE"

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|[[QUARTERLYS]] - S&P 500 (SPX) Index Options
|[[QUARTERLYS]] - S&P 500 (SPX) Index Options
|-
|-
|SPL - [[S&P Long-Dated Options]]  
|SML - [[S&P® SmallCap 600 Index Options]]
|-
|SPL - [[S&P Long-Dated Options]]
|}
|}




SML - [[S&P® SmallCap 600 Index Options]]  
SML - [[S&P® SmallCap 600 Index Options]]
 


== References ==
== References ==
<references />
<references />
{|cellspacing=1 cellpadding=2 border=1
|-
|'''CONTRACT SIZE'''
|RVX times $1,000
|-
|'''TRADING HOURS'''
|8:30 a.m. - 3:15 p.m. Central Standard Time (Chicago time).
|-
|'''TRADING PLATFORM'''
|[[CBOEdirect]]
|-
|'''CONTRACT MONTHS'''
|Up to six near-term serial months and five months in the February quarterly cycle (February, May, August, November) may be listed for the RVX futures contract.
|-
|'''TICKER SYMBOLS'''
|VR, RVX
|-
|'''PRICING CONVENTIONS'''
|Both futures prices and Cash Index levels stated in decimal format.
|-
|'''MINIMUM PRICE INTERVALS'''
|0.01 of one CBOE Russell 2000 Volatility Index point (equal to $10.00 per contract)
|-
|'''DOLLAR VALUE PER TICK'''
|$10.00 per contract
|-
|'''TERMINATION OF TRADING'''
|The close of trading on the day before the Final Settlement Date. When the last trading day is moved because of a CFE holiday, the last trading day for expiring VIX futures contracts will be the day immediately preceding the last regularly-scheduled trading day.
|-
|'''FINAL SETTLEMENT DATE'''
|The Wednesday that is 30 days prior to the third Friday of the calendar month immediately following the month in which the contract expires ("Final Settlement Date"). If the third Friday of the month subsequent to expiration of the applicable VIX futures contract is a CBOE holiday, the Final Settlement Date for the contract shall be 30 days prior to the CBOE business day immediately preceding that Friday.
|-
|'''FINAL SETTLEMENT PRICE'''
|The final settlement price for the CBOE Russell 2000 Volatility Index (RVX) futures shall be a Special Opening Quotation (SOQ) of RVX calculated from the sequence of CBOE opening prices of the options used to calculate the index on the settlement date. The opening price for any series in which there is no trade shall be the average of that option's bid price and ask price as determined at the opening of trading. The final settlement price will be rounded to the nearest $0.01.
|-
|'''DELIVERY'''
|Settlement of CBOE Russell 2000 Volatility Index (RVX) futures contracts will result in the delivery of a cash settlement amount on the business day immediately following the settlement date. The cash settlement amount on the final settlement date shall be the final mark to market amount against the final settlement price of the RVX futures multiplied by $1,000.
|-
|'''POSITION ACCOUNTABILITY'''
|5,000 contracts
|-
|'''MINIMUM REPORTABLE LEVEL'''
|25 or more contracts
|-
|'''UNDERLYING CASH INDEX INFORMATION'''
|RVX is calculated in real-time by the Chicago Board Options Exchange (CBOE) and is disseminated every 15 seconds through the [[Options Price Reporting Authority]] (OPRA) from 8:30 a.m. to 3:15 p.m. (Chicago time) during each trading day.
|}

Revision as of 18:23, 12 November 2007

The Standard & Poor's 100 Index is a capitalization-weighted index of 100 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 100 stocks and divided by a predetermined base value. The base value for the S&P 100 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc. Template:Infobox Midpage Need Sponsor Right

Since 1983 investors have used, cash-settled S&P 100 options (ticker symbol OEX, with American-style exercise) to adjust their equity portfolio exposure. In February 2001 options on iShares(SM) S&P 100 (ticker symbol OEF, with American-style exercise) were introduced. In July 2001 the CBOE introduced cash-settled S&P 100 options (ticker symbol XEO) with European-style exercise. Some investors prefer this European-style feature, which means that XEO may be exercised only on the day just prior to expiration, and therefore XEO is not subject to the uncertainties involved with possible early exercise. Investors wishing to manage long-term exposure can use 1/5 value OEX LEAPS® or full-value XEO LEAPS®. [1]

CBOE has a number of contracts based on the S&P 100, including:

OEX® S&P 100 Index Options -- American Exercise
OEX® - S&P 100 Index LEAPS -- American Exercise
WEEKLYS - Short-Term S&P 100 Index Options
XEO® - European-style S&P 100 Index Options
XEO® - European-style S&P 100 LEAPS
QUARTERLYS - European-style S&P 100 (XEO) Index Options

The Standard & Poor's 500 Index is a capitalization-weighted index of 500 stocks from a broad range of industries. The component stocks are weighted according to the total market value of their outstanding shares. The impact of a component's price change is proportional to the issue's total market value, which is the share price times the number of shares outstanding. These are summed for all 500 stocks and divided by a predetermined base value. The base value for the S&P 500 Index is adjusted to reflect changes in capitalization resulting from mergers, acquisitions, stock rights, substitutions, etc.

CBOE has a number of contracts based on the S&P 500, including:

SPX - S&P 500 Index Options
SPX - (Reduced-value) LEAPS
XSP - Mini-SPX Index Options
QUARTERLYS - Mini-SPX Index Options
WEEKLYS - Short-Term S&P 500 Index Options
QUARTERLYS - S&P 500 (SPX) Index Options
SML - S&P® SmallCap 600 Index Options
SPL - S&P Long-Dated Options


SML - S&P® SmallCap 600 Index Options

References[edit]

  1. "S&P 100". cboe.com.