SPX Options Product Specification

S&P 500® Index Options

Symbol

SPX/SPXW

Underlying

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.

Multiplier

$100.

Strike Price Intervals

Generally, $5, $10, $25, $50, $100, and $200 strike prices are available. Newly added and longer-term expirations have less granularity. Granularity is added over the life of the expiration with nearer term options having the most granularity. Standard 3rd Friday AM and PM options always have the most granularity and widest ranges.

Strike (Exercise) Prices

In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the index moves up or down.

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). For complex orders legs may trade in .01 ($1.00) increments, but net package price must be in .05 ($5.00) increments except for Boxes and Box Swaps which are eligible to trade in .01 ($1.00) increments.

Exercise Style

European - SPX/SPXW options generally may be exercised only on the expiration date.

Last Trading Day

Trading in SPX options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value (i.e., the expiration date) is calculated, 3:15pm CT.
Trading in SPXW options will ordinarily cease on the day of expiration, 3:00 pm CT.

Expiration Date for Standard, Weekly and EOM Option

SPX AM options expire on the third Friday of the expiration month or the immediately preceding business day if the Exchange is not open on that Friday.
SPXW PM expiring options including Monday thru Friday, EOM and EOQ settle on their expiration date. If the Exchange is not open on that Friday. SPXW options expire on a Monday, Tuesday, Wednesday, Thursday, or a Friday. If the Exchange is not open on a Tuesday, Wednesday, Thursday, or Friday, the normally expiring Tuesday, Wednesday, Thursday, or Friday Weekly will expire on the immediately preceding business day. If the Exchange is not open on a Monday, the normally expiring Monday XSP Weekly will expire on the first business day immediately following that Monday. EOM XSP options expire on the last business day of the expiration month.

Expiration Months

Cboe may list up to twelve standard monthly expirations. Cboe may list up to ten (10) SPX LEAPS® monthly expirations at one time that expire from 12 to 180 months from the date of issuance.
For SPXW, the exchange lists 5 weeks of daily expirations for each Monday-Thursday expirations, if an EOM or EOQ falls on a Monday-Thursday it is counted towards that total. The Exchange lists 5 weeks of EOW expiring options, if a 3rd Friday, EOM or EOQ expiration falls on the EOW it is not counted towards the total. The Exchange may list series that expire at the end of the next consecutive four calendar quarters (EOQ), as well as the fourth quarter of the next calendar year. The Exchange may list 12 expirations for Monthly Options Series (EOM). Monthly Option Series expirations need not be for consecutive months; however, the expiration date of a nonconsecutive expiration may not be beyond what would be considered the last expiration date if the maximum number of expirations were listed consecutively.

Settlement of Options Exercise

Exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value, SET, is calculated using the opening sales price in the primary market of each component security on the expiration date. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100.
SPXW exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value is calculated using the closing sales price in the primary market of each component security on the expiration date. The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100.

Position and Exercise Limits

No position and exercise limits are in effect.

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 Exchange Rule 12.10.

Cusip Number

648815

Trading Hours

Regular Hours: 8:30 a.m. to 3:15 p.m. (CT)
Note SPXW expiring options trade until 3:00 p.m. (CT) on their expirations.
Curb: 3:15 p.m. to 4:00 p.m. (CT)
Global Trading Hours: 7:15 p.m. to 8:25 a.m. (CT)

^*Position and Exercise limits are subject to change.