MXUSA Contract Specifications

Cboe MSCI^® USA Index Options Contract Specifications

Trading Symbol:

MXUSA

Settlement Value Symbol:

MSUSA

Description:

Cboe MSCI^® USA Index Options are cash-settled options based on the MXUSA Index, which is 1/100th of the value of the MSCI USA Gross Total Return USD Index, a free float-adjusted market capitalization index that is designed to measure the performance of the large and mid-cap segments of the US market.

Multiplier:

$100

Premium Quotation:

Stated in points, one point equals $100. Minimum tick for series trading below $3 is 0.05 ($5.00); at or above $3 is 0.10 ($10.00).

Strike (Exercise) Prices:

In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the underlying trades through the highest and lowest strike price available.

Strike Price Interval:

Strike prices may be listed with a minimum interval of 2.5 points if the strike price is less than 200. When the strike price is 200 or above, strike price intervals will be no less than 5 points.

Expiration Months:

Up to twelve (12) weekly expirations and up to 12 near term standard monthly expirations, 12 near term End of Month expirations, and 5 Quarterly Index expirations may be listed. The twelve weekly expirations shall be for the nearest weekly expirations from the actual listing date. Standard monthly expirations in MSCI USA Index options are not counted as part of these maximum twelve weekly expirations. In addition, the Exchange may list up to 10 MSCI USA Index LEAPS expiration months that expire from 12 to 180 months from date of issuance.

Expiration Date:

For standard monthly expirations, the third Friday of the expiring contract month. For weekly expirations, each Friday of the expiring contract month other than the third Friday. If the Exchange is closed on a Friday, option series will expire on the first business day immediately prior to that Friday. For End of Month options, the last business day of the contract month. For Quarterly options, the last business day of the calendar quarter (March, June, September, December).

Exercise Style:

European and P.M.-settled - - MSCI USA Index options generally may be exercised only on the Expiration Date.

Last Trading Day:

Trading in expiring MSCI USA Index options ends at 3:00 p.m. (Chicago time) on their Expiration Date.

Settlement of Option Exercise:

Exercise will result in delivery of cash on the business day following expiration. The exercise-settlement value, MSUSA, is 1/100th of the official closing value of the MSCI USA Index as reported by MSCI on the last trading day of the expiring contract. The exercise-settlement amount is equal to the difference between the exercisesettlement value and the exercise price of the option, multiplied by $100.

Position and Exercise Limits:

The position limit is 50,000 contracts on the same side of the market, and the exercise limit is 50,000 contracts.

Customer Strategy-Based 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 Rules 10.3(h) and 10.10.

CUSIP Number:

12512C109

Trading Hours:

8:30 a.m. to 3:00 p.m. (Chicago time).