SPX 期权产品规格

标准普尔 500® 指数期权

代码

SPX/SPXW

标的

标准普尔 500 指数是一个由来自广泛行业的 500 只股票组成的市值加权指数。成份股根据其已发行在外股票的总市值进行加权。成分股价格变化与已发行总市值变动成正比，总市值等于股价乘以已发行的股票数量。对所有 500 只股票总市值求和，然后除以预先设定的基准值。标准普尔 500 指数的基准值会及时调整调整，以反映由于公司合并、收购、股权、置换等引起的市值变化。

乘数

100 美元。

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.

溢价报价

以小数表示。每个点位等于 100 美元。交易价格低于 3 美元的期权的最小变动幅度为 0.05（5.00 美元）；其他的期权，最小变动幅度为 0.10（10.00 美元）。 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.

头寸和行权限制

无头寸和行权限制。

保证金

购买 9 个月或更短时间内到期的看跌期权或看涨期权必须全额支付。没有担保的看跌或看涨期权的卖方必须存入的维持保证金为：该期权当前的权利金* 加上合约总价值（当前指数水准乘以100美元）的15%；如果该期权是虚值（out-of- money）的，可减去虚值差额，但看涨期权的保证金不得低于当前权利金* 加上合约总价值的10%,看跌期权的保证金不得低于当前权利金* 加上履约总价值的10%。 (*计算维持保证金时，应使用期权当前价格而非权利金。根据交易所规则第 12.10 条，投资者可能需要追加额外保证金。

Cusip 编号

648815

交易时间

正常交易时间: 中部时间（芝加哥时间）上午 8:30 至下午 3:15。
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)
全球交易时间: 7:15 p.m. to 8:15 a.m. (CT)

^*仓位和行权限制可能会发生变化。