LEAPS Contract Specifications

Equity LEAPS

Unit of Trade: Generally 100 shares of stock per unadjusted contract.

Premium (Price) Quotations: Stated in points and fractions; one point equals $100. The minimum price change for series trading below 3 is 1/16 ($6.25) and for all other series is 1/8 ($12.50) per contract.

Exercise: As of the date of this publication, Equity LEAPS are American-style options. The option may be exercised prior to the expiration date.

Exercise Settlement: As of the date of this publication, a holder that tenders an exercise notice on any business day will receive delivery of the underlying stock on the fifth business day following the date of exercise. The exercise settlement price equals the strike price multiplied by 100 (multiplier).

Expiration Cycle: Equity LEAPS expire in January of each year.

Expiration Date: As of the date of this publication, expiration occurs on the Saturday following the third Friday of the expiration month.

Position Limits: LEAPS positions are aggregated with other options with the same underlying asset. Limits vary according to the number of outstanding shares and trading volume. Hedge exemptions may be available. Contact exchanges for details.

Trading Hours: 8:30 A.M. to 3:02 P.M. (Central Time)
9:30 A.M. to 4:02 P.M. (Eastern Time)

INDEX LEAPS

Index Value: $100 multiplied by the value of the underlying index or by a fraction, usually one-tenth, of the value of the underlying index.

Premium (Price) Quotations: Stated in points and fractions; one point equals $100. The minimum price change for series trading below 3 is 1/16 ($6.25) and for all other series is 1/8 ($12.50) per contract.

Exercise: Each Index LEAPS is designated as either American- style or European-style. American-style options may be exercised on any business day prior to expiration. European-style options may be exercised only during a specified period of time immediately prior to the expiration date.

Exercise Settlement: Settlement generally occurs the next business day following the exercise. Index LEAPS are cash settled based on the difference between the exercise settlement value of the index on the exercise date and the exercise price of the option.

Expiration Cycle: Index LEAPS expire in December or January of each year.

Expiration Date: As of the date of this publication, expiration occurs on the Saturday following the third Friday of the expiration month. Index LEAPS with A.M. settlements cease trading on the Thursday prior to the Friday before expiration (sometimes referred to as "Expiration Friday".)

Position Limits: All Index LEAPS must be aggregated. Hedge exemptions may be available. Contact exchanges for details.

Trading Hours: 8:30 A.M. to 3:15 P.M. (Central Time)
9:30 A.M. to 4:15 P.M. (Eastern Time) for Broad-Based Indexes,
8:30 A.M. to 3:02 P.M. (Central Time),
9:30 A.M. to 4:02 P.M. (Eastern Time) for Narrow-Based Indexes.

Taken from the PHLX.