Product Specifications: U.S. Dollar Cash Settled Currency Options
Exchanges
ISE
PHLX
Exercise Style
European
Premium Quotations
Stated in points and decimals. One point equals $100. Minimum tick for series trading below 3 is .05 ($5.00), and for all other series, .10 ($10.00).
Expiration Dates
The Saturday immediately following the third Friday of the expiration month.
Exercise Settlement Price
The dollar difference between the settlement value and the strike price of the contract, multiplied by 100. Generally, settlement value is based on the 12:00 Noon (Eastern Time) Buying Rate, as determined by the Federal Reserve Bank of New York on the last trading day prior to expiration (usually a Friday). (Note: See product specifications for each currency option as there may be different means of calculation).
Exercise Settlement Time
Exercise notices tendered will result in the delivery of cash (U.S. Dollars) on the next business day.
Trading Hours
PHLX 9:30 a.m. to 4:00 p.m. (Eastern Time)
ISE 9:30 a.m. to 4:15 p.m. (Eastern Time)
For more information please visit the FX Options area on the ISE website or the Product Specifications area on the PHLX website.
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