World Currency Options Help - British Pound Product Specifications

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British Pound Product Specifications

Description: PHLX U.S. dollar-settled British pound currency options are quoted in terms of U.S. dollars per unit of the underlying currency (British pound) and premium is paid and received in U.S. dollars.

Contract Size: 10,000 British pounds

Trading Symbol: XDB

Alternate Symbol**: BJF
If you are unable to find a strike price under the trading symbol, try the alternate symbol.

Half Point Strike Symbol: BJR

Half Point Strike Alternate Symbol**: BVA
If you are unable to find a half point strike price under the half point strike symbol, try the alternate symbol.

Settlement Value Symbol: BWU

CUSIP® Number: 69336X

Exercise Style: European

Expiration Date: Saturday following the third Friday of the expiration month.

Expiration Cycle: Quarterly on the March cycle plus two additional near-term months (six months at all times).

Settlement: U.S. dollars

Settlement Value for Expiring Contracts: 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). If the Noon Buying Rate is not announced by 5:00 p.m. (Eastern Time), the closing settlement value will be the most recently announced Noon Buying Rate, unless the Exchange determines to apply an alternative closing settlement value as a result of extraordinary circumstances. The settlement value is disseminated under the symbol BWU. Consult PHLX Rule 1057 for further information.

Last Trading Day for Expiring Contracts: The third Friday of the expiration month.

Contract Point Value: $100 (i.e., .01 x 10,000)

Exercise (Strike) Price Intervals: The Exchange shall determine fixed-point intervals of exercise prices. Generally, the exercise (strike) price interval shall be set at half-cent intervals. Consult PHLX Rule 1012 for further information.

Premium Quotation: One point = $100. Thus a premium quote of 2.13 is $213. The minimum change in a premium is .01= $1.00.

Position Limits: 200,000 contracts on the same side of the market. Hedge exemptions are available. For more information consult PHLX Rules 1001 and 1002.

Trading Hours: 9:30 a.m. to 4:00 p.m. (Eastern Time)

Issuer and Guarantor: The Options Clearing Corporation (OCC)


* Product specifications are subject to change.

** Fluctuations in the underlying may cause a "wrap around" situation whereby alternate symbols may be used.

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