|
Product Description
The Morgan Stanley Consumer Index is designed to measure the performance of consumer-oriented, stable growth industries
through price changes in 30 component stocks representing 20 industries. Major industries
include beverages, food, pharmaceuticals, tobacco and personal products. |
|
Equal-Dollar Weighting
The Index is equal-dollar weighted, designed to ensure that each of the securities is represented in approximate
equal dollar value. The Index was established with a benchmark value of 200.00 on December
31, 1991. To ensure that each component stock continues to represent approximate equal
weight in the Index, adjustments are made annually, based on closing prices on the third
Friday in December. |
|
Index Components
Components list as of 10/8/01
| The Morgan Stanley
Consumer Index is composed of shares of the following issues: |
| Abbott Laboratories |
(ABT) |
International Flavors & Fragrances,
Inc. |
(IFF) |
| Albertson’s, Inc. |
(ABS) |
Johnson & Johnson |
(JNJ) |
| American Home Products Corporation |
(AHP) |
Kimberly-Clark Corporation |
(KMB) |
| American International Group, Inc. |
(AIG) |
McDonald’s Corporation |
(MCD) |
| Anheuser-Busch Companies, Inc. |
(BUD) |
Medtronic, Inc. |
(MDT) |
| Automatic Data Processing, Inc. |
(ADP) |
Merck & Company, Inc. |
(MRK) |
| The Coca-Cola Company |
(KO) |
Newell Rubbermaid Inc. |
(NWL) |
| Colgate-Palmolive Company |
(CL) |
PepsiCo, Inc. |
(PEP) |
| ConAgra, Inc. |
(CAG) |
Philip Morris Companies, Inc. |
(MO) |
| Crown Cork & Seal Company, Inc. |
(CCK) |
The Proctor & Gamble Company |
(PG) |
| The Disney (Walt) Co. |
(DIS) |
Schering-Plough Corporation |
(SGP) |
| Emerson Electric Company |
(EMR) |
Safeway Inc. |
(SWY) |
| General Mills, Inc. |
(GIS) |
Sysco Corporation |
(SYY) |
| Gillette Company |
(G) |
Wal-Mart Stores, Inc. |
(WMT) |
| Grainger (W.W.), Inc. |
(GWW) |
Walgreen Company |
(WAG) |
|
|
Trading Unit
The minimum trade size is one option contract. The notional value underlying each contract
equals $100 multiplied by the Index value. |
|
Expiration Cycle
Three consecutive near-term expiration months plus two successive months from the March cycle. |
|
Expiration
The Saturday following the third Friday of the expiration month. |
|
Last Trading Day
Two business days prior to expiration (normally a Thursday). |
|
Limited Exercise of Options
European style. Options may be exercised only on the last business day prior to expiration
(normally a Friday). Writers are subject to assignment only at expiration. Check with
your broker to ascertain cut-off times for exercise and provisions for automatic exercise. |
|
"Delivery" Method if Exercised
Options feature cash settlement based on the dollar difference between the final settlement value of the
Index and the strike price of the contract, multiplied by $100. |
|
Exercise Price Intervals
Exercise (strike) prices are set at five-point intervals, bracketing the current value of the Index when
the Index is above 200. If the Index is below 200, the interval will be 2 ½ points. |
|
Option Premium Quotations
Stated in points and fractions. One point equals $100. Minimum tick for series trading
below 3 is 1/16 ($6.25); for all other series, 1/8 ($12.50). |
|
Final Index Settlement Value
Determined on the last business day prior to expiration, based on the first (opening)
reported sale price for each component stock. |
|
Settlement
Next New York business day following expiration. |
|
Position Limits
25,000 contracts on the same side of the market, provided no more than 15,000
of such contracts are in the nearest expiration month series. |
|
Minimum Customer Margin for Uncovered Writers
Premium plus 15% of the aggregate Index value (Index value x $100) minus the amount by which the option is
out-of-the-money, if any. The minimum margin is premium plus 10% of the aggregate Index value. |
|
Trading Hours
9:30 a.m. to 4:15 p.m., New York time. |
|
Trading System
Specialist/Registered Options Trader. |
|
CUSIP Number
616905105 |
|
Trading Symbol
CMR |
|
Final Settlement Value Symbol
CSO |
|
|
|
