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Product Description
The Morgan Stanley Commodity Related Equity Index is based on shares of widely held companies involved in
commodity-related industries such as energy (e.g. oil and gas production and oilfield
services and equipment), non-ferrous metals, precious metals, agriculture and forest products. |
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Index Components
Components list as of 10/8/01
| The Morgan
Stanley Commodity Related Equity Index is composed of shares of the following issues: |
| Alcan Inc. |
(AL) |
Conoco Inc. |
(COC.B) |
| Alcoa |
(AA) |
International Paper |
(IP) |
| Amerada Hess Corp. |
(AHC) |
Newmont Mining Co. |
(NEM) |
| Anadarko Petroleum Corp. |
(APC) |
Phelps Dodge Corp. |
(PD) |
| Apache Corp. |
(APA) |
Placer Dome Inc. |
(PDG) |
| Archer-Daniels-Midland Co. |
(ADM) |
Potash Corp. of Saskatchewan Inc. |
(POT) |
| Baker Hughes Inc. |
(BHI) |
Schlumberger Ltd. |
(SLB) |
| Burlington Resources Inc. |
(BR) |
Tyson Foods, Inc. Class A |
(TNS) |
| ConAgra, Inc. |
(CAG) |
USX-U.S. Steel Group, Inc. |
(X) |
| Homestake Mining Co. |
(HM) |
Weyerhaeuser Co. |
(WY) |
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Trading Unit
The minimum trade size is one option contract. The notional value underlying each contract equals $100 multiplied by the
CRX value. |
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Expiration Cycle
Three consecutive near-term expiration months plus two successive months from the March cycle. |
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Expiration
The Saturday following the third Friday of the expiration month.. |
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Last Trading Day
Two business days prior to expiration (normally a Thursday). |
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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. |
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"Delivery" Method if Exercised
Cash settlement based on the dollar difference between the final settlement valuation of the Index and the strike price
of the contract multiplied by $100. |
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Exercise Price Intervals
Exercise (strike) prices are set at five-point intervals, bracketing the current Index value when the Index is above 200.
If the Index is below 200, the interval will be 2 1/2-points. |
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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). |
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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. |
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Settlement
Next New York business day following expiration. |
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Position Limits
31,500 contracts on the same side of the market. |
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Minimum Customer Margin for Uncovered Writers
Premium plus 20% 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. |
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Trading Hours
9:30 a.m. to 4:02 p.m., New York time. |
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Trading System
Specialist/Registered Options Trader. |
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CUSIP Number
03112Y |
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Trading Symbol
CRX |
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Final Settlement Value Symbol
CXV |
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