Contract Specifications
Disk Drive Index - DDX
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Error processing SSI file
Disk Drive Index - DDX
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| Product Description The Disk Drive Index is designed to measure the performance of a cross section of companies active in designing and manufacturing electronic data storage devices for computers, as well as software that helps computers interface with those devices. |
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| Equal-Dollar Weighting The Index is "equal-dollar weighted," designed to ensure that each of its component securities is represented in approximate equal dollar value. Equal-dollar weighting was established by designating the number of shares (rounded to the nearest whole share) of each component stock that represented approximately $100,000 in market value, based on closing prices on Nov. 15, 1996 (e.g., a stock that closed at $20 per share would be represented in the Index by 5,000 shares for a total market value of $100,000). The aggregate value of the stocks was reduced by a divisor to establish an Index benchmark value of 200.00. To ensure that each component stock continues to represent approximate equal market value in the Index, adjustments are made quarterly after the close of trading on the third Friday of February, May, August and November. |
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| Index Components
Components list as of 10/8/01
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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 Index value. |
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| Expiration Cycle Three consecutive near-term expiration months plus two further-term months in the February 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 value of the Index and strike price of the contract multiplied by $100. The settlement value is determined on the last business day prior to expiration and is based on the first (opening) reported sale price for each component stock. |
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| 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. Additional exercise prices are added as the Index moves. |
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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 03113A105 |
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| Trading symbol DDX |
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| Final Settlement Value Symbol MID |
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