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Product Description
The Deutsche Bank Energy Index, formerly known as The NatWest Energy Index, is based on shares of widely held companies involved in producing and providing oil and natural gas. Companies in the Index are include domestic and international oil producers, refiners and transmitters, oil equipment manufacturers and drillers and natural gas producers. (Index components) |
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Equal-Dollar Weighting
DXE is equal-dollar weighted to ensure that each of its component securities is represented in approximate equal dollar value. With equal-dollar weighting, a number of shares (rounded to the nearest whole share) of each component stock is designated to represent a market value of approximately $100,000, based on closing prices on Dec. 20, 1996 (e.g., a stock that closed at $50 per share would be represented in the Index by 2,000 shares for a total market value of $100,000). The aggregate value of the stocks was reduced by a divisor to establish the benchmark Index value of 250.00 at the market close on Dec. 20, 1996. |
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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 near-term months plus the two nearest term expiration months in 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 value 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 value of the Index when the Index is above 200. If the Index is below 200, the interval will be 2 ½ 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
Option premium plus 20% of the aggregate Index value (Index value x $100) reduced by any out-of-the-money amount to a minimum of 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
03113C101 |
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Trading Symbol
DXE |
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Final Settlement Value Symbol
NWO |
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Index Components
Components list as of 10/8/01
| The
Deutsche Bank Energy Index is composed of shares of the following 30 issues: |
| Amerada Hess
Corporation |
(AHC) |
Kerr-McGee
Corp. |
(KMG) |
| Anadarko
Petroleum Corporation |
(APC) |
Noble Affiliates |
(OIL) |
| Apache
Corporation |
(APA) |
Phillips
Petroleum Company |
(P) |
| Baker Hughes,
Inc. |
(BHI) |
Occidental
Petroleum Corporation |
(OXY) |
| BP Amoco plc |
(BP) |
Repsol, YPF, S.A. |
(REP) |
| Burlington
Resources, Inc. |
(BR) |
Royal Dutch
Petroleum Company |
(RD) |
| Chevron
Corporation |
(CHV) |
Schlumberger
Ltd. |
(SLB) |
| Conoco Inc. |
(COC.B) |
Texaco Inc. |
(TX) |
| Diamond
Offshore Drilling, Inc. |
(DO) |
Tosco
Corporation |
(TOS) |
| ENISPA |
(E) |
TOTALFINA S.A. |
(TOT) |
| Enron
Corporation |
(ENE) |
Transocean
Offshore Inc. |
(RIG) |
| EOG Resources, Inc. |
(EOG) |
Ultramar
Diamond Shamrock Corporation |
(UDS) |
| Exxon Mobil
Corporation |
(XOM) |
Unocal
Corporation |
(UCL) |
| Global Marine,
Inc. |
(GLM) |
USX-Marathon
Group |
(MRO) |
| Halliburtion
Company |
(HAL) |
Valero Energy
Corp. |
(VLO) |
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