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Product Description
The Oil Index is designed to
represent a cross section of widely-held corporations involved in various phases of the
oil industry. The Index is price weighted, measuring the performance of the oil industry
through changes in the sum of the prices of component stocks.
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Index Components
The Oil Index is composed of
shares of the following issues: |
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Index Components
Components list as of 09/10/03
| The Oil Index is composed of shares of the following issues: |
| Amerada Hess |
(AHC) |
Occidental Petroleum |
(OXY) |
| Bp p.l.c. Ads |
(BP) |
Repsol Ypf S.a.ads |
(REP) |
| Conocophillips |
(COP) |
Royal Dutch Petrol Adr |
(RD) |
| Chevrontexaco Corp |
(CVX) |
Sunoco Inc |
(SUN) |
| Exxon Mobil |
(XOM) |
Total 'b' Ads |
(TOT) |
| Kerr-Mcgee |
(KMG) |
Unocal
Corporation |
(UCL) |
| Marathon Oil |
(MRO) |
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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 one month from the January cycle. |
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Expiration
The Saturday following the third
Friday of the expiration month. |
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Last Trading Day
One business day prior to
expiration (normally a Friday). |
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"Delivery" Method
if Exercised
American style. 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. The Index settlement value is determined
following the close of trading on the day the exercise notice is submitted. |
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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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Settlement
Next New York business day
following expiration. |
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Position Limits
15,000 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
031128101 |
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Trading Symbol
XOI |
