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PHLX Broad Based Index Options


NASDAQ-100® Index Options (NDX)

Description: The NASDAQ-100® Index is a capitalization-weighted index composed of 100 of the largest non-financial securities listed on the NASDAQ Stock Market. The index was created in 1985 with a base value set to 250 on February 1 of that year. After reaching a level of nearly 800 on December 31, 1993, the index level was halved on January 3, 1994.

Trading Symbol: NDX

Settlement Value Symbol: NDS

Exercise Style: European – Options may be exercised only on the last business day before expiration.

Expiration Months: The Exchange shall open for trading a minimum of one expiration month and series for each class of index options. Weekly, Quarterly and LEAP options (up to 60 months) may also be available.

Exercise (Strike) Price Intervals: 5 points.

Expiration Date: The third Friday of the expiration month.

Settlement: Cash settlement - equal to the difference between the final settlement value and the strike price of the contract, multiplied by $100.  Exercise will result in delivery of cash on the business day following expiration.  The settlement value is calculated based on the NASDAQ Official Opening Price (NOOP) for each of the component securities on the last business day before the expiration date (usually a Friday). In the event a component security in the NASDAQ 100 Index does not have a NASDAQ Official Opening Price on Settlement Day, the closing price from the previous trading day will be used to calculate the Settlement Value

Last Trading Day:

Trading in NASDAQ-100® options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Index Multiplier: $100.

Premium Quote: Stated in decimals. One point equals $100. The minimum change in a premium under $3 is $0.05 ($5.00) and the minimum change in a premium of $3 or greater is $0.10 ($10.00).

Position Limit and Exercise Limits: No position and exercise limits are in effect. Each member (other than a market-maker) or member organization that maintains an end of day aggregate position in excess of 100,000 contracts in NDX (10 MNX or 10 of any other Mini-NDX options equal 1 NDX full value contract) for its proprietary account or for the account of a customer, shall report certain information to the Department of Market Regulation. The member must report information as to whether such position is hedged and, if so, a description of the hedge employed. A report must be filed when an account initially meets the aforementioned applicable threshold. Thereafter, a report must be filed for each incremental increase of 25,000 contracts. Reductions in an options position do not need to be reported. However, any significant change to the hedge must be reported.

Margin: Purchases of puts or calls with 9 months or less until expiration must be paid for in full. Writers of uncovered puts or calls must deposit / maintain 100% of the option proceeds* plus 15% of the aggregate contract value (current index level x $100) minus the amount by which the option is out-of-the-money, if any, subject to a minimum for calls of option proceeds* plus 10% of the aggregate contract value and a minimum for puts of option proceeds* plus 10% of the aggregate exercise price amount. (***For calculating maintenance margin, use option current market value instead of option proceeds.) Additional margin may be required pursuant to Phlx Rule 721 et seq.

Trading Hours: 9:30 A.M. to 4:15 P.M., ET (Philadelphia Time)

Issuer & Guarantor: The Options Clearing Corporation (OCC)

Position and exercise limits are subject to change.

NASDAQ®, NASDAQ-100 ® and NASDAQ-100 Index® are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates are the “Corporations”) and are licensed for use by the Philadelphia Stock Exchange, Inc. in connection with the trading of options products based on the NASDAQ-100 Index®.  The options products have not been passed on by the Corporations as to their legality or suitability.  The options products are not issued, endorsed, sold, or promoted by the Corporations.The Corporations make no warranties and bear no liability with respect to the options products.

CBOE Mini-NDX Index Options (MNX)

Description: The CBOE Mini-NDX Index is 1/10th of the value of the NASDAQ-100® Index (NDX).  NDX is a capitalization-weighted index composed of 100 of the largest non-financial securities listed on the NASDAQ Stock Market. The index was created in 1985 with a base value set to 250 on February 1 of that year. After reaching a level of nearly 800 on December 31, 1993, the index level was halved on January 3, 1994.

Trading Symbol: MNX

Settlement Value Symbol: XMS

Exercise Style: European – Options may be exercised only on the last business day before expiration.

Expiration Months: The Exchange shall open for trading a minimum of one expiration month and series for each class of index options. Weekly, Quarterly and LEAP options (up to 60 months) may also be available.

Exercise (Strike) Price Intervals: 5 points.

Expiration Date: The third Friday of the expiration month.

Settlement: Cash settlement - equal to the difference between the final settlement value and the strike price of the contract, multiplied by $100.  Exercise will result in delivery of cash on the business day following expiration.  The settlement value is calculated based on the NASDAQ Official Opening Price (NOOP) for each of the component securities on the expiration date (usually a Friday). In the event a component security in the NASDAQ-100® Index does not have a NASDAQ Official Opening Price on Settlement Day, the closing price from the previous trading day will be used to calculate the Settlement Value. 

Last Trading Day: Trading in Mini-NDX Index options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.

Index Multiplier: $100.

Premium Quote: Stated in decimals. One point equals $100. The minimum change in a premium under $3 is $0.05 ($5.00) and the minimum change in a premium of $3 or greater is $0.10 ($10.00).

Position Limit and Exercise Limits: No position and exercise limits are in effect. Each member (other than a market-maker) or member organization that maintains an end of day aggregate position in excess of 100,000 contracts in NDX (10 MNX or 10 of any other Mini-NDX options equal 1 NDX full value contract) for its proprietary account or for the account of a customer, shall report certain information to the Department of Market Regulation. The member must report information as to whether such position is hedged and, if so, a description of the hedge employed. A report must be filed when an account initially meets the aforementioned applicable threshold. Thereafter, a report must be filed for each incremental increase of 25,000 contracts. Reductions in an options position do not need to be reported. However, any significant change to the hedge must be reported.

Margin: Purchases of puts or calls with 9 months or less until expiration must be paid for in full. Writers of uncovered puts or calls must deposit / maintain 100% of the option proceeds* plus 15% of the aggregate contract value (current index level x $100) minus the amount by which the option is out-of-the-money, if any, subject to a minimum for calls of option proceeds* plus 10% of the aggregate contract value and a minimum for puts of option proceeds* plus 10% of the aggregate exercise price amount. (***For calculating maintenance margin, use option current market value instead of option proceeds).  Additional margin may be required pursuant to Phlx Rule 721 et seq.

Trading Hours: 9:30 A.M. to 4:15 P.M., ET (Philadelphia Time)

Issuer & Guarantor: The Options Clearing Corporation (OCC)

Position and exercise limits are subject to change.

NASDAQ®, NASDAQ-100 ® and NASDAQ-100 Index® are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates are the “Corporations”) and are licensed for use by the Philadelphia Stock Exchange, Inc. in connection with the trading of options products based on the NASDAQ-100 Index®.  The options products have not been passed on by the Corporations as to their legality or suitability.  The options products are not issued, endorsed, sold, or promoted by the Corporations.The Corporations make no warranties and bear no liability with respect to the options products.

Options involve risk and are not suitable for everyone. Past performance is not indicative of future results. An investor should review transaction costs, margin requirements and tax considerations with a broker and tax advisor before entering into any options strategy. Prior to buying or selling an option, a person must receive and review a copy of Characteristics and Risks of Standardized Options published by The Options Clearing Corporation. Copies may be obtained from your broker; one of the exchanges; The Options Clearing Corporation at One North Wacker Drive, Suite 500, Chicago, IL 60606; by calling 1-888-OPTIONS; or by visiting www.888options.com. Any strategies discussed, including examples using actual securities and price data, are strictly for illustrative and education purposes and are not to be construed as an endorsement, recommendation or solicitation to buy or sell securities. Examples do not take into consideration commissions and other transaction fees, tax considerations, or margin requirements, which are factors that may significantly affect the economic consequences of a given strategy.