International Securities Exchange, Inc. - Product Specification"


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S&P; MidCap 400 Index


Components | Products Traded

Symbol   MID

Index Description   The Standard & Poors MidCap 400 Index measures the performance of the mid-range sector of the U.S. stock market. The Index is based on 400 stocks chosen on the basis of market capitalization, liquidity and industry group representation. The S&P; MidCap Index is market value (capitalization) weighted. The MidCap Index was introduced on June 19, 1991. This is a test to verify Index Description is not used in the Profile area.

Index Multiplier   The index multiplier means that the options premiums are multiplied by 100 to obtain the actual premium amount.

Strike Price Interval   The strike price interval is $10.00

Minimum Trading Increments   Stated in dollars and cents. Minimum price variant $0.05 (nickel) for series trading under $3.00 and $0.10 (dime) for series trading $3.00 and above.

Expiration Date   Saturday following the third Friday of the expiration month.

Expiration Months   Up to three near-term months followed by three additional months from the March quarterly cycle (March, June, September and December).

Exercise Style   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.

Last Trading Day   Two business days prior to expiration (normally a Thursday).

Settlement Type   Next business day following expiration.

Settlement Value Symbol   MIV

Settlement Value   Determined on the last business day prior to expiration, based on the first (opening) reported sale price for each component stock.

Position and Exercise Limits   45,000 contracts on the same side of the market, provided that no more than 25,000 of such contracts are in the nearest expiration month series.

Trading Hours   9:30 a.m. to 4:15 p.m., New York time.