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Russell 2000 Index


Components | Products Traded

Symbol   RUT

Index Description   The Russell 2000 Index is designed to measure the performance of the bottom 2,000 companies from a universe of the 3,000 largest stocks in the U.S. This index is capitalization-weighted and includes only common stocks belonging to corporations domiciled in the US and its territories and traded on the NYSE, NASDAQ or AMEX. The Russell 2000 Index is adjusted once per year, in June, to reflect changes in rankings and shares outstanding.

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

Strike Price Interval   Strike price intervals are at least $2.50 for certain near-the-money series in near-term expiration months when Russell 2000 Index is at a level below 200, and 5 point strike price intervals for other options series with expirations up to one year, and at least 10 point strike price intervals for longer-term options.

Minimum Trading Increments   The minimum trading increment for an options contract trading at less than $3.00 is $0.05. The minimum trading increment for an options contract trading at $3.00 or higher is $0.10.

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. RUT options generally may be exercised only on the last business day before expiration.

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

Settlement Type   A.M., cash settlement

Settlement Value Symbol   RLS

Settlement Value   The exercise-settlement value, RLS, is calculated using the opening (first) reported sales price in the primary market of each component stock on the last business day before the expiration. In the event that a stock in the index does not open on the day the exercise-settlement value is determined, the last reported sale price in the primary market will be used in calculating the exercise- settlement value. The exercise-settlement amount is equal to the difference between the exercise-settlement value, RLS, and the exercise price of the option, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration.

Position and Exercise Limits   The aggregate RUT position and exercise limits are 50,000 contracts on the same side of the market with no more than 30,000 in the near-term month. An index option hedge exemption for public customers may be available for certain diversified portfolios, which may expand the position limit up to an additional 75,000 contracts. In addition, proprietary accounts of members may receive an exemption up to 100,000 contracts for the purpose of facilitation public customer orders.

Trading Hours   9:30 A.M. - 4:15 P.M. Eastern Time (New York time). Position and Exercise limits are subject to change.