Mini Options

Units of Trade

10 shares per option contract.

Premium Quotations

Stated in points. One point equals $10.

Strike Price Intervals

In general, mini-option strikes mimic existing option strikes in that regular series.

Exercise Style

American-style. Options may be exercised on any business day prior to the expiration date.

Expiration Months

Mini options are listed on the same cycle as the product's regular options. Weekly and quarterly expirations may also be listed.

Expiration Dates

Mini options expire on the date listed on the contract.

Position Limits

For purposes of compliance with the Position Limits Rules, 10 mini options contracts equal 1 standard contract overlying 100 shares. Investors may check Position Limit reports from OCC’s website for more information.

Minimum Customer Margin for Uncovered Writers

Purchases of puts or calls with nine 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 20% of the aggregate contract value (current equity price x $10) 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.)

Trading Hours

9:30 a.m. to 4:00 p.m. (Eastern Time).

Exercise Settlement Time

Exercise notices tendered on any business day will result in delivery of the underlying stock on the third (T+3) business day following exercise.