www.amex.com/amextrader
Overview
The current options symbology logic (example: IBMER = IBM May 90 Call) has been in use for over 25 years. The growth in the options marketplace, particularly in terms of the number of products traded, has revealed limitations of the current methodology.
In July 2005, the Options Clearing Corporation (OCC) Board of Directors asked OCC staff to work with industry representatives in defining a reasonable timeframe to eliminate the use of OPRA codes in the listed options markets. OCC staff was also instructed to ensure that all option strike prices be represented in decimal format at the same time. Once a plan has been developed, the options exchanges and OCC will jointly mandate a timeframe when all market participants must comply.
An OCC committee was formed to develop a plan. Representatives from broker dealers, the exchanges, vendors and OCC actively participated. The OCC Symbology Committee was instructed to develop an implementation plan to bring the options industry into compliance and to include a definitive timeframe.
The Committee published a plan in May 2006 and provided a 120 day comment period. Seven comment letters were received and the responses were crafted. The plan was updated based upon the comments received and was approved by the OCC Board of Directors on December 5, 2006. The plan as it currently exists can be viewed in its' entirety here: http://www.theocc.com/initiatives/symbology/implementation_plan.jsp
As the Exchange and the industry move forward with the Options Symbology Iniative, we will continually update the information found here.
Documentation Relating To Symbology Initiative
Technical specifications are available by accessing the Amex’s Secure Website. If you have not previously obtained a valid login you will need to contact either Peter Fetiak at peter.fetiak@amex.com.
Amex Test Schedule
TBD
Contact Information
General questions about the Symbology Initiative should be directed to Peter Fetiak at peter.fetiak@amex.com.
Links Of Interest Relating To The Symbology Initiative
The OCC:
http://www.theocc.com/initiatives/symbology/default.jsp
The Securities Industry and Financial Markets Assocation (SIFMA):
http://www.sifma.org/services/techops/techops.shtml (NOTE: No specific symbol section at this time)