Description of Index	The Morgan Stanley Commodity Related Equity Index (CRX) is an equal dollar weighted index based on shares of widely held companies involved in commodity-related industries such as energy (e.g. oil and gas production and oilfield services and equipment), non-ferrous metals, precious metals, agriculture and forest products. The CRX Index was established with a benchmark value of 200.00 on March 15, 1996. To ensure that each component stock continues to represent approximately equal weight in the Index, adjustments are made quarterly, based on closing prices on the third Friday in March, June, September and December.
Components	For Index components click here.
Trading Unit	The minimum trade size is one option contract. The notional value underlying each contract equals $100 multiplied by the Index value.
Expiration Cycle	Three consecutive near-term expiration months plus two successive months from the March cycle.
Expiration	The Saturday following the third Friday of the expiration month.
Last Trading Day	Two business days prior to expiration (normally a Thursday).
Exercising Options	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.
Delivery Method if Exercised	Cash settlement based on the dollar difference between the final settlement value of the Index and strike price of the contract multiplied by $100.
Exercise Price Intervals	Exercise (strike) prices are set at $5.00 intervals, bracketing the current value of the Index, when the Index is above 200. If the Index is below 200, the interval will be $2.50.
Option Premium Quotations	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.
Index Settlement Value	Determined on the last business day prior to expiration, based on the first (opening) reported sale price for each component stock.
Settlement of Exercise	Next business day following expiration.
Position Limits	31,500 contracts on the same side of the market.
Minimum Customer Margin for Uncovered Writers	100% of the market value of the option plus 20% of the aggregate Index value less any out-of-the-money amount, subject to a minimum of 100% of the market value of the option plus 10% of the aggregate Index value.
Trading Hours	9:30 a.m. to 4:00 p.m., New York time.
Trading System	Specialist/Registered Options Trader.
Trading Symbol	CRX
Final Settlement Value Symbol	CXV
Morgan Stanley Index options are not sponsored by Morgan Stanley and Morgan Stanley does not guarantee the accuracy or completeness of the Index or make any warranty, express or implied, as to results to be obtained by anyone in connection with the use of the Index and further disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Index. Morgan Stanley also assumes no liability or obligation in connection with the trading of the Morgan Stanley Index options.