NYSE Amex Options - The NYSE Arca Japan Index Option Specifications Symbol: JPN

Description of Index The NYSE Arca Japan Index (JPN) is a modified price weighted index that measures the performance of 210 common stocks that are actively traded on the Tokyo Stock Exchange and is representative of a broad cross section of industries. The JPN Index is calculated once a day and disseminated before the opening of trading based on closing prices of the component stocks on the Tokyo Stock Exchange. The JPN Index value corresponds directly to changes in the aggregate yen prices of the component stocks and is not affected by fluctuating yen/dollar exchange rates. The JPN Index was developed with a base value of 280.00 as of April 2, 1990.

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 valuation of the Index and the 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 following the close of trading on the Tokyo Stock Exchange on the last business day in Japan prior to expiration (normally a Friday).

Settlement of Exercise Next business day following expiration.

Position Limits 25,000 contracts on the same side of the market, provided that no more than 15,000 of such contracts are in the nearest expiration month series.

Minimum Customer Margin
for Uncovered Writers 100% of the market value of the option plus 15% 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 4:15 p.m., New York time.

Trading System Specialist/Registered Options Trader.

Trading Symbol JPN

Final Settlement Value Symbol JPV


Description of Index	The NYSE Arca Japan Index (JPN) is a modified price weighted index that measures the performance of 210 common stocks that are actively traded on the Tokyo Stock Exchange and is representative of a broad cross section of industries. The JPN Index is calculated once a day and disseminated before the opening of trading based on closing prices of the component stocks on the Tokyo Stock Exchange. The JPN Index value corresponds directly to changes in the aggregate yen prices of the component stocks and is not affected by fluctuating yen/dollar exchange rates. The JPN Index was developed with a base value of 280.00 as of April 2, 1990.
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 valuation of the Index and the 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 following the close of trading on the Tokyo Stock Exchange on the last business day in Japan prior to expiration (normally a Friday).
Settlement of Exercise	Next business day following expiration.
Position Limits	25,000 contracts on the same side of the market, provided that no more than 15,000 of such contracts are in the nearest expiration month series.
Minimum Customer Margin for Uncovered Writers	100% of the market value of the option plus 15% 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 4:15 p.m., New York time.
Trading System	Specialist/Registered Options Trader.
Trading Symbol	JPN
Final Settlement Value Symbol	JPV