The NYSE Arca Oil Index Option Specifications

Description of Index The NYSE Arca Oil Index (XOI) is a price weighted index designed to measure the performance of the oil industry through changes in the prices of a cross section of widely-held corporations involved in the exploration, production, and development of petroleum. The XOI Index was established with a benchmark value of 125.00 on August 27, 1984.
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 one month from the January cycle.
Expiration The Saturday following the third Friday of the expiration month.
Last Trading Day One business day prior to expiration (normally a Friday).
Exercising Options American style. Options may be exercised on any business day prior to expiration.
Delivery Method
if Exercised
Cash settlement based on the dollar difference between the final settlement value 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 day the exercise notice is submitted.
Settlement of Exercise Next business day following exercise.
Position Limits 24,000 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 XOI