| Description | Equity FLexible EXchange (Equity FLEX) options are exchange-traded options that are traded on any underlying security for which the NYSE Amex Options trades conventional equity options. Key contract terms, including expiration dates, exercise style, and exercise prices, can be customized. |
| Customized Contract Terms | Expiration Date: Up to three years, and in some cases up to five years, from trade date however the expiration date may not fall on the two business days immediately preceding or following the third Friday of a month (expiration Friday). Same day expirations are also not permitted. |
| Exercise Style: | American or European. |
| Exercise (strike) Price: | May be based on a percentage of the underlying security or a specified dollar amount rounded to the nearest eighth of one dollar. |
| Minimum Size | A minimum of 150 contracts or $1 million notional value of the underlying security is required to open a new Equity FLEX series; a minimum of 100 contracts is required for an existing series; and a minimum of 25 contracts or the remaining open interest is required for closing a series. |
| Option Premium Quotations | May be expressed as a percentage of the value of the underlying security or as a specific dollar amount per contract. Premiums are rounded to the nearest eighth of one dollar. Beginning on or about 01/26/07, some option classes will have different MPVs. For more information, view Amex's participation in the Penny Pilot Program. |
| Dissemination of Prices and Quotes | RFQs, quotes and trades are disseminated as Administrative Text Messages through Options Price Reporting Authority (OPRA) and are received on quotation terminals of OPRA vendors who display FLEX options data. |
| Position Limits | None. |
| Minimum Customer Margin for Uncovered Writers | Subject to the same customer margin requirements governing conventional equity options: 100% of the market value of the option plus 20% of the value of the underlying security less any out-of-the-money amount, subject to a minimum of 100% of the market value of the option plus 10% of the value of the underlying security. |
| Trading Hours | 9:30 a.m. to 4:00 p.m., New York time. |
| Trading System | Modified Specialist/Registered Options Trader: Request for Quote (RFQ) procedures are utilized. |