LEAPS® Contract Specifications

Unit of Trade: Generally 100 shares of stock per unadjusted contract. Discover key concepts for options contract specifications below.

Premium (Price) Quotations: Stated in points and fractions; one point equals $100. The minimum price change for series trading below 3 is .05 ($5) and for all other series is .10 ($10) per contract.

Exercise: Equity LEAPS® are American-style options. The option may be exercised prior to the expiration date.

Exercise Settlement: A holder that tenders an exercise notice on any business day will receive delivery of the underlying stock on the fifth business day following the date of exercise. The exercise settlement price equals the strike price multiplied by 100 (multiplier) for unadjusted series.

Expiration Cycle: Equity LEAPS® expire in January of each year.

Expiration Date: Expiration occurs on the Saturday following the third Friday of the expiration month.

Position Limits: LEAPS® positions are aggregated with other options with the same underlying asset. Limits vary according to the number of outstanding shares and trading volume. Hedge exemptions may be available. Contact exchanges for details.

Trading System: Market Maker/Designated Primary Market Maker/Lead Market Maker/Specialist/Registered Option Trader (depending on the exchange).

Trading Hours: 8:30 a.m. to 3:00 p.m. (Central Time) 9:30 a.m. to 4:00 p.m. (Eastern Time)

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