Fri, 30/05/2014 - 09:32
Chicago Board Options Exchange (CBOE) plans to introduce PM-settled, end-of-month options series (EOM) – with expiration dates falling on the last business day of the month – for its S&P 500 Index (SPX) options.
CBOE is adding SPX EOM options to its SPX options product line in response to requests from asset managers who want to more precisely match SPX option expirations to end-of-month fund cycles and fund performance periods.
"End-of-month options represent another dimension to our extensive S&P 500 Index options complex, which includes our flagship SPX contract, SPX end-of-week, SPX end-of-quarter and SPX LEAPS contracts. Each of these products is tailored to respond to the unique needs of different types of investors looking to trade the S&P 500 Index to better manage their portfolios," says CBOE Holdings CEO Edward T Tilly (pictured).
End-of-month options will join other SPX expiration choices, including:
• End-of-week options, which expire on the last trading day of a week (other than standard third Fridays)
• Standard options, which expire on the third Friday of each month
• End-of-quarter options, which expire on the last trading day of the quarter
• LEAPS (long-term equity anticipation securities) options, which are long-term options contracts that can be maintained for a period of up to 15 years.
CBOE's new SPX EOM options will feature European-style exercise, meaning that the contracts can only be exercised on the last trading day at expiration. SPX EOM options will also feature PM settlement, which is preferred by many investors, including institutions with end-of-day reporting requirements.
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