Product Specifications: LEAPS®
Exchanges
AMEX, CBOE, ISE, NYSE Arca, PHLX.
Description
Equity LEAPS® are American-style options on certain equities that have terms of up to three years. With the exception of the specifications listed below, Equity LEAPS® specifications are the same as those for regular-term equity options. Equity LEAPS® have unique symbols to distinguish them from their corresponding regular-term options. Complete LEAPS® List (XLS).
Strike Prices
Initial strike prices are generally set within 25% above or below the underlying stock's price.
Expiration Dates
AMEX-, CBOE-, ISE-, NYSE Arca- and PHLX-traded LEAPS® expire in January of the designated year. Expiration occurs on the Saturday following the third Friday of the expiration month. All equity LEAPS® expire in January.
Position and Exercise Limits
Positions must be aggregated with those of any other option on the same underlying security for the purpose of position and exercise limits.
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