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ICE

FLEX Options & LEAPS Options

Exchange-traded funds are index funds or trusts that are traded intraday on an exchange. They allow an investor to buy or sell shares of an entire stock portfolio in a single security.

NYSE American Options


FLEX Options

FLexible EXchange (FLEX) options combine the benefits of customization with the advantages of listing and are available on all option products listed on NYSE American Options. Both Equity FLEX and Index FLEX options allow investors to customize key contract terms, including expiration date, exercise style, and exercise price, and to take advantage of expanded position limits.

FLEX Trades are permissible on options not listed on NYSE American Options but require certification with the OCC on the day before the FLEX trade is executed. Cut-off time to submit for certification is 11:00 am on the day before the anticipated trade. Therefore, all requests to trade FLEX options on non-NYSE American Options must be submitted before 11:00am on the day before the expected trade date.

SUBMIT REQUEST

EQUITY-FLEX

Equity FLEX options are designed to extend investor access to customized derivative products. With Equity FLEX options, investors are able to set key contract terms like exercise prices, exercise styles, and expiration dates, and to trade in size, with no position or exercise limits.

Equity FLEX options are traded on all listed options, including but not limited to, Stock Options, American Depository Receipts, and exchange traded funds.

A minimum of 150 contracts or $1 million notional value (i.e., strike price=$100 then notional value=$10,000/contract which would require a minimum of 100 contracts) is required to open a new Equity Flex Option Series.

A minimum of 100 contracts is required to establish additional opening positions in an existing Equity Flex Series. For closing transactions the minimum is 25 contracts or the remaining opening interest.
INDEX-FLEX

Index FLEX options are designed to extend investor access to customized derivative products. With Index FLEX options, investors have the ability to set key contract terms like exercise prices, exercise styles, and expiration dates.

At NYSE American Options, Index FLEX options are traded on any index upon which options currently trade. A minimum value of $10 million on the underlying index is required to open a new Index FLEX option series and a minimum of $1 million is required for an open series.

LEAPS Options

Long-term Equity AnticiPation Securities (LEAPS) are put and call options that have expirations of up to three years from the time of their initial listing. LEAPS, which have a unique ticker symbol, meld into their conventional shorter-term options within one year of their expirations.

At NYSE American Options, Equity LEAPS are traded on certain common stocks, American Depositary Receipts, exchange traded funds and HOLDRS, and Index LEAPS are traded on broad-based, industry sector and international indexes.

EQUITY-FLEX

Equity FLEX options are designed to extend investor access to customized derivative products. With Equity FLEX options, investors are able to set key contract terms like exercise prices, exercise styles, and expiration dates, and to trade in size, with no position or exercise limits.

Equity FLEX options are traded on all listed options, including but not limited to, Stock Options, American Depository Receipts, and exchange traded funds.

A minimum of 150 contracts or $1 million notional value (i.e., strike price=$100 then notional value=$10,000/contract which would require a minimum of 100 contracts) is required to open a new Equity Flex Option Series.

A minimum of 100 contracts is required to establish additional opening positions in an existing Equity Flex Series. For closing transactions the minimum is 25 contracts or the remaining opening interest.
INDEX-FLEX

Index LEAPS are long-term options generally based on a reduced value of an underlying broad-based, industry sector or international index and have expirations of up to three years. With the exception of their longer-term expiration, Index LEAPS work in the same manner as all other broad-market index options with exercises only permitted on the last business day prior to expiration (European style) and settlement with the payment of cash, not the delivery of securities.

Index LEAPS series are introduced based upon exercise cycles. Two initial strike (exercise) prices are set bracketing the LEAPS' index value. New strike prices are introduced when the value of the index underlying the LEAPS moves 10 to 15 percent.

LEAPS meld into their conventional shorter-term options within one year of expiration.

NYSE Arca Options


FLEX Options

Flexible Exchange (FLEX) options are customized equity or index contracts that allow investors to tailor contract terms and enjoy expanded position limits for exchange-listed equity and index options. Like over-the-counter options, FLEX option strategies can be tailored according to target trading objectives.

FLEX options combine the benefits of contract customization with the advantages of listing and can provide investors with:

  • The ability to customize key contract terms, like size, exercise price, exercise style and expiration date
  • Price discovery in competitive, transparent, auction markets
  • A secondary market to offset positions
  • Contract guarantee and virtual elimination of counter-party risk
EQUITY-FLEX
At NYSE Arca Options, Equity-FLEX options are traded on selected common stocks, American Depositary Receipts (ADRs), exchange-traded funds and HOLDRS.
INDEX-FLEX

At NYSE Arca Options, Index-FLEX options are traded on any index upon which options trade.

  • A minimum value of $10 million on the underlying index is required to open a new Index-FLEX series.
  • A minimum of $1 million is required to establish opening positions in an existing Index-FLEX series

LEAPS Options

In addition to FLEX options, NYSE Arca Options trades Long-term Equity AnticiPation Securities (LEAPS), long-dated options that have expirations of up to three years from the time of their listing.

EQUITY-FLEX

Equity-LEAPS allow investors to benefit from the upward, or downward, movement of a stock without making an outright purchase. At NYSE Arca Options, Equity-LEAPS are traded on selected common stocks, ADRs, ETFs and HOLDRS that have expirations of up to three years.

Series are introduced based on expiration cycles. Initial exercise prices are set at approximately 25% above and 20% below the underlying stock’s price at the time of the options’ listing.

Equity-LEAPS blend into their conventional shorter term options within one year of expiration.
INDEX-FLEX

At NYSE Arca Options, Index-LEAPS are traded on broad-based, industry sector and international indices. With the exception of their longer term expiration, they work in the same way as other index options: exercise is permitted only on the last business day before expiration and settlement is with the payment of cash.

Series are introduced based on exercise cycles. Two initial exercise prices are set bracketing the LEAPS’ index value. New exercise prices are introduced when the value of the underlying index moves between 10% and 15%.
OPTIONS ALERT

NYSE FANG+TM Option is a cash-settled, European style equity contract with a $100 multiplier

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Additional Options Types


Equity Options

Equity options, which are the most common type of equity derivative, give an investor the right but not the obligation to buy or sell a call or put at a set strike price prior to the contract’s expiry date.

Index Options

Index options make it possible for investors to seek either profit or protection from price movements in a market as a whole or in broad segments of a particular market.

ETP Options

Options on ETFs allow investors to gain exposure to the performance of an index, hedge against a decline in assets, enhance portfolio returns, and/or profit from the rise or fall of a leveraged ETF.