USXTM – Options on the US Dollar
Underlying
USD/CAD
Trading Unit
US$10,000
Contract Months
The first three months plus the next two quarterly months in the March, June, September, December cycle.
Strike Prices
Strike prices are expressed in cents per units of foreign currency. For example, 120.50 cents Canadian is equivalent to C$1.2050.
Strike Price Intervals
Strike price intervals are set at a minimum of 0.50 cents Canadian per unit of foreign currency.
Premium Quotation
Option premiums are quoted in cents Canadian per unit of foreign currency. For example, a premium quotation of 0.75 cents Canadian for an option on the US dollar represents an aggregate premium value of 0.75 cents Canadian/US$ x US$10,000 x C$1/100 cents Canadian = C$75.
Minimum Price Fluctuation (Tick Size)
The minimum price fluctuation of the premium is 0.01 cent Canadian or a tick value of C$1 per unit of foreign currency. That is: 0.01 cent Canadian/US$ x US$10,000 x C$1/100 cents Canadian = C$1.
Aggregate Premium Value
The aggregate premium value for a contract is the premium quotation multiplied by the trading unit of a contract.
Exercise Style
European style. Options may be exercised only on the expiration date.
Exercise Settlement
Cash settlement. The amount to be paid or received in final settlement of each option contract is determined by multiplying the trading unit by the difference between the strike price and the Bank of Canada's noon rate for the designated currency vis-à-vis the Canadian dollar on the expiration date.
Expiration Date Last Trading Day
At 12:00 p.m. (Montréal time) on the third Friday of the expiration contract month
Reporting Level
500 contracts on the same side of the market in all contract months combined.
Position Limits
Information on position limits is subject to periodic changes and can be obtained from the Exchange (see Circulars).
Minimum Margin Requirements
Information on minimum margin requirements is subject to periodic changes and can be obtained from the Exchange (see Circulars).
Trading Hours
9:30 a.m. to 4:00 p.m. (Montréal time).
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