Canadian Derivatives Exchange*

Options on the US Dollar (USX)

Underlying currency

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$ × US$10,000 × 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$1 per unit of foreign currency. That is: 0.01 cent Canadian/US$ × US$10,000 × 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. on the third Friday of the expiration contract month.

Reporting limit

500 contracts on the same side of the market in all contract months combined.

Position limits

Information on position limits can be obtained from the Exchange as they are subject to periodic changes. See Circulars.

Trading hours (Montréal time)

9:30 a.m. to 4:00 p.m.

Clearing corporation

Canadian Derivatives Clearing Corporation (CDCC)

Trading procedures

USX® is a registered trademark of Bourse de Montréal Inc.