Equity Options

Underlying issues

Shares of eligible stock, subject to eligibility criteria set by the Canadian Derivatives Clearing Corporation (CDCC).

Eligibility criteria

Underlying issues must meet stringent eligibility requirements, including sufficient liquidity and market capitalisation.

Trading unit

One contract represents 100 shares (may be adjusted for stock splits, distributions, etc.).

Expiry cycle

At a minimum, the nearest four consecutive months plus the next four months in the designated quarterly Cycle: March, June, September and December. The Bourse may list expiries over a period of two years and an annual expiry in January under such expiry Cycle.

Annual expiry of January for long-term options.

Minimum fluctuation of the option premium

For options excluded from the penny trading program:

  • Options priced below C$0.50 = C$0.01
  • Options priced at C$0.50 or more = C$0.05

For options included in the penny trading program:

  • Options priced below C$3.00 = C$0.01
  • Options priced at C$3.00 or more = C$0.05.

The premium per contract is obtained by multiplying the quote by 100 (e.g.: quote of C$2.75 × 100 = C$275).

For more information on penny trading, refer to circular 165-20.

Strike prices

At a minimum, five strike prices bracketing the current underlying issue's market price.

Contract type

American style.

Last trading day

The third Friday of the contract month, provided it is a business day. If it is not a business day, the first preceding business day.

Expiration day

The last trading day of the contract month.

Position reporting threshold

250 option contracts.

Position limit

  • All-months position limit: information can be obtained from the Regulatory Division as they are subject to periodic changes. See the position limits page on the Regulatory Division website.
  • Spot month position limit: not applicable.

Trading halt

A trading halt will be invoked in conjunction with the triggering of "circuit breakers" on the underlying issues.


Via the Canadian Derivatives Clearing Corporation (CDCC).


Via the CDS Clearing and Depository Services Inc., on the first business day following the exercise date.

Trading hours

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

The regular session opens at 9:30 a.m. Each option class will then open for trading when a trade occurs on its underlying issue on a recognised Canadian exchange. If no such trade has yet occurred, the option class will open for trading at 9:35 a.m.

Clearing corporation

Canadian Derivatives Clearing Corporation (CDCC).

Trading procedures

Please refer to the Rules of the Bourse.

The information contained in this document is for information purposes only and shall not be construed as legally binding. This document is a summary of the product's specifications which are set forth in the Rules of Bourse de Montréal Inc. ("Rules of the Bourse"). While Bourse de Montréal Inc. endeavors to keep this document up to date, it does not guarantee that it is complete or accurate. In the event of discrepancies between the information contained in this document and the Rules of the Bourse, the latter shall prevail. The Rules of the Bourse must be consulted in all cases concerning products' specifications.