USER GUIDE

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PHILADELPHIA STOCK EXCHANGE. USERS’ GUIDE AND. CONTRACT SPECIFICATIONS … may be less familiar with index option trading. This brochure …

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PHILADELPHIA STOCK EXCHANGE
USERS’ GUIDE AND
CONTRACT SPECIFICATIONSThe Philadelphia Stock Exchange, Inc. (PHLX) lists and trades
a variety of index option products covering specific industry
groups. The PHLX refers to these option products as sectors.
Throughout this publication, you will find “sectors” used
synonymously with index and index options.
Sectors offer investors the same benefits and control as equity
options; however, unlike equity options, they represent the
underlying value of a group of securities rather than an
individual stock. Sector options make it possible for investors to
trade a particular index or a particular industry group. Sectors
can provide investors with an easier, more efficient, and less
costly way to participate in market movements, to represent a
portfolio, or to protect stock holdings.
All PHLX index options are traded on PHLX XLSM, the Exchange’s
electronic order entry and execution system. PHLX XL has
proven to be one of the most reliable and technologically-advanced
systems anywhere for the execution of options orders. Trading
on PHLX XL results in competitive pricing, liquidity, speed of
execution, and provides the capacity to handle large trading
volume. In addition, every PHLX listed option transaction is
issued, cleared, settled, and guaranteed by the ‘AAA’-rated
Options Clearing Corporation.
This…