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Introduction

CBOE broke new ground in October 2005, when it introduced "Weeklys", a new type of option. Weeklys are one-week options as opposed to traditional options that have a life of months or years.

In general, Weeklys have the same contract specifications as standard options, except for the time to expiration, and offer the same continuous, two-sided quotes as standard options. As of March 24, 2006, CBOE offers four Weeklys classes:

1. SPX Weeklys: One-week, European-style options on the S&P 500 index with Friday A.M. settlement (last day of trading is a Thursday).
2. XSP (Mini-SPX) Weeklys: A smaller sized (1/10th) version of SPX Weeklys traded on the CBOE Hybrid Trading System.
3. OEX Weeklys: One-week, American-style options on the S&P 100 index with Friday P.M. settlement (last day of trading is a Friday).
4. XEO Weeklys: A European-style version of OEX Weeklys.

New series are listed each Friday and expire the following Friday, except that no new Weeklys are listed that would expire during the expiration week for standard options (the third Friday of each month). In other words, we do not list new Weeklys on the 2nd Friday of a month and do not trade Weeklys during the following, standard expiration week until Friday of that week.

Ticker symbols for Weeklys differ from traditional options contract symbols, with letters identifying the Weekly cycle. For example, the symbol for SPX Weeklys for the first week of the month is JXA, the symbol for the second week is JXB, etc.). See Weeklys Symbology Summary for a table of symbols and other key facts.

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