- Understanding the New Options Symbology
Understanding the New Options Symbology
On November 8th, Morgan Stanley Smith BarneyCitigroup Global Markets Inc. (CGMI) will be changing its options symbols. The 5-character Options Price Reporting Authority (OPRA) code currently used to represent options listed contracts will change and expand to a new format comprised of a maximum of 15 characters. The new symbol will be reflected across this Web site where options information is displayed, including: portfolio and account views, watch lists, quotes and options trading pages.
Why this is changing
Morgan Stanley Smith BarneyCGMI is changing its options symbols as a response to the Options Symbology Initiative—a plan developed by the U.S. options exchanges and the Options Clearing corporation (OCC) with the goal of establishing new symbology that will better support the rapidly growing and complex options market.
What you can expect
The option symbol changes will be implemented across the site automatically. Once implemented, the former OPRA symbol will no longer apply across this site. Please familiarize yourself with the new format, described below.
Option Chain
As shown above, the new option symbol format is as follows: ABCD0917J45. This can be broken down as:
| Symbol Component | Description |
|---|---|
| ABCD | Base Security Symbol - up to 5 characters long, may contain digits1 |
| 09 | Expiration Year - 2 digits (example: year 2009 = 09) |
| 17 | Expiration Day - 2 digits (example: 17th of the month = 17) |
| J | Expiration Month - 1 character, based upon the current month/expiration character codes2 |
| 45 | Explicit Strike Price - up to 5 digits long, with leading and trailing zeros omitted and decimals included as necessary3 |
1. A base security symbol followed by the number "1" (e.g., ABCD1) denotes a non-standard options contract.
2. The expiration month/put-call charater codes are as follows:
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Calls | A | B | C | D | E | F | G | H | I | J | K | L |
| Puts | M | N | O | P | Q | R | S | T | U | V | W | X |
3. Decimals in prices will be indicated with the character Y (e.g., a strike price of $45.55 will be denoted as 45Y55 in the option code).
For more information about the Options Symbology Initiative, please refer to the OCC Web site or contact your Financial Advisoradvisor.
Symbols and examples shown are for illustrative purposes only and do not represent a recommendation, or an offer to buy or sell any security.
Options are not suitable for all investors. Clients should not enter into options transaction until they have read and understood the Characteristics and Risks of Standardized Options also known as the Option Disclosure Document (ODD) and have discussed transacaction costs with their Financial Advisor or Investment Representative. A copy of the ODD can be found on the Options Clearing Corporations Web site or by asking your Financial Advisor, Investment Representative or by calling Morgan Stanley Smith Barney's Options Help Desk at 1(800) 877-8766.
Options are not suitable for all investors. Clients should not enter into options transaction until they have read and understood the Characteristics and Risks of Standardized Options also known as the Option Disclosure Document (ODD) and have discussed transacaction costs with their advisor. A copy of the ODD can be found on the Options Clearing Corporations Web site or by asking your advisor.
Before engaging in the purchase or sale of options, potential clients should understand the nature of and extent of their rights and obligations and be aware of the risks involved, including, without limitation, the risks pertaining to the business and financial condition of the issuer of the underlying security or instrument. Options investing, like other forms of investing, involves tax considerations, transaction costs and margin requirements that can significantly affect the profit and loss of buying and writing options. The transaction costs of options investing consist primarily of commissions (which are imposed in opening, closing, exercise and assignment transactions), but may also include margin and interest costs in particular transactions. Transaction costs are especially significant in options strategies calling for multiple purchases and sales of options, such as multiple leg strategies, including spreads, straddles and collars.
Investments and services offered through Morgan Stanley Smith Barney LLC. Member SIPC.
2009 Morgan Stanley Smith Barney LLC.
Investments offered though Citigroup Global Markets Inc (“CGMI”), member SIPC. CGMI and Citibank, N.A. are affiliated companies under the common control of Citigroup Inc. Citi and Citi with Arc design are registered service marks of Citigroup Inc and its affiliates and are used throughout the world.
For more information, please contact your Financial Advisor.