Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world’s largest exchange holding companies, announced that it plans to list SPDR S&P 500 ETF Trust (ticker symbol: SPY) options that expire on Mondays, beginning February 16, 2018, subject to rule filing effectiveness.
The new series of SPY options are expected to be listed on Cboe Global Markets’ four options exchanges: Cboe Options, C2 Options, Cboe BZX Options and Cboe EDGX Options.
SPY Monday-expiring WeeklysSM options add to Cboe’s four options exchanges’ existing SPY product offerings, including SPY Wednesday-expiring Weeklys and SPY Friday-expiring Weeklys. SPY Monday-expiring Weeklys options will generally have the same contract characteristics as other SPY options, including PM-settlement.
Contracts with weekly expirations allow investors to implement more targeted buying, selling, spreading and hedging strategies. In addition, options with weekly expirations can help investors more efficiently trade on breaking news or known economic events, such as corporate earnings, monthly U.S. economic reports and Federal Reserve announcements.
The expiration date (usually a Monday) will be identified explicitly in the expiration date of the option. If the Monday of the week in which the options expire coincides with an Exchange holiday, the expiration date will be on the next business day. The expiration date for each series is also the last trading day. SPY Monday-expiring Weeklys may expire on any Monday of the month, other than a Monday that coincides with a Quarterly Option Series (QOS) expiration date. Expirations for SPY Monday-expiring Weeklys options will generally be listed on a Friday and up to five expirations may be listed at any given time.
Additional information on Weeklys options and futures can be found at www.cboe.com/Weeklys.