Introducing a new, more detailed option symbol

In a few weeks, The Options Clearing Corporation, will begin implementing a new, more detailed format for displaying options contracts that will allow you to see the option, expiration, strike, and class at a glance. This change should make researching, analyzing, trading, and monitoring options in your account simpler than ever before. 

What is changing
The existing three- to five-character option symbol will be replaced by a new symbol that will more clearly identify the underlying security. It will also show the attributes of the options contract.

• To provide this level of detail, the new symbol will be longer and more descriptive. It will show the ticker symbol of the option; the option's expiration date; the strike price; and the type (put or call).
  
  
• As a hypothetical example, a WXYZ Company (trading symbol: WXYZ) $75 strike call option that expires November 21, 2009, might currently be represented by the ticker symbol +WKOKO. The new symbol would look like the display below.
  

WXYZ	NOV 21 2009	75.0	Call
Root Symbol	Expiration	Strike	Type

In the coming weeks, you will see options contracts displayed in the new, longer format on several screens, including:

• the Balances & Positions page
  
• your Watch List display
• the Quote display
• the Order Status page
  

Why the format is changing
The traditional three- to five-character symbol, used for more than a quarter of a century, is no longer adequate for today's dynamic options marketplace.

• With the new, more descriptive symbol, you'll be able to see the essential information about an option immediately, saving time and avoiding confusion.
  
  
• This new symbol, developed by the Options Clearing Corporation (OCC) is being adopted throughout the industry.
  
  
• You can visit the OCC Web site to learn more about the Option Initiative.