s10全球总决赛竞猜


Launched in 1993, FLexible EXchange® Options (FLEX Options) are powerful, customizable portfolio management tools that allow users to specify key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes (SPX®, XSPSM, RUTSM, DJXSM, MXEASM, and MXEFSMs10全球总决赛竞猜) as well as individual equities.

Benefits of FLEX Options

  • Customize Contract TermsSet key terms, including exercise price and style as well as expiration dates

    Reduced Counter-Party RiskTrades cleared by Options Clearing Corporation, which significantly reduces counter-party risk

  • Transparency and
    Operational Ease
    Price discovery in competitive auction markets; execute orders via FIX/API interfaces or Cboe SilexxSM

    Capital EfficiencyAvailability of cross-margining allows for greater capital efficiency

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The Flexibility to Name Your Terms

FLEX Options provide versatility to virtually every option strategy and precision to target trading objectives.

s10全球总决赛竞猜 Please note: The Exchange may approve and open for trading any FLEX options series on any index, equity, ETF, or ETN that is eligible for Non-FLEX options trading in accordance with the Exchange's listing criteria, even if there are no Non-FLEX options on such listed on the Exchange. These include, but are not limited to, the following:


Index Flex Equity Flex
Options Available for FLEX Trading
  • S&P 500 (standard and mini XSP)
  • Russell 2000 (RUT)
  • MSCI EAFE (MXEA)
  • MSCI Emerging Markets (MXEF)
  • DJIA (DJX)
  • Nasdaq-100 (NDX)
FLEX trading available for all Cboe-listed equity options
Expiration Date Up to 15 years from the trade date Up to 15 years from the trade date
Option Type Put or Call Put or Call
Exercise Style American or European American or European
Strike Price Index value, percent of index value or other methods A dollar amount, percent of stock price or other methods
Premium Percentage of the level of the underlying index or specific dollar amount per contract or contingent on specified factors in other related markets A dollar amount, percent of the stock
Trading Hours 8:30 a.m. to 3:15 p.m. Chicago Time Equity FLEX trading hours are 8:30 a.m. - 3:00 p.m. Chicago time. For trading hours on FLEX options on ETPs, please refer to the contract specifications.
Position Limits Please refer to Cboe Rules 24A.7 and 24B.7 for complete information regarding Index FLEX position limits Please refer to Cboe Rules 24A.7 and 24B.7 for complete information regarding EquityFLEX position limits
Exercise Settlement All Index Flex options are either AM or PM settled, subject to certain conditions described in the rules. Please refer to Cboe Rules 24A.4 and 24B.4 for complete information regarding settlement types All Equity FLEX options are PM settled


FLEX Options vs OTC Execution

FLEX options combine the customization of Over-The-Counter (OTC) options with the ease and guarantees of listed options.


Strategies that Employ FLEX Options

Cboe offers dozens of benchmark indexes designed to show the hypothetical performance of strategies that use FLEX options. Following are two examples from our Target Outcome Index Series that use S&P 500 Index FLEX options.


Cboe S&P 500 Buffer Protect Index Balanced Series (SPRO)

SPROs10全球总决赛竞猜 is a balanced composite index comprising the 12 monthly indexes in the Cboe S&P 500 Buffer Protect Index Series. SPRO is designed to track the returns of a hypothetical investment that, over a period of approximately one year, seeks to “buffer protect” against the first 10% of losses due to a decline in the S&P 500 Index while providing participation up to a capped level. Since inception, SPRO has had significantly lower volatility than the S&P 500 as demonstrated by standard deviation.


Drawdown Performance of Cboe S&P 500 Buffer Protect Index Series vs. S&P 500

Intraday    1M   3M    6M    1Y    5Y    All    
 Critical Periods   


Cboe S&P 500 Enhanced Growth Index Balanced Series (SPEN)

SPENs10全球总决赛竞猜 is a balanced composite index comprising the 12 monthly indexes in the Cboe S&P 500 Enhanced Growth Index Series. SPEN is designed to track the returns of a hypothetical investment that, over a period of approximately one year, seeks to provide 2x enhanced returns on the appreciation of the S&P 500 Index up to a capped level while providing one-to-one exposure to any losses. Since inception, SPEN outperformed both large cap domestic and international equities.


Performance of Cboe S&P 500 Enhanced Growth Index Series vs. S&P 500

Intraday    1M   3M    6M    1Y    5Y    All    
 Critical Periods   

Trading FLEX Options on Cboe Silexx OEMS

s10全球总决赛竞猜 is Cboe's proprietary front-end offering for trading FLEX options on Cboe Options Exchange. Silexx FLEX option functionality includes:

  • All Cboe Exchange functionality
  • Direct market access for electronic execution
  • Routing directly to a floor broker for open-outcry execution
  • Spreadsheet import for efficiency
  • Risk controls defined and managed by firm-designed risk administrator