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Important Reminders
The Exchanges have requested that all GTC orders that have been designated to undergo the scheduled consolidation process, be cancelled after the close on Friday, March 12, the scheduled day of consolidation. GTC orders will be cancelled on your behalf after the close through the weekend. Positions and orders queued for the Monday following consolidation will be converted to the post consolidated symbol over the weekend.
Important Dates
| January 23 | Conversion to new option symbol |
| February 12 | OCC deadline for all firms to convert to the new symbol |
| March 12 | First consolidation: Special options |
| April 9 | Second consolidation: "A" options |
| April 23 | Third consolidation: "B" to "G" options |
| May 7 | Fourth consolidation: "H" to "O" options |
| May 14 | Fifth consolidation: "P" to "Z" options |
Symbols within each consolidation group are based on the first letter of the underlying security. During consolidation, option symbols will be changed to match the underlying symbol. The above dates are subject to change.
More Information
Click here to email your questions to Customer Service.
Click here for details about contract adjustments before and after consolidation.
Option Symbology Initiative
Important Notices
March 12: GTC Orders Scheduled for Consolidation will be Cancelled After the Close
March 12 is the next consolidation date mandated by the (OCC) Options Clearing Corporation. Special symbols that will be consolidated on this date and a preliminary Consolidation Spreadsheet can be found at the OCC website. Note: This information is subject to change. An updated spreadsheet will be finalized by the OCC by noon on the Wednesday prior to each consolidation date.
Important Reminder: The Exchanges have requested that all GTC orders that have been designated to undergo the scheduled consolidation process, be cancelled after the close on Friday, March 12, the scheduled day of consolidation. GTC orders will be cancelled on your behalf after the close through the weekend. Positions and orders queued for the Monday following consolidation will be converted to the post consolidated symbol over the weekend.
Symbols will be consolidated from March to May 2010 and future consolidations will be taken in groups designated by the OCC. Symbols within each consolidation group are based on the first letter of the underlying security. During consolidation, option symbols will be changed to match the underlying symbol.
If you have any questions about this industry–wide initiative, please email Customer Service or call 1-800-498-7120.
Effective January 23, 2010: Industry Change for Option Symbols
The Options Symbology Initiative (OSI) is an industry–wide plan by the Options Clearing Corporation (OCC), to change the existing method of displaying options.
This change will decrease the current limitations in today’s marketplace and make option symbols more descriptive. The OCC has mandated the options symbology conversion to occur no later than February 12, 2010; however Investrade is scheduled to convert to a new option symbol format the weekend of January 23, in advance of the industry’s target date.
OPRA (Options Price Reporting Authority) code, the last two alpha characters that represent the type (call or put), expiration month, and strike price that you are familiar with today will be eliminated. An example of the new format is provided below for the Microsoft November 20, 2010 Call @ 25 strike.
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To create consistency, the root option symbol will be changed to the base underlying symbol as part of the consolidation phase of the the OSI plan. Tentative dates for this phase are in the sidebar of this page.
Updated: 03/08/2010