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ICICIdirect.com introduces exchange-initiated long term option contracts on NIFTY for trading from 3rd March 2008. The options cycle will be as under :
1. The 3 serial month contracts will continue to exist. 2. Following 3 quarterly months of the cycle March / June / September / December will be available. 3. After these, 5 following semi-annual months of the cycle June / December will be available, so that at any point in time there will be options contracts with atleast 3-years tenure available. Contract specification for NIFTY Options :
| Parameter | Existing parameter | Changed parameter | | Underlying | S&P CNX Nifty | No Change | | Instrument | OPTIDX | No Change | | Symbol | NIFTY | No Change | | Expiry Date | DD-MMM-YYYY | No Change | | Option Type | CE / PE | No Change | | Trading Cycle | 3 month trading cycle - the near month (one), the next month (two) and the far month (three) | 3 near month expiries, next 3 quarter expiries (Mar, Jun, Sep & Dec cycle) and next 5 half-yearly expiries (Jun, Dec cycle) | | Expiry Day | Last Thursday of the expiry month. If the last Thursday is a trading holiday, then the expiry day is the previous trading day. | No Change | | No of Strikes | Dependent on index level | Dependent on index level and expiry period | | Strike Price Intervals | Dependent on index level | Dependent on index level and expiry period | | Permitted Lot Size | 50 | No Change | | Price Steps | Rs.0.05 | No Change | | Operating Range | Upper Operating Range + 99% of base price or Rs.20, whichever is higher; Lower Operating Range Rs.0.05 | No Change | Revised number of strikes for NIFTY Options :
| Index Level | First, second and third month expiries | 3 quarterly expiries | 5 half yearly expiries | | upto 2000 | 4-1-4 | 6-1-6 | 4-1-4 | | >2000 upto 4000 | 4-1-4 | 6-1-6 | 4-1-4 | | >4000 upto 6000 | 5-1-5 | 8-1-8 | 5-1-5 | | >6000 | 6-1-6 | 8-1-8 | 6-1-6 | Revised strike price intervals for NIFTY Options :
| Index Level | First, second and third month expiries | 3 quarterly expiries | 5 half yearly expiries | | upto 2000 | 25 | 25 | 50 | | >2000 upto 4000 | 50 | 50 | 100 | | >4000 upto 6000 | 50 | 50 | 100 | | >6000 | 50 | 50 | 100 | |
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