ZEN
An incredibly boring post on ZEN in the markets. I suppose someone has interest, as I have seen ZEN posts here earlier. (DISCLAIMER: For those practitioners of ZEN, this is not meant to insult or defame.)
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CBOE Research Circular #RS98-167
DATE: April 7, 1998
RE: Zeneca Group PLC ADS ("ZEN")
3-for-1 ADS Split and Change in Underlying
Ordinary Exchange Ratio
Ex-Distribution Date: April 8, 1998
Zeneca Group PLC ADS ("ZEN") has announced a 3-for-1 ADS split, with a payable date
of April 7, 1998, to holders of record March 30, 1998. Presently each American
Depository Share represents 3 Ordinary Shares. Effective April 8, 1998, each ADS
will represent one (1) Ordinary Share of Zeneca Group PLC.
To implement this change holders of record on March 30, 1998 will be mailed on
April 7, 1998 two additional American Depository Shares
(Each representing one Ordinary Share). This is equivalent to a 3-for-1 split.
The ex-date for the ADS split is Wednesday, April 8, 1998.
Contract Adjustment
Pursuant to OCC rules (Article VI, Section 11), all outstanding ZEN option series
will be adjusted to reflect this 3-for-1 ADS split on Wednesday, April 8, 1998,
at 8:30 A.M. Chicago time. The OCC will issue two additional contracts for each
open contract on the ex-date. Also on the ex-date, each ZEN series will have an
adjusted exercise price equal to one-third of the exercise price rounded to the
nearest 1/8 of a point for each ZEN series existing on the business day
immediately prior to the ex-date. The option symbol will remain ZEN. Adjusted
exercise prices are shown below.
The option adjustment will appear in the Daily Position Report of the clearing
member firms on the ex-date. After 8:30 A.M. Wednesday, April 8, 1998,
all trades, corrections and exercises must be submitted to the CBOE and OCC
on an adjusted basis.
Adjusted Exercise Prices
On Wednesday, April 8, 1998, the ex-distribution date, trading in ZEN series
will be on an adjusted basis. At 8:30 A.M., Chicago time, an opening rotation
will be effected with the following adjustments:
EXISTING SERIES ADJUSTED SERIES*
ZENDQ Apr 85 Calls ZENDA Apr 28-3/8
ZENDR Apr 90 Calls ZENDF Apr 30
ZENDS Apr 95 Calls ZENDB Apr 31-5/8
ZENDT Apr 100 Calls ZENDT Apr 33-3/8
ZENDA Apr 105 Calls ZENDG Apr 35
ZENDB Apr 110 Calls ZENDU Apr 36-5/8
ZENDC Apr 115 Calls ZENDV Apr 38-3/8
ZENDD Apr 120 Calls ZENDH Apr 40
ZENDE Apr 125 Calls ZENDW Apr 41-5/8
ZENDF Apr 130 Calls ZENDX Apr 43-3/8
ZENDG Apr 135 Calls ZENDI Apr 45
ZENDH Apr 140 Calls ZENDY Apr 46-5/8
ZENDI Apr 145 Calls ZENDZ Apr 48-3/8
ZENDJ Apr 150 Calls ZENDJ Apr 50
ZENEE May 125 Calls ZENEW May 41-5/8
ZENEF May 130 Calls ZENEX May 43-3/8
ZENEG May 135 Calls ZENEI May 45
ZENEH May 140 Calls ZENEY May 46-5/8
ZENEI May 145 Calls ZENEZ May 48-3/8
ZENEJ May 150 Calls ZENEJ May 50
ZENGR Jul 90 Calls ZENGF Jul 30
ZENGS Jul 95 Calls ZENGB Jul 31-5/8
ZENGT Jul 100 Calls ZENGT Jul 33-3/8
ZENGA Jul 105 Calls ZENGG Jul 35
ZENGB Jul 110 Calls ZENGU Jul 36-5/8
ZENGC Jul 115 Calls ZENGV Jul 38-3/8
ZENGD Jul 120 Calls ZENGH Jul 40
ZENGE Jul 125 Calls ZENGW Jul 41-5/8
ZENGF Jul 130 Calls ZENGX Jul 43-3/8
ZENGG Jul 135 Calls ZENGI Jul 45
ZENGH Jul 140 Calls ZENGY Jul 46-5/8
ZENGI Jul 145 Calls ZENGZ Jul 48-3/8
ZENGJ Jul 150 Calls ZENGJ Jul 50
ZENJD Oct 120 Calls ZENJH Oct 40
ZENJE Oct 125 Calls ZENJW Oct 41-5/8
ZENJF Oct 130 Calls ZENJX Oct 43-3/8
ZENJG Oct 135 Calls ZENJI Oct 45
ZENJH Oct 140 Calls ZENJY Oct 46-5/8
ZENJI Oct 145 Calls ZENJZ Oct 48-3/8
ZENJJ Oct 150 Calls ZENJJ Oct 50
EXISTING SERIES ADJUSTED SERIES*
ZENPQ Apr 85 Puts ZENPA Apr 28-3/8
ZENPR Apr 90 Puts ZENPF Apr 30
ZENPS Apr 95 Puts ZENPB Apr 31-5/8
ZENPT Apr 100 Puts ZENPT Apr 33-3/8
ZENPA Apr 105 Puts ZENPG Apr 35
ZENPB Apr 110 Puts ZENPU Apr 36-5/8
ZENPC Apr 115 Puts ZENPV Apr 38-3/8
ZENPD Apr 120 Puts ZENPH Apr 40
ZENPE Apr 125 Puts ZENPW Apr 41-5/8
ZENPF Apr 130 Puts ZENPX Apr 43-3/8
ZENPG Apr 135 Puts ZENPI Apr 45
ZENPH Apr 140 Puts ZENPY Apr 46-5/8
ZENPI Apr 145 Puts ZENPZ Apr 48-3/8
ZENPJ Apr 150 Puts ZENPJ Apr 50
ZENQE May 125 Puts ZENQW May 41-5/8
ZENQF May 130 Puts ZENQX May 43-3/8
ZENQG May 135 Puts ZENQI May 45
ZENQH May 140 Puts ZENQY May 46-5/8
ZENQI May 145 Puts ZENQZ May 48-3/8
ZENQJ May 150 Puts ZENQJ May 50
ZENSR Jul 90 Puts ZENSF Jul 30
ZENSS Jul 95 Puts ZENSB Jul 31-5/8
ZENST Jul 100 Puts ZENST Jul 33-3/8
ZENSA Jul 105 Puts ZENSG Jul 35
ZENSB Jul 110 Puts ZENSU Jul 36-5/8
ZENSC Jul 115 Puts ZENSV Jul 38-3/8
ZENSD Jul 120 Puts ZENSH Jul 40
ZENSE Jul 125 Puts ZENSW Jul 41-5/8
ZENSF Jul 130 Puts ZENSX Jul 43-3/8
ZENSG Jul 135 Puts ZENSI Jul 45
ZENSH Jul 140 Puts ZENSY Jul 46-5/8
ZENSI Jul 145 Puts ZENSZ Jul 48-3/8
ZENSJ Jul 150 Puts ZENSJ Jul 50
ZENVD Oct 120 Puts ZENVH Oct 40
ZENVE Oct 125 Puts ZENVW Oct 41-5/8
ZENVF Oct 130 Puts ZENVX Oct 43-3/8
ZENVG Oct 135 Puts ZENVI Oct 45
ZENVH Oct 140 Puts ZENVY Oct 46-5/8
ZENVI Oct 145 Puts ZENVZ Oct 48-3/8
ZENVJ Oct 150 Puts ZENVJ Oct 50
* Some series have non-standard strikes and price symbols with respect to the
OPRA exercise price symbol format. Note that A (28-3/8), B (31-5/8), T (33-3/8),
U (36-5/8), V (38-3/8), W (41-5/8), X (43-3/8), Y (46-5/8), and Z (48-3/8) are
non-standard striking symbols (prices).
GTC Order Conversion
On Tuesday, April 7, 1998, immediately after the CBOE close, the system will convert
or cancel all resting orders in the ZEN order book. If your firm has requested,
all EBook orders (phone, wire, and electronic) and all ORS orders residing outside
the book (booth or crowd routed) will be converted reflecting the adjustments.
If your firm has requested, all EBook orders and ORS orders residing outside of the
book will be canceled. If your firm receives EBook CXL drops, the CXL confirms will
print at your booth at 3:15 p.m. ORS CXLs will also be transmitted electronically
to your branches.
Immediately after the close, the book staff will return a final written report listing
the orders that are converted or canceled to all firms. If converted, this list will
also show how the new orders will be adjusted. This report will be available on
request anytime during the day prior to the night of the adjustment.
Position and Exercise Limits
The CBOE Department of Market Regulation has determined that: "The position and exercise
limits following this ADS split will be 13,500 contracts on the same side of the market
through October 17, 1998. Following the October, 1998, expiration, the position and
exercise limits will revert to the standard limit of 4,500 contracts."
Questions regarding this memo can be addressed to the CBOE Investor Services Department
at 1-800-OPTIONS (1-800-678 4667), press 4, press 2. |
