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To: Follies who wrote (6196)	9/17/1998 7:28:00 AM
From: Joseph G.	Respond to of 86076

SPX settle on Fri open, OEX and equity settle on Fri close. But SPX options have more $$$ in OI. SPX: <<The exercise-settlement value, SET, is calculated using the opening (first) reported sales price in the primary market of each component stock on the last business day (usually a Friday) before the expiration date. If a stock in the index does not open on the day on which the exercise & settlement value is determined, the last reported sales price in the primary market will be used in calculating the exercise-settlement value. (SET is calculated every day.) The exercise-settlement amount is equal to the difference between the exercise- settlement value, SET, and the exercise price of the option, multiplied by $100. Exercise will result in delivery of cash on the business day following expiration. >>