Adjustment of Nokia options contracts (for 2-for-1 split).
CBOE Research Circular #RS99-230
April 9, 1999
Nokia Corporation ADR Class A ("NOK.A/NKA/NAY/LOK/LK/ZOK/ZAK") Symbol Change,
Share Description Change and 2-for-1 Stock Split Ex-Distribution Date: April 12, 1999
Nokia Corporation ADR Class A ("NOK.A/NKA/NAY/LOK/LK/ZOK/ZAK") has announced a 2-for-1
common stock split, with a payable date of April 9, 1999, to shareholders of record
April 8, 1999. The ex-date for the stock split is Monday, April 12, 1999.
Also, the New York Stock Exchange (the "NYSE") has informed that on Monday, April 12, 1999,
the stock symbol and underlying share description will change. The stock symbol will change
from NOK.A to NOK, while the underlying ADR share description that currently represents
one A share will be deemed to represent one share of the company. In order to reflect this
underlying stock symbol change, the NKA option symbol will change to NOK effective for
trading on Monday, April 12, 1999. The LEAPS symbols will remain LOK and ZOK, and all
underlying wrap symbols will remain unchanged.
Contract Adjustment
Pursuant to OCC rules (Article VI, Section 11), all outstanding NKA/NAY/LOK/LK/ZOK/ZAK
option series will be adjusted to reflect this 2-for-1 stock split on Monday, April 12, 1999,
at 8:30 A.M. Chicago time. The OCC will issue one additional contract for each open contract
on the ex-date. Also on the ex-date, each NKA/NAY/LOK/LK/ZOK/ZAK series will have an adjusted
exercise price equal to one-half of the exercise price rounded to the nearest 1/8 of a point
for each NKA/NAY/LOK/LK/ZOK/ZAK series existing on the business day immediately prior to the
ex-date. The option symbol NKA will change to NOK, while the remaining symbols NAY, LOK, LK,
ZOK or ZAK, as the case may be, will remain the same. Adjusted exercise prices are shown below.
[Any FLEX series that may exist will be adjusted in a similar manner to the standardized option.]
The option adjustment will appear in the Daily Position Report of the clearing member firms on
the ex-date. After 8:30 A.M. Monday, April 12, 1999, all trades, corrections and exercises must
be submitted to the CBOE and OCC on an adjusted basis.
Adjusted Exercise Prices
On Monday, April 12, 1999, the ex-distribution date, trading in NKA/NAY/LOK/LK/ZOK/ZAK 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*
NKADL Apr 60 Calls NOKDF Apr 30
NKADM Apr 65 Calls NOKDZ Apr 32-1/2
NKADN Apr 70 Calls NOKDG Apr 35
NKADO Apr 75 Calls NOKDU Apr 37-1/2
NKADP Apr 80 Calls NOKDH Apr 40
NKADQ Apr 85 Calls NOKDV Apr 42-1/2
NKADR Apr 90 Calls NOKDI Apr 45
NKADS Apr 95 Calls NOKDW Apr 47-1/2
NKADT Apr 100 Calls NOKDJ Apr 50
NKADA Apr 105 Calls NOKDX Apr 52-1/2
NKADB Apr 110 Calls NOKDK Apr 55
NKADC Apr 115 Calls NOKDY Apr 57-1/2
NKADD Apr 120 Calls NOKDL Apr 60
NKADZ Apr 125 Calls NOKDA Apr 62-1/2
NAYDF Apr 130 Calls NAYDM Apr 65
NAYDG Apr 135 Calls NAYDU Apr 67-1/2
NAYDH Apr 140 Calls NAYDN Apr 70
NAYDI Apr 145 Calls NAYDV Apr 72-1/2
NAYDJ Apr 150 Calls NAYDO Apr 75
NAYDK Apr 155 Calls NAYDW Apr 77-1/2
NAYDL Apr 160 Calls NAYDP Apr 80
NAYDM Apr 165 Calls NAYDX Apr 82-1/2
NAYDN Apr 170 Calls NAYDQ Apr 85
NAYEG May 135 Calls NAYEU May 67-1/2
NAYEH May 140 Calls NAYEN May 70
NAYEI May 145 Calls NAYEV May 72-1/2
NAYEJ May 150 Calls NAYEO May 75
NAYEK May 155 Calls NAYEW May 77-1/2
NAYEL May 160 Calls NAYEP May 80
NAYEM May 165 Calls NAYEX May 82-1/2
NAYEN May 170 Calls NAYEQ May 85
NKAGR Jul 90 Calls NOKGI Jul 45
NKAGS Jul 95 Calls NOKGW Jul 47-1/2
NKAGT Jul 100 Calls NOKGJ Jul 50
NKAGA Jul 105 Calls NOKGX Jul 52-1/2
EXISTING SERIES ADJUSTED SERIES*
NKAGB Jul 110 Calls NOKGK Jul 55
NKAGC Jul 115 Calls NOKGY Jul 57-1/2
NKAGD Jul 120 Calls NOKGL Jul 60
NKAGZ Jul 125 Calls NOKGA Jul 62-1/2
NAYGF Jul 130 Calls NAYGM Jul 65
NAYGG Jul 135 Calls NAYGU Jul 67-1/2
NAYGH Jul 140 Calls NAYGN Jul 70
NAYGI Jul 145 Calls NAYGV Jul 72-1/2
NAYGJ Jul 150 Calls NAYGO Jul 75
NAYGK Jul 155 Calls NAYGW Jul 77-1/2
NAYGL Jul 160 Calls NAYGP Jul 80
NAYGM Jul 165 Calls NAYGX Jul 82-1/2
NAYGN Jul 170 Calls NAYGQ Jul 85
NKAJZ Oct 125 Calls NOKJA Oct 62-1/2
NAYJF Oct 130 Calls NAYJM Oct 65
NAYJG Oct 135 Calls NAYJU Oct 67-1/2
NAYJH Oct 140 Calls NAYJN Oct 70
NAYJI Oct 145 Calls NAYJV Oct 72-1/2
NAYJJ Oct 150 Calls NAYJO Oct 75
NAYJK Oct 155 Calls NAYJW Oct 77-1/2
NAYJL Oct 160 Calls NAYJP Oct 80
NAYJM Oct 165 Calls NAYJX Oct 82-1/2
NAYJN Oct 170 Calls NAYJQ Oct 85
NAYJO Oct 175 Calls NAYJY Oct 87-1/2
NAYJP Oct 180 Calls NAYJR Oct 90
LOKAE Jan 25 Calls 2000 LEAPS LOKAV Jan 12-1/2
LOKAF Jan 30 Calls LOKAC Jan 15
LOKAG Jan 35 Calls LOKAW Jan 17-1/2
LOKAH Jan 40 Calls LOKAD Jan 20
LOKAI Jan 45 Calls LOKAX Jan 22-1/2
LOKAJ Jan 50 Calls LOKAE Jan 25
LOKAK Jan 55 Calls LOKAY Jan 27-1/2
LOKAL Jan 60 Calls LOKAF Jan 30
LOKAM Jan 65 Calls LOKAZ Jan 32-1/2
LOKAN Jan 70 Calls LOKAG Jan 35
LOKAP Jan 80 Calls LOKAH Jan 40
LOKAR Jan 90 Calls LOKAI Jan 45
LOKAT Jan 100 Calls LOKAJ Jan 50
LOKAB Jan 110 Calls LOKAK Jan 55
LOKAD Jan 120 Calls LOKAL Jan 60
LOKAY Jan 130 Calls LOKAM Jan 65
LOKAX Jan 140 Calls LOKAN Jan 70
LOKAV Jan 150 Calls LOKAO Jan 75
LKAL Jan 160 Calls 2000 LEAPS LKAP Jan 80
LKAN Jan 170 Calls LKAQ Jan 85
LKAP Jan 180 Calls LKAR Jan 90
EXISTING SERIES ADJUSTED SERIES*
ZOKAL Jan 60 Calls 2001 LEAPS ZOKAF Jan 30
ZOKAN Jan 70 Calls ZOKAG Jan 35
ZOKAP Jan 80 Calls ZOKAH Jan 40
ZOKAR Jan 90 Calls ZOKAI Jan 45
ZOKAT Jan 100 Calls ZOKAJ Jan 50
ZOKAB Jan 110 Calls ZOKAK Jan 55
ZOKAD Jan 120 Calls ZOKAL Jan 60
ZOKAY Jan 130 Calls ZOKAM Jan 65
ZOKAX Jan 140 Calls ZOKAN Jan 70
ZOKAV Jan 150 Calls ZOKAO Jan 75
ZAKAL Jan 160 Calls 2001 LEAPS ZAKAP Jan 80
ZAKAN Jan 170 Calls ZAKAQ Jan 85
ZAKAP Jan 180 Calls ZAKAR Jan 90
NKAPL Apr 60 Puts NOKPF Apr 30
NKAPM Apr 65 Puts NOKPZ Apr 32-1/2
NKAPN Apr 70 Puts NOKPG Apr 35
NKAPO Apr 75 Puts NOKPU Apr 37-1/2
NKAPP Apr 80 Puts NOKPH Apr 40
NKAPQ Apr 85 Puts NOKPV Apr 42-1/2
NKAPR Apr 90 Puts NOKPI Apr 45
NKAPS Apr 95 Puts NOKPW Apr 47-1/2
NKAPT Apr 100 Puts NOKPJ Apr 50
NKAPA Apr 105 Puts NOKPX Apr 52-1/2
NKAPB Apr 110 Puts NOKPK Apr 55
NKAPC Apr 115 Puts NOKPY Apr 57-1/2
NKAPD Apr 120 Puts NOKPL Apr 60
NKAPZ Apr 125 Puts NOKPA Apr 62-1/2
NAYPF Apr 130 Puts NAYPM Apr 65
NAYPG Apr 135 Puts NAYPU Apr 67-1/2
NAYPH Apr 140 Puts NAYPN Apr 70
NAYPI Apr 145 Puts NAYPV Apr 72-1/2
NAYPJ Apr 150 Puts NAYPO Apr 75
NAYPK Apr 155 Puts NAYPW Apr 77-1/2
NAYPL Apr 160 Puts NAYPP Apr 80
NAYPM Apr 165 Puts NAYPX Apr 82-1/2
NAYPN Apr 170 Puts NAYPQ Apr 85
NAYQG May 135 Puts NAYQU May 67-1/2
NAYQH May 140 Puts NAYQN May 70
NAYQI May 145 Puts NAYQV May 72-1/2
NAYQJ May 150 Puts NAYQO May 75
NAYQK May 155 Puts NAYQW May 77-1/2
NAYQL May 160 Puts NAYQP May 80
NAYQM May 165 Puts NAYQX May 82-1/2
NAYQN May 170 Puts NAYQQ May 85
EXISTING SERIES ADJUSTED SERIES*
NKASR Jul 90 Puts NOKSI Jul 45
NKASS Jul 95 Puts NOKSW Jul 47-1/2
NKAST Jul 100 Puts NOKSJ Jul 50
NKASA Jul 105 Puts NOKSX Jul 52-1/2
NKASB Jul 110 Puts NOKSK Jul 55
NKASC Jul 115 Puts NOKSY Jul 57-1/2
NKASD Jul 120 Puts NOKSL Jul 60
NKASZ Jul 125 Puts NOKSA Jul 62-1/2
NAYSF Jul 130 Puts NAYSM Jul 65
NAYSG Jul 135 Puts NAYSU Jul 67-1/2
NAYSH Jul 140 Puts NAYSN Jul 70
NAYSI Jul 145 Puts NAYSV Jul 72-1/2
NAYSJ Jul 150 Puts NAYSO Jul 75
NAYSK Jul 155 Puts NAYSW Jul 77-1/2
NAYSL Jul 160 Puts NAYSP Jul 80
NAYSM Jul 165 Puts NAYSX Jul 82-1/2
NAYSN Jul 170 Puts NAYSQ Jul 85
NKAVZ Oct 125 Puts NOKVA Oct 62-1/2
NAYVF Oct 130 Puts NAYVM Oct 65
NAYVG Oct 135 Puts NAYVU Oct 67-1/2
NAYVH Oct 140 Puts NAYVN Oct 70
NAYVI Oct 145 Puts NAYVV Oct 72-1/2
NAYVJ Oct 150 Puts NAYVO Oct 75
NAYVK Oct 155 Puts NAYVW Oct 77-1/2
NAYVL Oct 160 Puts NAYVP Oct 80
NAYVM Oct 165 Puts NAYVX Oct 82-1/2
NAYVN Oct 170 Puts NAYVQ Oct 85
NAYVO Oct 175 Puts NAYVY Oct 87-1/2
NAYVP Oct 180 Puts NAYVR Oct 90
LOKME Jan 25 Puts 2000 LEAPS LOKMV Jan 12-1/2
LOKMF Jan 30 Puts LOKMC Jan 15
LOKMG Jan 35 Puts LOKMW Jan 17-1/2
LOKMH Jan 40 Puts LOKMD Jan 20
LOKMI Jan 45 Puts LOKMX Jan 22-1/2
LOKMJ Jan 50 Puts LOKME Jan 25
LOKMK Jan 55 Puts LOKMY Jan 27-1/2
LOKML Jan 60 Puts LOKMF Jan 30
LOKMM Jan 65 Puts LOKMZ Jan 32-1/2
LOKMN Jan 70 Puts LOKMG Jan 35
LOKMP Jan 80 Puts LOKMH Jan 40
LOKMR Jan 90 Puts LOKMI Jan 45
LOKMT Jan 100 Puts LOKMJ Jan 50
LOKMB Jan 110 Puts LOKMK Jan 55
LOKMD Jan 120 Puts LOKML Jan 60
LOKMY Jan 130 Puts LOKMM Jan 65
LOKMX Jan 140 Puts LOKMN Jan 70
LOKMV Jan 150 Puts LOKMO Jan 75
EXISTING SERIES ADJUSTED SERIES*
LKML Jan 160 Puts 2000 LEAPS LKMP Jan 80
LKMN Jan 170 Puts LKMQ Jan 85
LKMP Jan 180 Puts LKMR Jan 90
ZOKML Jan 60 Puts 2001 LEAPS ZOKMF Jan 30
ZOKMN Jan 70 Puts ZOKMG Jan 35
ZOKMP Jan 80 Puts ZOKMH Jan 40
ZOKMR Jan 90 Puts ZOKMI Jan 45
ZOKMT Jan 100 Puts ZOKMJ Jan 50
ZOKMB Jan 110 Puts ZOKMK Jan 55
ZOKMD Jan 120 Puts ZOKML Jan 60
ZOKMY Jan 130 Puts ZOKMM Jan 65
ZOKMX Jan 140 Puts ZOKMN Jan 70
ZOKMV Jan 150 Puts ZOKMO Jan 75
ZAKML Jan 160 Puts 2001 LEAPS ZAKMP Jan 80
ZAKMN Jan 170 Puts ZAKMQ Jan 85
ZAKMP Jan 180 Puts ZAKMR Jan 90
Any additional NKA/NAY/LOK/LK/ZOK/ZAK series that are added prior to the ex-date
will also be adjusted in the manner described above.
· Some series have non-standard strikes and price symbols with respect to the OPRA exercise
price symbol format. Note that for the NOK option series, the Z (32-1/2), U (37-1/2),
V (42-1/2), W (47-1/2), X (52-1/2), Y (57-1/2) and A (62-1/2) are non-standard striking
symbols (prices).
Also, for the NAY option series, the U (67-1/2), V (72-1/2), W (77-1/2), X (82-1/2),
and Y (87-1/2) are non-standard striking symbols (prices).
In addition, for the LOK option series, the Y (27-1/2) and Z (32-1/2) are a non-standard
striking symbols (prices).
IMPORTANT -- Order Entry After Adjustment
Please note that at the time of the adjustment, the strike prices of all NKA/NAY/LOK/LK/ZOK/ZAK
options will be reduced by one-half, and OCC will issue one additional contract for each open
contract on the ex-date. At 8:30 A.M., Chicago time, on Monday, April 12, 1999, all outstanding
NOK Apr 60 options will become Apr 30 options, and NOK Apr 120 options will become Apr 60 options.
Any NOK Apr 60 positions opened prior to the ex-date that are closed out on or after the ex-date
must be closed out as Apr 30 options. Negligence in this matter could lead customers to establish
new positions in the Apr 60 options rather than closing out then-existing positions in the Apr 30
options.
NKA, LOK, or ZOK strikes, as the case may be, that will be affected by the adjustment in the
manner described above are included in the table below. Members should be aware of the potential
for confusion respecting any of the related pairs of strikes shown below, and should be cautious
in this regard.
Existing Adjusted & Existing Adjusted
Strike Strike Strike Strike
25 12-1/2 50 25
30 15 60 30
35 17-1/2 70 35
40 20 80 40
45 22-1/2 90 45
50 25 100 50
55 27-1/2 110 55
60 30 120 60
65 32-1/2 130 65
70 35 140 70
GTC Order Conversion
On Friday, April 9, 1999, immediately after the CBOE close, the system will convert or cancel
all resting orders in the NKA/NAY/LOK/LK/ZOK/ZAK order books. 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 stock split will be 150,000 contracts on the same side of the market through
January 20, 2001. Following the January 2001 expiration, the position and exercise limits will
revert to the standard limit of 75,000 contracts."
Questions regarding this memo can be addressed to the CBOE Investor Services Department at
1-800-OPTIONS (1-800-678 4667), press 3, press 3. For a historical index of CBOE Research
Circulars, visit the following web address: cboe.com. |
