Option naming convention

In financial markets, an option naming convention is a method of identifying which of many possible options is being quoted or traded.

In North America the usual naming convention is as follows:

An option code looks like this: SLW150515C19 This is a call option on SLW

Stock option names are written in the following format: SYMBOL+MONTH+STRIKE

For US options, a new initiative, led by the Options Clearing Corporation, has been tasked with developing a new symbology for exchange traded options. The proposed revision is meant to address several deficiencies with the standard convention described above. In particular:

The new symbology will do away with the letter codes for strike and expiration, and instead employ a 21-byte series key with the following fields:

All options that settle into the same underlier (e.g. 100 shares of the underlier) will share the same symbol field.

Rollout of the new symbology convention is planned for 2009.

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