NASDAQ OMX Derivatives Markets will, as of June 15, 2009, change the reference price used at standard exercise of stock options from Volume Weighted Average Price (VWAP) to the official closing price (Last Paid) of the underlying share. If the intrinsic value of the option, calculated with Last Paid, exceeds 1 % of the exercise price at expiration the option will be exercised, provided that the holder of the option has not denied standard exercise. There will also be a change of reference price (Fix) on the expiration day for stock futures (daily cash settlement), from VWAP to Last Paid. For further information, please see the attached document.
Derivatives: Changed method at standard exercise for stock options and exercise procedure for stock futures (06/09)
| Source: Derivatives