An Options Disclosure Document (ODD), mandated by the Securities Exchange Act of 1934, is filed with the SEC by an options exchange. The document describes the characteristics and risks of standardized options to be traded in its market. An ODD includes the following information:

  1. A glossary
  2. Mechanics of exercising the options
  3. Risks of being a holder or writer of the options
  4. The name of the market or markets in which the options are traded
  5. Transaction costs, margin requirements and tax consequences of options trading
  6. The name of the issuer of the options
  7. The type of underlying security
  8. The registration of the options on form S-20 and the availability of the prospectus, unless exempt under the 1934 Act
  9. Other information specified by the SEC
Municipal Security Advertising Standards

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