The following is from the ISE...
NEW YORK, May 17, 2012 - The International Securities Exchange (ISE) today expanded its offering of weekly options to its ISE FX Options® product portfolio. The euro/U.S. dollar option (ticker: EUU) was the first cash-settled FX product to list with a weekly expiration.
Kris Monaco, Head of New Product Development at ISE, said, "We are pleased to expand our weekly options offering to include our FX options product suite. The launch of a weekly option on the euro/U.S. dollar currency pair will provide greater flexibility for investors seeking to hedge short-term currency movements."
ISE lists FX options on ten currency pairs. The EUU option is listed in the "in US$" currency convention (EUR/USD), which is traditionally used in the FX spot market. ISE FX Options are cash-settled in U.S. dollars and European-style exercise. No delivery of a foreign currency is necessary. ISE's industry-leading capabilities for trading multi-legged strategy orders of up to eight legs are also available for FX options.
Weekly options are listed pursuant to an SEC-approved pilot program for Short Term Options Series.