#04-0772 Derivative Securities
December 22, 2004
Members, Member Organizations and Registered
Ann B. Pierre, Options Research Manager
Subject Leucadia National Corporation (LUK) - 3-for-2 Stock
Split Adjustment - Revise Adjusted Leap Symbols
Leucadia National Corporation (LUK) has declared a 3 -for-2 split
of its outstanding common stock. The ex-distribution date for the
split, as established by the New York Stock Exchange is, Monday,
January 3, 2005.
Accordingly, pursuant to the rules of The Options Clearing
Corporation ("OCC"), all option contracts outstanding on ex-
1. Increase the number of the underlying shares
represented by each contract from 100 to 150;
2. Decrease and round to the nearest eighth the exercise
price of each outstanding option series; and
Any additional series added prior to the ex-date will be
3. Change the option symbols from LUK
to JCG, WHK
adjusted in the manner described above.
and OYD to WZE
represent the adjusted contracts.
Based on presently outstanding option series, the "adjusted"
Bids and offers for listed options are expressed in price per
series with symbols are expected to be as follows:
of the underlying stock. If the unit of trading (number
of shares of underlying stock represented by the option) is
100 shares, a bid of 1 -1/2 should indicate a dollar premium
of $150.00 per contract. If the unit of trading is 150 shares, a
(Represents 100 Shares) (Represents 150 Shares)
bid of 1-1/2 would indicate a dollar premium of $225.00 (150
x $1.50). It is important that brokers understand this fact in
Trading in the regular 100 share options will commence the
next business day following the ex-date of the split. These
"new” contracts will be assigned the conventional symbol
codes which currently apply to existing series.
With regard to the treatment of "good 'til cancelled" ("GTC")
orders placed on the specialist's book prior to ex-date,
customers should be advised that the contract terms of such
orders will be automatically adjusted as to exercise price,
number of shares and prices on limit orders. It is
recommended that member firms advise customers of
these adjustment procedures and confirm GTC orders with
Special Operational Requirements
Member firms are advised that DKs resolved on ex-date
morning in the Exchange's options reconciliation room must
reflect adjustments as to the ticker symbol, exercise price and
Position and Exercise Limits
The Exchange has esta blished that position and exercise
limits for LUK options through the January 2007 expiration
shall be any combination of contracts on the same side of the
market representing a total of not more than 3,375,000 shares
of LUK. For example:
1. 22,500 JCG
(150-share units) = 3,375,000 shares of LUK;
2. 33,750 LUK
(100-share units) = 3,375,000 shares of LUK; or
3. Any combination of the Old and New contracts, providing
the aggregate number of contracts does not represent more than 3,375,000 shares of LUK.
After the January 2007 expiration, the standard 2,250,000 limit will be applicable, or whatever limits the rules allow at that time.
Questions concerning this circular may be directed to the AMEX Derivative Securities Hotline: (800) THE-AMEX. Copies of this and other Information Circulars may be accessed on our AmexTrader.com website.
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