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+Chapter 29: Introduction to Index Option Products and Futures 515 
+movement by the underlying futures contract, as well as on the potential change of 
+implied volatility of the options in question. 
+The older method of margining option positions is known as the "customer mar~ 
+gin" method. The customer margin method generally results in higher margin 
+requirements. The reader is referred to the chapter on futures and futures options 
+for an in-depth discussion of SPAN and other option margin requirements. 
+OTHER TERMS 
+Just as futures on differing physical commodities have differing terms, so do options 
+on those futures. Some options have striking prices 5 points apart while others have 
+strikes only 1 point apart, reflecting the volatility of the commodity. Specifically, for 
+index futures options, the S&P 500 options have striking prices 5 points apart, and 
+the NYSE options have striking prices 2 points apart. 
+There is no standard method for quoting futures on options as there is with 
+stock options. In some cases, striking price symbols are similar to stock option sym­
+bols (A=5, B=lO, C=l5, etc.), while in others the letters are used incrementally (A=l, 
+B=2, C=3, etc.). Moreover, the method used may differ with each quote vendor. In 
+some cases, quote systems use the numeric value of the strike instead of letters. This 
+makes quoting options much simpler, and perhaps the entire industry (including 
+stock option vendors) will adopt this method someday. Since there is no standard 
+method for quoting, one must obtain the symbols individually for futures options, a 
+fact that makes quoting them extremely inconvenient. 
+There are position limits for some futures options, hut they allow for very large 
+positions. Check with your broker for exact limits in the various futures options. 
+QUOTES 
+Most futures option quotes (bids and offers) are not displayed on quote-vending 
+machines, as is also the case with futures. Options traded on the Chicago Mercantile 
+Exchange are the exception. This can he somewhat distressing to the trader used to 
+dealing in stock options, since options are normally far less liquid than the underly­
+ing security. It might be acceptable to trade off of last sales in a liquid futures con­
+tract, but not so with the options. As a result, futures options have not attracted many 
+stock option traders into their fold. Of course, where electronic markets exist, the 
+bids and offers of options would be shown publicly. 
+The consequence of the inconsistencies in terms as well as the general unavail­
+ability of quotes has been that index futures options are generally traded by profes­
+sionals, with the public largely ignoring them. This does not mean, however, that