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+368 Part Ill: Put Option Strategies 
+THE BASICS 
+Certain facets of LEAPS are the same as for other listed equity options, while others 
+involve slight differences. The amount of standardization is considerably less, which 
+makes the simple process of quoting LEAPS a bit more tedious. LEAPS are listed 
+options that can be traded in a secondary market or can be exercised before expira­
+tion. As with other listed equity options, they do not receive the dividend paid by the 
+underlying common stock. 
+Recall that four specifications uniquely describe any option contract: 
+1. the type (put or call), 
+2. the underlying stock name (and symbol), 
+3. the expiration date, and 
+4. the striking price. 
+Type. LEAPS are puts or calls. The LEAPS owner has the right to buy the stock at 
+the striking price (LEAPS call) or sell it there (LEAPS put). This is exactly the same 
+for LEAPS and for regular equity options. 
+Underlying Stock and Quote Symbol. The underlying stocks are the 
+same for LEAPS as they are for equity options. The base symbol in an option quote 
+is the part that designates the underlying stock. For equity options, the base symbol 
+is the same as the stock symbol. However, until the Option Price Reporting Authority 
+( OPRA) changes the way that all options are quoted, the base symbols for LEAPS are 
+not the same as the stock symbols. For example, LEAPS options on stock XYZ might 
+trade under the base symbol WXY; so it is possible that one stock might have listed 
+options trading with different base symbols even though all the symbols refer to the 
+same underlying stock. Check with your broker to determine the LEAPS symbol if 
+you need to know it. 
+Expiration Date. LEAPS expire on the Saturday following the third Friday of 
+the expiration month, just as equity options do. One must look in the newspaper, ask 
+his broker, or check the Internet (www.cboe.com) to determine what the expiration 
+months are, however, since they are also not completely standardized. When LEAPS 
+were first listed, there were differing expiration months through December 1993. At 
+the current time, LEAPS are issued to expire in January of each year, so some 
+attempt is being made at standardization. However, there is no guarantee that vary­
+ing expiration months won't reappear at some future time.