|Option style||European or American.|
|Contract size||Volume of the option’s Underlying.|
|Quotation||Option premium, in Brazilian Reals, per unit or lot of the Underlying, depending on the quotation type, to two decimal places.|
|Last trading day||Shall be the day of the trading session immediately prior to the expiration date.|
|Expiration date||Third Monday of the expiration month. If there is no trading session on the date, the expiration shall occur on the immediately following day on which there is a trading session.|
|Contract months||All months.|
|Option exercise||The exercise shall occur upon the request of the holder. If the exercise is not requested the option shall lapse, automatically extinguishing the rights of the holder and the obligations of the writer.|
Out-of-the-money options may also be exercised if the Underlying is close to the strike price, upon authorization by B3.
Settlement of exercised positions shall be executed by the purchase of the Underlying by the holder and the sale of the Underlying by the writer at the strike price.
American-style options may be blocked for exercise by the writer, pursuant to the provisions of the Clearinghouse Operating Procedures Manual.