The Options Symbology Initiative (OSI) is a plan initiated by The Options
Clearing Corporation (OCC) to replace the old method of representing listed option contracts. The old method has been used for over 25 years and poses various limitations in today’s marketplace. The old representation was based on 5 characters, and the new initiative, the Options Symbology Initiative, is to enlarge the symbol to 21 characters and enable decimal strike prices. The new symbology plan was approved and is now ready to be implemented to bring the options industry into compliance with the new method. According to the plan, all internal applications should be coded and tested internally by the middle of 2009.
Arik Kilman, CEO of BluePhoenix, said: We look forward to helping our customers meet the rapidly approaching deadlines of the initiative, with our cost-efficient and low risk solutions.
