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What Is the Concept of Option Standardization?

Option standardization means that the terms of the option contract, such as the contract size, expiration dates, and strike price intervals, are uniform and set by the exchange. This standardization ensures fungibility and facilitates liquidity in the options market.

What Is Fungibility and Why Is It Critical for a Central Limit Order Book?
How Does True Fungibility Benefit a Currency?
What Is the Concept of ‘Fungibility’ in the Context of Cryptocurrencies?
How Does the Tokenization of a Derivative Improve Its Fungibility?