As the U.S. options industry braces for a nomenclature overhaul, the Options Clearing Corp. (OCC), exchanges, member firms and service providers are starting the laborious process of adapting their internal applications to conform to a 21-character symbology key.
Though firms are required to accept options data in the new format by the end of June, they won't need to send it until July 31, 2009. From then until Oct. 31, actual options symbols will be consolidated, or changed into the new nomenclature.
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