Option Symbol Changes

The current creation of option symbols is a major problem for the securities industry. The option symbology initiative has been created by the industry to:
1) Replace the antiquated option symbol creation system currently in use
2) Standardize Flex and LEAP option symbols

The timeline for the changes is:
1) September 2009 – January 2010: scripted industry testing
2) February 12, 2010: mandatory cut-over and elimination of OPRA (OLD) symbols
3) March 2010 – May 2010: symbol consolidationThe changes will standardize the option symbol as being equal to its current stock symbol.

Microsft's option symbol will be MSFT (not MSQ or any of several other possible symbols). The symbol will also display the expiration date and the strike price of the option (rather than using letters to designate the expiration month and strike price).For example, the existing MSFT January 20 Call will have the symbol MSQAE. The new symbol will be MSFT 01152009 C 00020 000, with "00020 000" being the strike price integer and decimal).This should be a really good change for traders as well as for the employees of Wall Street firms, who will be less likely to make trade processing errors once the changes take place.