An individual or an affiliated group can have maximum exercise limits on outstanding options for how long?

The correct duration for maximum exercise limits on outstanding options for an individual or an affiliated group is five consecutive business days. This five-day period allows for proper management of the exercise limits in compliance with regulations set forth by the options exchanges. During this timeframe, participants must manage their positions in line with trading rules and practices to avoid excessive risk or volatility in the market.

This duration ensures that market participants have a reasonable period to adjust their strategies without immediate pressure, allowing for smoother transactions and maintaining overall market integrity. Five days is a long enough timeframe to consider potential changes in market conditions while still imposing limits to ensure responsible trading behavior.