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These summary reports are produced after the various exercise submission deadlines and reflect submitted instructions from clearing firms. The actual exercise and assignment process is run later in the evening and specific results are made available to clearing firms.
Expiring Options Process:
All options that are "in-the-money" will be automatically exercised [at expiration]. "At-the-money" options are normally considered "out-of-the-money" for exercise and assignment purposes. This can be different however depending on the product.
Contrary Instructions
If a customer instructs their clearing firm to exercise an "out-of-the-money" option or to abandon an "in-the-money" option, this is a "Contrary Instruction".
Unless a firm submits an abandonment notice to abandon "in-the money" positions, then all the "in-the-money" options are automatically exercised and assigned. "Out-of-the-money" options are not exercised and assigned unless the firm submits a request explicitly instructing the Clearing House to exercise them.
The submission deadlines for the clearing firms for all exercise and abandonment instructions are:
- 4:30 p.m. Eastern for NYMEX contracts and 4:30 p.m. Eastern for COMEX contracts
- 5:00 p.m. Central for Chicago Board of Trade FLEX contracts
- 6:00 p.m. Central for Chicago Board of Trade non-FLEX contracts
- 7:00 p.m. Central for CME contracts
Reports
