Options on Futures: The Exercise and Assignment Process

This brochure provides an in-depth description of the exercise and assignment process for options on futures that trade on CME Group-designated contract markets:

  • Chicago Board of Trade (CBOT)
  • Chicago Mercantile Exchange (CME)
  • Commodity Exchange (COMEX)
  • New York Mercantile Exchange (NYMEX)

Contents include:

  • Preliminaries
  • Random Assignment
  • Pro Rata Assignment
  • The Role of the Clearing Member Firm
  • Timetables for Option Exercise and Assignment
  • Overview of contrary options exercise

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