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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Dan Duchardt who wrote (2812)10/21/2001 12:50:08 AM
From: BDR  Read Replies (1) of 5205
 
From Fidelity's Option Application:

Options are exercised in accordance with the rules of the Options Clearing Corporation. I am aware of your requirements and time limitations for accepting an exercise notice. I am also aware that I must notify Fidelity no later than 4:20 p.m. (ET) on the business day immediately preceding the expiration date, if I do not want Fidelity to exercise on my behalf an equity option which is “in-the-money” by 3/4 of a point or more, or an index option which is “in-the-money” by more than 1/100 of a point or more exercised. In the event my option contract(s) are exercised, I understand that you will liquidate any resulting security position at my sole risk, for which I shall be charged two commissions. I agree to pay the full aggregate exercise price for any underlying security covered by the exercised option contract(s). Further, in the event that I fail to instruct you to exercise an equity option which is “in-the-money,” by less than 3/4 of a point on the business day immediately preceding the expiration date, I hereby agree to waive any and all claims for damage or loss that I might have against you, at the time or any time thereafter, arising out of the fact that an “in-the-money” option is not exercised.

Mileage may vary depending on your broker.
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