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Politics : Formerly About Advanced Micro Devices
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To: niceguy767 who wrote (94246)2/19/2000 10:59:00 AM
From: TGPTNDR  Read Replies (2) of 1573577
 
Niceguy767, Re: 30 minutes and 5 different ...

I repeat that Fidelity stated to me (in a recorded conversation) that the $43 trade was valid and would be used to settle options. $42.50 will expire, $40 will be exercised.

I find it interesting, but not surprising, that two brokers have different policies on the subject. CBOE is not specific on the subject, and I *think* there is wiggle room for the brokers and traders to line their pockets a little here. (Though ~ 6% for one weekend is more than a little.)

He then told me that upon exercise I own the stock 'till first trade Monday morning, and that at that time an automatic sell would be executed unless I asked to hold the stock. I would receive the difference between my options call(well in the money) and first trade Monday.

I asked him to sell 1/4 and keep 3/4(of the stock, so I'll be putting out strike price, in this case 25). We'll see how this plays out, but it seems that option trades at expiration have one variable which I hadn't previously known about which is first trade Monday.

I repeat that he said that I do not have the right to demand to keep the stock, just that the firm would 'attempt in good faith' to hold it.

I follow the thread pretty closely, and thank all of you for even raising the subject of $40.25 vs $43.00.

tgptndr
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