email notice from cybertrader...
All April 2001 equity option contracts
will cease trading this Friday (April 20th) at 4:02 PM EST.
In accordance with OCC regulations, long equity option contracts will be
automatically exercised if in-the-money by 3/4 of a point or more. Short
equity option contracts will generally be assigned against you if
in-the-money by 3/4 of a point or more. However, short options could be
assigned against you even if they expire out-of-the-money.
In order to avoid a margin call, please make sure you have sufficient
overnight buying power to assume the equity position(s), if your long
option(s) are automatically exercised. If you do not have the sufficient
overnight buying power, you should close out the position(s) by 3:00 PM EST
on Friday.
Similarly, if you have short equity option position(s), please make sure you
have the required underlying equity position, and/or sufficient overnight
buying power, should your short option(s) be assigned. If you do not have
the required underlying equity position, and/or sufficient overnight buying
power, you should close out the position(s) by 3:00 PM EST on Friday. |
