Its Big E itself.. This is what they say..
When you own an option that is about to expire in-the-money, E*TRADE may, at its sole discretion and without notification to you, exercise any index options that are 1/8 point or more in-the-money and any equity options 3/4 point or more in-the-money. Whether or not your equity options are 3/4 point in-the-money, you should always contact a broker to ensure that your options will be exercised if you wish them to be. If the option is not in the money and you do not exercise the contract by the expiration date, the option will be deemed worthless.
To exercise your options, E*TRADE generally requires that your account contain funds equal to or greater than the purchase price of the underlying securities. E* TRADE may, however, carry out the exercise even if your account does not contain full funds, in which case you are still responsible for the resulting transaction and for submitting funds that meet stated requirements.
If there are insufficient funds in your account to exercise your long equity options, E*TRADE, at its discretion, may liquidate long option positions on the last trading day preceding expiration. |
