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Strategies & Market Trends : Canadian Options -- Ignore unavailable to you. Want to Upgrade?

To: Goldberry who wrote (1451)	1/12/2000 6:33:00 AM
From: Porter Davis	Respond to of 1598

Wow. Two questions at once. I'll try the easy one first: TD seems to be following CDCC policy on this. Their rules call for automatic exercise of any option which is .75c in-the-money (based on last sale) for client accounts. If long, you may of course ask for exercise of any option at any time up to 6PM (but check with your broker if they have an earlier cut-off) on the Friday before the Saturday expiry. CDCC allows only corrections on the Saturday morning, then at noon the exercises are processed. I'l give you a little advice...be very careful with your broker. On the December expiry, Ballard closed at $40.10, and I asked if I had been called on Dec 40s I had written against my Ballard stock in my personal account. My discount broker (who shall remain nameless), had no answer for me on Saturday afternoon, or Sunday night, and Monday morning at 9:20, I was finally told that I had not been exercised. I made him repeat it to me. The next day, after sweating out a dip to $38, I tried to sell my stock at $41.50, only then to be told I had indeed been exercised on the majority of my position. I am in the process of changing brokers, because I consider this just too incompetent a level of service. Happy trading. Porter E&OE