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To: upanddown who wrote (58819)	1/21/2000 1:46:00 AM
From: pt	Read Replies (1) \| Respond to of 95453

John T, re XNG calls, you don't have much choice now. Index options expire on the Saturday after the third Friday (same as equity options). But index options cease trading two days prior (usually Thursday). Final value is fixed by the opening price the last business day before expiration (usually a Friday). I might be mistaken, but my understanding is that "automatic exercise" conditions are determined by your broker. $.75 in the money is the most common cutoff I've seen for equity options. With cash-settlement options it would make sense for them to all exercise automatically. But I've never looked at those rules, and logic doesn't always prevail, so be sure to make that call to your broker. Hope this helps. Paul