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To: bacchus_ii who wrote (6302)	8/23/2000 2:59:11 PM
From: Petz	Read Replies (1) \| Respond to of 275872

Gottfried, don't count on auto execution anywhere. I had 20 calls in-the-money by $30 each in May and called at 3:55 "just to be sure" that they would be exercised against the 15 calls in-the-money by $20 which I was short. Well, the call turned into a shouting match -- they said I couldn't use the money from the short calls to exercise the long calls. They finally agreed to exercise the calls $30 in the money on threat of lawsuit and moving my account. That firm was edreyfus. They have absolutely NO auto-exercise. They tell the options clearing corporation NOT to exercise in-the-money calls unless you call by 4PM ET. I would have been out $60,000 if I hadn't called. Other than their stupid anti-exercise policy, they give good executions for a pittance (usually less than $25 for just about any trade). Petz

To: bacchus_ii who wrote (6302)	8/23/2000 3:54:49 PM
From: Gopher Broke	Read Replies (1) \| Respond to of 275872

Gottfried, In my experience (I use DLJDirect and have not had any problems with them by the way) the exercising is done by the options board. If I leave the options to be exercised automatically then I receive an automatic email notification about them being contacted due to an automatic exercise and that they will sell on my behalf if I do not give them instructions prior to 9.00 am on the following Monday. Generally I do all options trading online. The only thing they will not accept, which I find annoying, is emailed instructions to exercise (the online system does not provide the function). There I have to make a phone call.