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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe) -- Ignore unavailable to you. Want to Upgrade?

To: ---------- who wrote (714)	2/19/1998 4:06:00 PM
From: broken_cookie	Read Replies (2) \| Respond to of 2241

I called the firm I trade with today & asked them what was their automatic procedure. It was just as I thought and have experienced. Absent any instructions from the customer, Equity options 1/2 point or more in the money are exercised & settled for cash. Instead of getting a trade ticket saying I sold one XYZ Jan 100 call option for $1.00, I get a ticket that says I sold 100 shares of XYZ at $101. What firm do you trade with? If I let a 1$ in the money call expire, I own the stock and will have to pay for it.