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To: Mike M who wrote (6495)	6/17/1998 11:55:00 PM
From: Andeveron	Read Replies (2) \| Respond to of 164684

>> C'mon Ande...somebody still has to be left holding the option. The guy left holding the option at expiry is going to have to exercise. << Yes, the person left holding the option at expiry is the market maker, who makes the market in options - he buys, he sells, he clears the table at expiration and makes sure that any open options are closed out. He does not have to exercise. My recollection of Macmillan's book isn't what it used to be but this was the gist of it.