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To: zoya who wrote (22678)1/15/1999 5:06:00 PM
From: Judy  Respond to of 50167
 
zoya,

For instance today I exercised QCOM in the money calls. Instead of cashing out the calls, I called my broker to say I wanted to exercise the contracts and buy the shares at strike. The transaction will execute tomorrow, and settlement will occur automatically a few days later since there is capital in my account to cover the purchase. You need to talk to your brokerage firm to get a firm understanding of how they specifically handle options close out. It is not prudent to assume anything.



To: zoya who wrote (22678)1/15/1999 5:56:00 PM
From: Sundar Rajan  Read Replies (2) | Respond to of 50167
 
zoya

I talked with Ameritrade today since some of the calls I sold would be exercised. Apparently the thumb rule is - if a call is 3/4 of a point in the money it is automatically exercised. If it is less, the buyer of the call may have to call their broker to exercise.


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