firstrade把我的put not exercised - 期貨

※ 引述《scoy (Fire)》之銘言：
: ※ [本文轉錄自 Foreign_Inv 看板 #1S94EHaN ]
: 作者: scoy (Fire) 看板: Foreign_Inv
: 標題: [請益] firstrade把我的put not exercised
: 時間: Thu Dec 27 11:14:21 2018
: Firstrade這幾天把我12月到期價內的選擇權assign 成not exercised
: 原因是因為我沒有持有該標的現股沒得賣
: 我是覺得挺怪的，因為既然是價內broker 為何不幫我買股來賣
: 我查了google
: https://www.google.com.tw/amp/s/investorplace.com/2010/09/options-expiration-and-in-the-money-puts/amp/
: 這頁面也說“If you don’t have the shares in your account (and most people
: don’t), your broker will buy them on your behalf and then sell them.”
: 向Firstrade 反應了也沒用 他還是堅持你要持有現股才能exercise
: 我覺得這是一個在邊際的問題
: 可以說他的做法合理也不合理
: 不知道其他券商都是怎麼做的
: 大家有何想法或經驗可以回饋給我

查了一下CBOE的資訊


What is "automatic exercise" of an option?
The Options Clearing Corporation has provisions for the automatic exercise of
certain in-the-money options at expiration, a procedure also referred to as
"exercise by exception." Generally, OCC will automatically exercise any
expiring equity call or put in a customer account that is $0.01 or more
in-the-money, and an index option that is $0.01 or more in-the-money.
However, a specific brokerage firm's threshold for such automatic exercise
may or may not be the same as OCC's.

什麼是自動執行的選擇權

一般來說,OCC(選擇權結算公司)有規定:到期的時候,OCC會幫你自動執行價內的CALL/PUT

不過一些特定broker自動執行的門檻不一定跟OCC一樣

Must you exercise an expiring in-the-money equity option?
An investor with an expiring long equity call or put position that is subject
to automatic exercise does not have to exercise the contract. Instructions
may be given through a brokerage firm to OCC not to exercise a call or put
that is in-the-money by any amount.


What happens to my long option if I never sell or exercise it?
After its expiration date a call or put will cease to exist. If you own an
option and it expires unexercised, you no longer have any of the rights
inherent in that contract and you lose the premium you paid for it, plus any
commissions and fees you incurred at its purchase. You are free to close out
a long call or put before expiration by selling it if it has market value.

如果我一直都沒賣掉或執行long call/put會怎樣?

簡單來說,一切都蒸發了,權利金手續費都要不回來了



目前看起來就是公司自己的規定...沒有幫你自動執行

所以到期後價內的long call/put打水漂了


TO MINIMIZE THE POTENTIAL FOR ERROR CUSTOMERS SHOULD COMMUNICATE TO THEIR
BROKER OR CLEARING MEMBER EXPLICIT INSTRUCTIONS TO EXERCISE, OR NOT EXERCISE,
ANY EXPIRING OPTION CONTRACT.
這一段感覺是免死金牌的聲明(by firstrade官網)

到期的時候要向公司明確指示執行or不執行 以將潛在風險最小化
我想firstrade應該不太可能把鍋子裡面的菜還你了

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