※ 引述《scoy (Fire)》之铭言：
: ※ [本文转录自 Foreign_Inv 看板 #1S94EHaN ]
: 作者: scoy (Fire) 看板: Foreign_Inv
: 标题: [请益] firstrade把我的put not exercised
: 时间: Thu Dec 27 11:14:21 2018
: Firstrade这几天把我12月到期价内的选择权assign 成not exercised
: 原因是因为我没有持有该标的现股没得卖
: 我是觉得挺怪的，因为既然是价内broker 为何不帮我买股来卖
: 我查了google
: https://www.google.com.tw/amp/s/investorplace.com/2010/09/options-expiration-and-in-the-money-puts/amp/
: 这页面也说“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 反应了也没用 他还是坚持你要持有现股才能exercise
: 我觉得这是一个在边际的问题
: 可以说他的做法合理也不合理
: 不知道其他券商都是怎么做的
: 大家有何想法或经验可以回馈给我
查了一下CBOE的资讯
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.
什么是自动执行的选择权
一般来说,OCC(选择权结算公司)有规定:到期的时候,OCC会帮你自动执行价内的CALL/PUT
不过一些特定broker自动执行的门槛不一定跟OCC一样
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.
如果我一直都没卖掉或执行long call/put会怎样?
简单来说,一切都蒸发了,权利金手续费都要不回来了
目前看起来就是公司自己的规定...没有帮你自动执行
所以到期后价内的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.
这一段感觉是免死金牌的声明(by firstrade官网)
到期的时候要向公司明确指示执行or不执行 以将潜在风险最小化
我想firstrade应该不太可能把锅子里面的菜还你了