Transcription of Options on Futures: The Exercise and Assignment …
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Options on Futures: The Exercise and Assignment …
TotalFirm AFirm YFirm ZInitial Short Open Interest50,00020,00010,00020,000 Short Open InterestAssignments to Short Open InterestA1,00024497659B2,0001,24073624C5 0013294274E101183,5101,617928965 Final Short Open Interest46,49018,3839,07219,035 Options on Futures: The Exercise and Assignment ProcessTABLE OF CONTENTS1 Introduction2 Preliminaries Option Series clearing Member Firms3 Random Assignment Random Pairing of Exercisers and Assignees Example: Early Exercise Example: Exercise at Option Expiry Example: Expiry with Abandonment of Automatic Exercise7 Pro Rata Assignment Pro Rata Pairing of Exercisers and Assignees Example: Early Exercise Examples: Exercise at Option Expiry10 The Role of the clearing Member Firm Fair and Equitable Allocation of Assignments Only CME clearing Can Match Exercisers and Assignees11 Timetables for Option Exercise and Assignment1 This note describes the Exercise and Assignment process for the Options on futures that trade on the CME Group designated contract markets Chicago Board of Trade (CBOT), Chicago Mercantile Exchange (CME), Commodity Exchange (COMEX)
4 Options on Futures: The Exercise and Assignment Process Clearing Member Firm Short Open Interest Long Open Interest Long Options Declared for Exercise
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