September 2005
Intermediate to advanced
272 pages
9h 8m
English
Content preview from Clearing and Settlement of Derivatives
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Delivery
When an option is exercised and assigned the option position is closed
out and replaced with a transaction in the underlying. So one BP 330
Call becomes 1000 BP shares @ 330p.
The internal records will need to be updated to reflect this. Clients
will need to be advised of the ‘result’ of the exercise/assignment and
they will need to amend their portfolio accordingly and arrange for
delivery/payment instructions with their custodian/broker.
The settlement of that transaction will now take place under the
normal market terms applicable to the underlying, for example UK
equity shares would settle T 3 via CREST.
Summar ...
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