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Pro Tips · Sep 9, 2026

At Expiration, the Closing Price Is Not Confirmation

Exercise-by-exception sets a default, not a guaranteed assignment outcome. One put example separates the closing price, the holder’s choice and the full cash payment if assigned.

PRO#wheel#options-education#expiration#assignment
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3 min read

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For expiring equity options subject to its exercise-by-exception procedure, OCC uses an in-the-money threshold of •••. An option meeting that threshold is exercised unless contrary instructions are submitted. This is an administrative arrangement between OCC and its clearing members, not an unconditional promise about a…

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