HELP!

[misterkel]

Update - I instructed IB to lapse the options, but they still exercised them!
No big deal - sold the shares for $100 profit.
Here's the interesting - I couldn't open the position because of margin requirements in Canda, but since it was exercised, I had the maintenance margin, so it didn't liquidate.
Still - why didn't lapse options work - triggered it on Friday.

 

[tommcginnis]

Update - I instructed IB to lapse the options, but they still exercised them!
No big deal - sold the shares for $100 profit.

And likely, near the high of the day (as we ease from +0.25% to -0.40%).

"Sweet!" man -- very sweet.

 

[spindr0]

Still - why didn't lapse options work - triggered it on Friday.

The cut off time for notification for equity options is 4:30 PM EST. I would guess that you did not notify IB before that time.

 

[OptionsOptionsOptions]

...... Here's the interesting - I couldn't open the position because of margin requirements in Canda........

Which position are you referring to?

....... but since it was exercised, I had the maintenance margin, so it didn't liquidate.

If you had the margin to cover $26,600 worth of SPY why did IB contact you in the first place?

 

[misterkel]

Which position are you referring to?




If you had the margin to cover $26,600 worth of SPY why did IB contact you in the first place?

I contacted them.

 

[OptionsOptionsOptions]

I contacted them.

Why?

 

[misterkel]

Why?

I didn't have the margin to enter the position and it was unclear what would happen under an option exercise scenario without that.
Maintenance margin is lower than initial margin.

 

[OptionsOptionsOptions]

I didn't have the margin to enter the position and it was unclear what would happen under an option exercise scenario without that.
Maintenance margin is lower than initial margin.

Which position?
And why not just close the ITM options yourself instead of contacting IB?