SPY weekly options - how long does it take to exercice ?

SumZero

SumZero

Assuming I have ITM weekly SPY options expiring Monday, Wednesday or Friday and that I request those to be exercice, during RTH, in Interactive Brokers platform, how long does it take to have them ?
 
While not answering your question, am curious why you would consider exercising, when you will profit more by purchasing SPY and selling your CALLs (Assuming you do not have insane commissions). Receive any extrinsic value from the options, take ownership of the underlying at your timing and price, and the lower commissions for the transactions. (assuming typical discount broker commissions)
 
Not really the case when I'm 1 hour from the end of the session with a deep ITM call, with almost no time value (almost no loss in conversion). Deep ITM weeklies have terrible spreads.
 
Can you provide example? I don't recall observing this with SPY options (Exercising an option being more profitable than closing the position (negative extrinsic value?))!
 
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