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What is the process by which exercise notices are assigned to a sold option?

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What is the process by which exercise notices are assigned to a sold option?

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When the option buyer decides to exercise an option, they instruct their broker to lodge a Notice of Exercise with the Australian Clearing House (ACH). ACH then randomly assigns that exercise to an account with an open sold position in the same Option Series. The following morning, the broker whose client has that account receives the Notice of Assignment, and advises the client that they have been exercised. Settlement of the futures transaction that results from exercise of the option takes place T + 1 – that is, one business day after the date the option buyer exercised the option.

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