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Early Exercise Cut-Off Time for Weekly Options this Friday
[ by Howard Haykin ]
FINRA is reminding firms that this Friday, 11/23/12 – the Friday after Thanksgiving – there will be timing changes for handling weekly options.
On most Fridays, the close of trading on National options exchanges takes place at 4 p.m. ET. However, because this Friday, 11/23/12, follows a holiday, the exchanges will close early - at 1 p.m. ET. In such a case, the decision to exercise or not to exercise is adjusted, pursuant to FINRA Rules, as follows:
Pursuant to FINRA Rule 2360(b)(23)(A)(viii). If a national options exchange or The Options Clearing Corporation announces a modified time for the close of trading in standardized equity options, then the deadline for an option holder to make a final decision to exercise or not exercise an expiring option will be 1-1/2 hours after the announced close of trading for that day instead of the 5:30 p.m. ET deadline.
This means that on Friday, 11/23/12, option holders must make a final decision to exercise or not exercise options expiring on that date, by 2:30 p.m. ET.
FINRA Staff Contacts. Direct questions to: Kathryn Moore, Office of General Counsel, at (202) 974-2974.
For further details, go to: [FINRA InfoNote, 11/20/12].
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