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Quantitative Finance · Begrippenlijst

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Definition 23.4 Markets I: The Ecosystem and Exchange-Traded Markets · Hoofdstuk 23 — Option Contracts and the Options Exchanges

When a holder exercises, the clearing house selects a clearing member with a short position in the series and assigns it the obligation; the member passes the assignment to one of its customers who is short. The assigned writer of a call must deliver the shares at the strike; the assigned writer of a put must buy them. A writer learns of an assignment the next morning.

Exercise and assignment. The holder decides after the close; the writer finds out the next morning. Between the two, the writer does not know its own position.
Figure 23.2. Exercise and assignment. The holder decides after the close; the writer finds out the next morning. Between the two, the writer does not know its own position.
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