Options Wonderland

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Effective with the June 21, 2008 standard equity expiration and all equity expirations thereafter, The Options Clearing Corporation (OCC) will change the threshold by which in-the-money equity options will be automatically exercised from $0.05 to $0.01. Any customer holding long US stock options which expire $0.01 or more in-the-money and who do not wish to have such contracts automatically exercised by the OCC will need to provide contrary instructions through the TWS Option Exercise window. Also note that any account which does not have sufficient maintenance margin following the delivery of stock positions from an option exercise will be subject to automatic liquidation upon the market open on the following business day. Additional details are available in the following document: http://www.optionsclearing.com/market/infomemos/2008/jun/24525.pdf