Expiration Pricing Considerations

The options in the table below will be subject to special pricing considerations in all expiration processing until further notice because of the reasons described in the notes below. Reasons may include the delayed settlement status of one or more components of an option deliverable or a trading halt on a security which underlies an option deliverable. These options will continue to be subject to normal exercise based on customary exercise thresholds in OCC’s Ex-by-Ex processing.

MEMBERS SHOULD ADVISE THEIR CUSTOMERS TO TAKE THE FOLLOWING CONSIDERATIONS INTO ACCOUNT IN DECIDING TO EXERCISE, OR NOT TO EXERCISE, THESE OPTIONS.

Last Updated Date: 11/02/2026

These pricing considerations remain in effect until superseded by an OCC Information Memo. For most securities, that is the memo announcing the determination of the deliverable. For halted securities, it is either the Trading Halts/Removal from Ex-by-Ex memo or the Automatic Ex-by-Ex Thresholds Restored memo.

The applicable Information Memo not the webpage is controlling. Memos are posted at https://infomemo.theocc.com/. Superseded information is generally removed from the table above, though removal may lag.

No Exercise Restrictions

There continues to be no OCC restriction on the exercise of these put and call options, and OCC does not currently anticipate imposing any such restrictions. 
 

CUSTOMER EXERCISE INSTRUCTIONS

Clearing Members are reminded that exercise thresholds are employed by OCC in expiration processing solely as an operational convenience, as described in interpretation .02 to OCC Rule 805(d): “The exercise thresholds provided for in Rule 805(d) and elsewhere in the rules are part of the administrative procedure established by the Corporation to expedite its processing of exercise of expiring options by Clearing Members, and are not intended to dictate to Clearing Members which positions in customer’s accounts should or must be exercised.”

 Clearing Members should remind customers of their obligations to submit exercise instructions before expiration, as described in the Options Disclosure Document “Characteristics and Risks of Standardized Options”:

“An option holder who intends to exercise an option before expiration must give exercise instructions to his brokerage firm before the firm’s cut-off time for accepting exercise instructions on the last trading day before expiration. Many brokerage firms accept standing instructions to exercise, or have procedures for the exercise of, every option, which is in the money by a specified amount at expiration. These procedures often incorporate by reference OCC’s administrative procedures that provide for the exercise of every option that is in the money by a specified amount at expiration unless the Clearing Firm carrying the option in its accounts instructs OCC not to exercise the option. Investors should determine from their brokerage firm the applicable cut-off times, the firm’s procedures for submitting exercise instructions, and whether any of their options are subject to automatic exercise. Investors should also determine whether the exercise of their options is subject to standing instructions of their brokerage firm, and, if so, they should discuss with the firm the potential consequences of such instructions.”

ALL CLEARING MEMBERS ARE REQUESTED TO IMMEDIATELY ADVISE ALL BRANCH OFFICES AND CORRESPONDENTS ON THE ABOVE.

For questions regarding the special pricing considerations, please email the Investor Education team at [email protected]. Clearing Member Firms of OCC may contact Member Services at 1-800-544-6091 or, within Canada, at 1- 800-424-7320, or email [email protected].