Inventory every contract
Record symbol, adjusted contract details, long or short side, quantity, strike, expiration, style, settlement, market value, and current exercise status. Spreads should also be examined leg by leg because assignment and exercise can separate them.
Check open orders, pending transfers, and buying power. A planned closing order is not a closed position.
- Contract specification
- Position side and quantity
- Broker cutoff
- Result after exercise or assignment
Confirm instructions and evidence
Decide whether to close, exercise, allow expiration, or submit contrary instructions based on the actual strategy and account rules. Verify accepted instructions and retain the confirmation.
Recheck after expiration for assignments, exercises, share positions, cash, and risk. Escalate discrepancies promptly through the broker's documented channel.
Referenced resources
- Options Clearing Corporation education
Options contract, exercise, assignment, and risk education from the OCC's educational organization.
Have another reviewer derive the post-expiration account from the checklist without relying on the strategy name.