So, I entered a credit spread for SPX weeklys this past week for 1285/1300 which expired OTM on thurs. Optionsxpress said they were worhtless and eventually even showed that I had no positions on it left....then, this morning I found that I was assigned for the sold calls and was Bought to Close for 3.95 on 8/4/06 even though they expired worthless on 8/3/06....What happened and how do I get my money back? Thanks guys, any advice would help....this has never happened to me before.
also...when I was assigned...I wasn't exercised on....instead, they made me BTC the short position for 3.95 even though it was worthless and expired OTM....that means, someone bought a call and was able to sell it to close for a profit even though it expired OTM....that's crap and I should get my money back right?
yes, thats complete rubbish...hee hee, as of late theres a sort of 'new depeche mode' in options where some wise corporate guys luv to backdate 'em for fun...maybe this strategy is spreadin' and u are 1 of the first victims.
I think weeklys expire on Friday http://cboe.com/Products/indexopts/weekly_XSP_spec.aspx and were settled at 1288.95. http://cboe.com/Data/WeeklysSettlements.aspx They are cash-settled so they were indeed exercised.
the problem is, I didnt sell XSP (JGA, JGB, JGD, JGE)....I sold SPX weeklys (JXA) which expire on Thursdays. They paid me and cleared my positions on Friday night and then reassigned me on Sat morning. The sold JXA options should not be liable for JGs....They must have accidently assigned me XSP options for my SPX options...which should be easily resolved right? does this happen often?
CRAP! I looked up the SPX weeklys and they expire on Fridays also! But on optionsxpress's website, they list expiration date for both SPX and XSP on Thursdays...I went back on some successful credit spreads and, until this week, I had never ended ITM on these trades the next day either. Can I hold them liable with misslabeled expiration dates on their websites? or do I just chalk it up as a 1200 dollar lesson?
I do believe you're ultimately responsible for knowing the product you're trading, so you may be out of luck. Yes the weeklies are just like the regulars. Final trading is thursday, but there is a Friday morning set to worry about.
I am not with optionsxpress so cannot log in, but if you refer to this info http://optionsxpress.com/educate/opt_symbols.aspx#weekly then you donât stand a chance. If thereâs contract-specific info in the member section that clearly states Thursday as expiration day I think you deserve a settlement. Keep us posted, Iâm curious how this plays out. Good luck.
yeah...I think I'm screwed...however, i looked back at historical prices and SPX opened at 1280.26 on that Friday...from what I've read from everything, the SET is done on the morning of expiration day with the opening price...so, how was the SET 1288.95 if the opening price was 1280.26 (still OTM btw)?