Hello: I have encountered short SPY options that became ITM and didn't get exercised. I use Interactive Brokers (IB) and have long and short positions on SPY. To make things simpler, let's use the following example: Short 1 SPY 100 put Long 1 SPY 95 put and I have $500 to cover the margin, plus $15 from the vertical spread. If SPY drops to 80 because World War III has begun and I get exercised, I don't have enough cash to be put 100 shares of SPY at $100/share. In this case, will IB notify me so that I can exercise my long put to cover my obligation? If so, I just lose $500 margin. What if SPY is at 97 and I can't exercise my 95 puts? Will I just pay $300 to IB so IB can exercise someone else? What if I am the last person to be exercised? Since I covered my margin, IB can't force me to buy 100 shares of SPY at $100, right? Thanks for sharing.