When does the December contract expire? At what time? If it is past expiration time but not yet settled (and thus not tradable even though it shows in my account) am I liable for any changes?
Read the VIX contract specification for your answer. https://www.cboe.com/tradable_products/vix/vix_futures/specifications/ VIX options are settled in the morning at 8:30
Yes, you are liable for changes if you dont close out position day before expiration. the settlement value is calculated a little differently from the normal VIX formula using interpolation (because on settlement day there is exactly 30 days so no need to interpolate between two expirations)
if we didnt have the OCC to be the middleman there, it would be such a huge pain in the ass to trade no one would do it.. they would just meet in person and beat the shit out of one another
Not sure if that boilerplate answers my question about why the contract is still listed in my account at 12:30 PM after expiration. Maybe that's a Schwab issue.
IB does the same thing, the positions show all day and disappear the next day. Check your margin, it should change immediately after settlement
930 am today. the value was 23.35. Your options will expire against this value regardless of what Happens the rest of the day.
Although it is your prerogative why do you feel forced to trade something you don't understand very well.