Charles Schwab Buy Call, In-The-Money 結算時的規定

身為小額投資, 偶爾會買一些資金不足買下的高股價的 Call. 這時有個問題困擾我很久, 就是當結算時, 帳戶裡資金不足，那該當如何處理呢？

• 不執行，等同所有獲利憑空消失？
• 執行但馬上賣掉，得到價差。

這問題Google或問了 ChatGPT, Gemini 好幾次，一直沒得到什麼答案。

今天終於透過Google找到了Charles Schwab 的規定了

在 Did you know? 章節，說明帳戶不夠錢，是會以 Do Not Exercise (DNE) 處理，所以 Call 原本賺的錢，可是憑空不見的。因此用小錢買Call/Put樂透，ITM 還是要注意到期日前要處理掉。

Did you know?

On expiration day, options will be automatically exercised if they're ITM by $0.01 or more as of the 3 p.m. CT price. In general, the option holder has until 4:30 p.m. CT on expiration day to exercise the contract. These times are set by the Options Clearing Corporation (OCC), the central clearing house for the options market. But some brokerage firms might have an earlier cutoff than the OCC threshold.

If your long option is ITM at expiration but your account doesn't have enough money to support the resulting long or short stock position, your broker may, at its discretion, issue a do not exercise (DNE) on your behalf, and any gain you may have realized by exercising the option will be wiped out. DNEs can be submitted by any option holder and instruct the broker not to auto-exercise ITM options at expiration. A broker may also, at its discretion, close out (sell) the position without prior notice to you. Meanwhile, OTM options expire worthless.