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Assignment process (paper money)
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Assignment process (paper money)

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Trading Apprentice
Boise, ID / USA
 
Futures Experience: Beginner
Platform: ThinkorSwim
Favorite Futures: Options
 
Posts: 9 since Apr 2015
Thanks: 3 given, 1 received

Assignment process (paper money)

So I had a paper money trade on FXE

Sold 112 strike call
Bought 113 strike call

FXE closed on Friday at $12.51

End of day Friday I see a loss, as well as this morning (assignment was not showing). Then this evening, I notice an $86 profit.

This is what I think happened...

- I got assigned the 112 strike call at a stock price of 112.51 = $.51 ($51) loss
(I am now short -100 shares of FXE at $112.51)

- Price opens today at 111.75, and proceeds to close at 111.14

- I went short at 112.51, with current price of 111.14 = $137 profit - $51 loss = $86 net return


Now being currently short 100 shares of FXE is causing a $5557 margin requirement. With real money, if I didn't have $5557 available to cover this margin, would the broker have initiated a margin call and closed my position on Monday open at $111.75?
Or would they likely have margin called immediately on Friday at $12.51?

Edit - From reading further, I think that even if margin called on Friday, I would have 24 hrs to cover prior to the broker liquidating the position?
So I'm guessing if that is the case, they would have liquidated it sometime on Monday at market price?

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Assignment process (paper money)-fxe-exercised.png  

Last edited by linker33; May 19th, 2015 at 03:02 AM.
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