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+Chapter 34: Futures and Futures Options 673 
+Actual delivery of the security to satisfy an assignment notice must occur with­
+in the country of origin. That is, the seller of the currency must make arrangements 
+to deliver the currency in its country of origin. On exercise or assignment, sellers of 
+currency would be put holders who exercise or call writers who are assigned. Thus, 
+if one were short Swiss franc calls and he were assigned, he would have to deliver 
+Swiss francs into a bank in Switzerland. This essentially means that there have to be 
+agreements between your firm or your broker and foreign banks if you expect to 
+exercise or be assigned. The actual payment for the exercise or assignment takes 
+place between the broker and the Options Clearing Corporation (OCC) in U.S. dol­
+lars. The OCC then can receive or deliver the currency in its country of origin, since 
+OCC has arrangements with banks in each country. 
+EXERCISE AND ASSIGNMENT 
+The currency options that trade on the PHLX (Philadelphia Exchange) have exercise 
+privileges similar to those for all other options that we have studied: They can be 
+exercised at any time during their life. 
+Even though PHLX currency options are "cash" options in the most literal 
+sense of the word, they do not expose the writer to the same risks of early assignment 
+that cash-based index options do. 
+Example: Suppose that a currency trader has established the following spread on the 
+PHLX: long Swiss franc December 50 puts, short Swiss franc December 52 puts - a 
+bullish spread. As in any one-to-one spread, there is limited risk. However, the dol­
+lar rallies and the Swiss franc falls, pushing the exchange rate down to 48 cents (U.S.) 
+per Swiss franc. Now the puts that were wri,tten - the December 52 contracts - are 
+deeply in-the-money and might be subject to early assignment, as would any deeply 
+in-the-money put if it were trading at a discount. 
+Suppose the trader learns that he has indeed been assigned on his short puts. 
+He still has a hedge, for he is long the December 50 puts and he is now long Swiss 
+francs. This is still a hedged position, and he still has the same limited risk as he did 
+when he started (plus possibly some costs involved in taking physical delivery of the 
+francs). This situation is essentially the same as that of a spreader in stock or futures 
+options, who would still be hedged after an assignment because he would have 
+acquired the stock or future. Contrast this to the cash-based index option, in which 
+there is no longer a hedge after an assignment.