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+18 Part I: Basic Properties of Stock Options 
+bring greater potential to a portfolio. Or if the customer is already short the XYZ 
+stock, he is going to have to buy 100 shares and pay the commissions sooner or later 
+in any case; so exercising the call at the lower stock price of 45 may be more desir­
+able than buying at the current price of 55. 
+ANTICIPATING ASSIGNMENT 
+The writer of a call often prefers to buy the option back in the secondary market, 
+rather than fulfill the obligation via a stock transaction. It should be strJssed again that 
+once the writer receives an assignment notice, it is too late to attempt to buy back 
+(cover) the call. The writer must buy before assignment, or live up to the terms upon 
+assignment. The writer who is aware of the circumstances that generally cause the 
+holders to exercise can anticipate assignment with a fair amount of certainty. In antic­
+ipation of the assignment, the writer can then close the contract in the secondary mar­
+ket. As long as the writer covers the position at any time during a trading day, he can­
+not be assigned on that option. Assignment notices are determined on open positions 
+as of the close of trading each day. The crucial question then becomes, "How can the 
+writer anticipate assignment?" Several circumstances signal assignments: 
+1. a call that is in-the-money at expiration, 
+2. an option trading at a discount prior to expiration, or 
+3. the underlying stock paying a large dividend and about to go ex-dividend. 
+Automatic Exercise. Assignment is all but certain if the option is in-the­
+money at expiration. Should the stock close even a half-point above the striking 
+price on the last day of trading, the holder will exercise to take advantage of the 
+half-point rather than let the option expire. Assignment is nearly inevitable even 
+if a call is only a few cents in-the-money at expiration. In fact, even if the call 
+trades in-the-money at any time during the last trading day, assignment may be 
+forthcoming. Even if a holder forgets that he owns an option and fails to exer­
+cise, the OCC automatically exercises any call that is ¾-point in-the-money at 
+expiration, unless the individual brokerage firm whose customer is long the call 
+gives specific instructions not to exercise. This automatic exercise mechanism 
+ensures that no investor throws away money through carelessness. 
+Example: XYZ closes at 51 on the third Friday of January (the last day of trading for 
+the January option series). Since options don't expire until Saturday, the next day, the 
+OCC and all brokerage firms have the opportunity to review their records to issue 
+assignments and exercises and to see if any options could have been profitably exer-