How do futures and options expiration work on Collective2?
Futures: If you trade futures, it is your responsibility to be aware of when futures contracts stop trading, and — if you want to keep a position open — you need to roll into the next contract. Collective2 emulates the behavior of several discount brokers: we will not call you on the telephone to warn you that a futures contract in your account is about to be “delivered.” Instead, we will unceremoniously close out your position, at the market, approximately 48 hrs before the last trading day of the contract. Thus, we strongly encourage you to gracefully exit any positions in expiring contracts at least a week before the last trading day. Options: If you own a long option position, and the option expires in-the-money, Collective2 will automatically exercise your position on the Saturday morning after expiration. This means you will buy or sell the underlying stock. Thus it’s important that you have the margin available in your account; otherwise, you’ll be greeted on Monday morning wi
