What if I am Assigned an Option at ScotiaMcLeod Direct Investing?
When an option you have written gets exercised, you are said to have been Assigned the option. If you are Assigned, you must fulfill your obligation as an option writer by buying (in the case of Put options) or selling (in the case of Call options) shares of the underlying security at the strike price stipulated in the option contract. ScotiaMcLeod Direct Investing receives Assignment instructions from the OCC (Options Clearing Corporation) or CDCC (Canadian Derivatives Clearing Corporation) and will allocate the assignment on a first in, first out basis. If you’ve been Assigned, ScotiaMcLeod Direct Investing will attempt to notify you by telephone. All attempts are on a best-efforts basis and there is no guarantee we will be able contact you. If there are insufficient funds in your account to fulfil your assignment obligation, ScotiaMcLeod Direct Investing may, at its discretion, liquidate long option positions on the last trading day preceding expiration. A Trade Confirmation is issu
