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Why was I assigned on Thursday instead of Friday?
If the usual Friday is an exchange holiday, the expiration work moves to the Thursday before. A plan that says you will deal with it Friday can be a day late. The shares, if you are assigned, show up at the strike.
The short answer
If the usual Friday is an exchange holiday, the expiration work moves to the Thursday before. A plan that says you will deal with it Friday can be a day late. The shares, if you are assigned, show up at the strike.
The position
Here is one position (hypothetical, made-up prices). The count is 100 shares. The first figure in the story is $55. The later figure is $46.
| What you are looking at | Count | Price | Value | Versus the first total |
|---|---|---|---|---|
| The first total | 100 shares | $55 | $5,500 | $0 |
| After the price fell | 100 shares | $46 | $4,600 | −$900 |
The bottom row is this account. The −$900 is the gap. The price fell. Holding does not put the first figure back. These figures are made-up, so the subtraction stays checkable after the market moves.
Start with the count. 100 shares at $55 comes to $5,500. The later price is $46. The same count at that price comes to $4,600. Subtract. $5,500 minus $4,600 is $900. That is the whole table. It is not a fee hiding in the price, and it is not a forecast of tomorrow.
How to check it on the statement
Read the count first. Then read the price the statement used. Multiply those two yourself. If your product is not a share, multiply the point move by the contract size instead of multiplying a share price. The number you get should match the value in the table, or you are looking at a different count.
Write the first total on one line and the later total under it. The gap is a subtraction. Do not add a second story, such as a fee or a dividend, until you see that line on the statement. A missing line is a zero, not a guess.
If you sold part of the position, split the page into the cash that left and the count that stayed. Add those two. A sale of one piece does not freeze the price of the piece you kept.
If the order never filled, the statement still shows the old count. Look in the order history for a cancel, an expiry, or a limit the market never traded. The position page will not show an order that died.
Do this before you decide what the market "meant." The dollars are the count times the price you can point at. The reason can wait until those two numbers are written down.
What happened
You were short a put with a strike of $55. You meant to close it on Friday. That Friday was a holiday, so the work moved to Thursday, which is the rule below. You were still short on Thursday. The stock fell to $46 and you were assigned 100 shares at $55. That cost $5,500. The shares are worth $4,600. The page does not add a premium you might have collected earlier. If a premium was paid to you, it is a separate line. The assignment price is $55. The expiration rule is Third Friday of the month; if that Friday is an exchange holiday, the last trading day/processing moves to the Thursday before. Source: infomemo.theocc.com.
The 2027 monthly dates:
| Date | Day |
|---|---|
| January 15, 2027 | Friday |
| February 19, 2027 | Friday |
| March 19, 2027 | Friday |
| April 16, 2027 | Friday |
| May 21, 2027 | Friday |
| June 17, 2027 | Thursday |
| July 16, 2027 | Friday |
| August 20, 2027 | Friday |
| September 17, 2027 | Friday |
| October 15, 2027 | Friday |
| November 19, 2027 | Friday |
| December 17, 2027 | Friday |
How to read a brokerage statement shows the count you still have and the price the statement used. It does not replay the order you meant to send. If the statement's count disagrees with this page, use the statement and do the subtraction again.
What this is not
A warrant is not in this system, and a warrant page already says it is not auto-exercised. This page is a listed option on a month whose Friday moved. The dates below are the monthly list. A star is not used here. If the table and a memory disagree, trust the table after a refresh.
The account does not undo it
A TFSA or an RRSP changes the tax treatment of what is inside. It does not put the first price back. The shelter does not pay the gap back, and a lower price does not hand contribution room back. Room follows the contribution rules, not the chart. A taxable account shows the same mark. The wrapper decides tax. The count and the price decide the dollars.
If the custodian does not allow this product, the custodian's list wins over a general description. The math above is only for a position the account actually holds.
What to write down
- The rule, from the calendar file.
- Whether this month's Friday is a holiday.
- The strike you were assigned at.
- The stock price after that, on the shares you now hold.
Then subtract. If a step is missing, the gap on the screen is not explained yet. Do not fill the blank with a rate, a fee, or a yield you did not read off a statement or a contract spec.
Questions
Why Thursday? Because the Friday was an exchange holiday, and the rule moves the work to the Thursday before.
Did the strike change? No. You were assigned at $55. The stock at $46 is the value of the shares, not a new strike.
Is the premium inside the $900? No. This table is the shares. A premium already received is its own cash line.
Does a TFSA move expiration back to Friday? No. The shelter does not keep Friday when the exchange moved the work to Thursday.
Are these the live prices? No. They are hypothetical, so the −$900 stays checkable.
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