Question:
Hi. I am a new customer. I Received a notice from Options Xpress indicating some positions need to reviewed. The notice says:
"Your account has May options that are due to expire. Please review the following positions to see if any action is required.
Please review your account to determine if you have the equity to take an assignment or exercise on your expiring positions. If necessary, optionsXpress may take action to prevent what we perceive as risk. If you take no action on these options by 1:00 pm ET, we will review our right to sell or purchase the options prior to expiration. "
Do I need to take any special action to respond to this? Will you be making a "position management trade" or taking some other action on these expiring options?
Solution:
You do not need to take any action, this is just a courtesy notice from OptionsXpress. Some of the options are going to expire worthless and the others will be covered by the underlying stock or LEAPS. We have spoken to OptionsXpress and they have informed us that this is a new E-mail and they will be changing the wording for next expiration has it has caused some confusion.
[--- UPDATED: 21/05/2005 05:02:21 BY AGENT: Help Desk Supervisor ---]
DISCLAIMER: Trading in stocks and options involves risk. You can lose money. You should always seek professional advice from your stockbroker. We are not investment advisors or stockbrokers and do not make recommendations to buy or sell any stock or option.
