Act by which the buyer of an Option makes use of his right to buy or sell the Underlying Asset, or to obtain the amount resulting from the Cash Settlement and the ECC assigns the exercises to the selling positions.
Contracts that have not been exercised at the end of the hours of communication to BME CLEARING on the Expiration Date will expire without value.
The Settlement for the Exercise of the contracts will be performed by Cash Settlemnet or by delivery of the shares that constitute the Underlying Asset according to the Contract Class, in exchange for the cash payment of the Exercise Price.
In the case of Stock Options, the Exercises of these Options will produce the corresponding Cash Equities trades
The shares to be delivered will only be those admitted to negotiation with full rights and fungibility with the main series of shares of the value.
The Exercise may be carried out on the Expiration Date or any previous day if the option is American style, and only on the Expiration Date if the option is European style, with the time limits established by Circular
For the communication of the Exercise, in those cases where express communication is necessary, the procedure established by Circular must be followed.
Only express communication to BME CLEARING will be necessary in the case that you want to exercise Options that do not meet the conditions indicated or in the case that, in compliance with the conditions indicated, you do not want to exercise.
Once the communication schedule to BME CLEARING of the Exercise / non-Exercise orders has ended, if for any Series of Options all the selling positions are not exercised, the Exercises will be assigned proportionally between the selling positions of the same Series of Options, adjusting to whole numbers of Contracts.