LedgerX options are European-style, meaning the buyer can only exercise the option at expiration. If sufficient collateral is not on deposit at LedgerX, the exercise instructions will not be accepted. There is no auto-exercise.
- Options expire at 4pm EST on the expiration date. Settlement runs at 5pm EST.
- The option buyer has until 5pm EST on expiration to submit exercise instructions. See How to exercise options on LedgerX
- You can trade (close) out of a position anytime before expiration. See How to close out of an options position.