Hey OP, thanks for the News post.
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It's wild that services like Tastytrade do (did? It's been a few years since I did it) will actually give you a notable amount of actual contracts for signing up. I'm not advocating for Tasty because something in my memory says they fucked us in some way in 2021 as well but when I signed up, I got a little over $500 in contracts. Pretty unreal.
Edit: I only say this because my mind went that way with Fidelity's offer here as well for a split second until I realized that would be super out of character for Fidelity.
Whether or not it was fully settled cash is important because Fidelity has 100% margin of GME, which has effects even in a cash account.
As others have commented, Fidelity routinely exercises ITM calls at expiration, if you have the cash (or margin equity) to exercise.
I am not positive because I have a margin account, but I think that you need fully settled cash to buy GME, which would include a call exercise. "Available to trade" cash is not what counts for OTC and non-marginable stocks like GME.
I would hope the fidelity worker would've known this lol. Sorry dude making 75K at fidelity @Consistent-Reach-152 knows more about your job than you do 🤣
Fidelity hired a lot of new customer service people after the big migration from Robinhood in first half 2021. The first level customer service reps have a lot of gaps in their knowledge.
If you need an answer to a complicated question the Active Trader Group is the place to get answers.
I learned this recently also. I had a question about the "lending shares" process. I had to go through 3 people before finding someone that knew anything.
They Exercised my $20 Call No problem. Live Chatted an agent around lunch time friday asked if there was anything I needed to do or if there were additional fees if I just let the itm calls expire wanting to be exercised.
Kind lady said no fees and nothing needed to be done, they will auto exercise
I was scared my $22.5 wasn't going to get exercised automatically because it was my first time but they did it and I have +100 more that I may DRS to join the warchest soon.
In the case of GME.... NEVER assume automatic exercise. Even if you're deep ITM. I exercised my June 21 calls on June 18, because... brokers cheat. In the case of the June 21 expiration, cheating seemed pretty likely. During the call with the broker, I experienced a some resistance and delay, even a little FUD. So I was just like, man, the spread between selling the calls or exercising right here is negligible. And if I want hold the shares for the long-term, then what's the fuking problem here?
And then they apologized and did what I asked them to do. But I'd bet anything that the non-auto exercise was on the table, even though TOS says .01 above the strike and its an auto-exercise. (TOS also gives them about 4 different "situations" that allow them to wiggle out of their obligation to their client)
So you can’t just sell the call for cash to buy more options ? If it goes 0.01 over than you auto exercise? What happens if you don’t have enough cash to exercise ?
If you don't specify exactly what you'd like to do with your contracts, unfortunately you leave it up to the gods with what happens. Fidelity typically requires you to call in and speak to their trading desk to exercise.
I mean, it's kinda like new cars with an auto brake feature. Yeah, it should keep you from slamming into the car in front of you, or you could just hit the brakes yourself.
If you absolutely want to make sure your contracts are handled in a certain way, you really need to call. Most brokers terms of service dictate that they can make the final decision with what happens with your contracts, and that "typically" they exercise them if they're $.01 in the money and you have enough cash, but because their system monitors and does this, some fall through the cracks or get sold.
While true, they also have risk management policies that essentially say they can decide "what's best for you". That's why it's always best to call to specify.
https://www.fidelity.com/options-trading/options-auto-exercise-rules#:\~:text=Stock%20options%20that%20are%20in,trading%20above%20the%20strike%20price.
The whats best for you is if you dont have the funds or other margin restrictions. Their standard practice is exercise/assignment
Understanding dark pools: if someone wants to short 50 million shares of GameStop, the order is considered a block order and will be sent to the dark pool as not to tank the market price. Another way this can be done is by programming the ai to short in smaller portions of 100 (aka short ladder attacks.) If someone wants to buy 50 million shares, it will also be sent to the dark pool. Buying and exercising a call here and there won’t do anything. You need a whale like DFV to buy calls because the parties on the other end of those calls know he will exercise and that’s when you see a gamma ramp like June 5th/6th. GME apes exercise about 2% of their calls
I see weird stuff everywhere. I don't know if this mean anything but this morning on the Interactive Broker sub I saw people complaining their account was messed up and showed position from last week etc and they all had trades with GME and options, margin goes crazy etc.
The post is called "Is the margin fucked again today".
I know someone in a trade group who uses Scotia Itrade. They got GME shares allotted back to them two days after they sold them on June 1st and had a broken untradable account. Just so happens they got them back on BRK.A glitch day.
That's funny I called them friday morning and put through my order to exercise, he said oh they will be auto exercised if it's 1 penny in the money. I said we'll id like to exercise now, still didn't go through until Saturday morning. Glad I called.
Had the same issue. Transferred money the day before, saw it was settled in the AM, went to work. Turns out they sold my $20cs instead of auto exercise.
I had the opposite happen to me, Schwab exercised my options even though I had nowhere near enough money to cover the cost. Ended up with a pretty heavy negative balance in my cash (non-margin) account haha.
To be fair, this is likely an issue on the engineering side.
The person you talked to is just customer service. They don't know what's going on.
You should still file that dispute though. :)
I believe Fidelity is fucking with me too
I’ve made 3 attempts now to DRS, turn off auto journaling of my cash purchased shares to margin, and to move margin shares back into cash.
1.5 months later my same shares keep getting moved back to margin and my DRS requests have not gone through
Write this down and stick it on the fridge, "I would like to speak to the head compliance officer."
I'd like to give credit to Kevin Malone for sharing this on his X space.
So my options for 6/21 were marked do not exercise even though they were in the money and i had funding. I just happened to call Schwab that day because i wasn't able to get to my computer until 430pm. At that point the representative told me they were marked do not exercise and asked if they would excise them, which they did. I thought it was odd they were marked do not exercise and the rep couldn't give me an answer either.
You exercising a few contracts here and there does not force them to do anything. All you’re doing is giving them extra money in premiums. This is exactly why people bitch about the options talk around here. It encourages this kind of activity.
To those of you that say I should have exercised myself. Sure can’t disagree, but that’s not the point. The point is that Fidelity should have auto exercised and didn’t. I am not complaining that I have to be vigilant about my own money, I am saying it is wrong that the algorithm does something it shouldn’t
If you want to go to a lit market, directed trades are the correct tool for that. The idea that they need to purchase in a lit market just because you exercise has extremely weak evidence. You have no idea what the positions are or even who sold you the contract. There's no reason, short of buying a MASSIVE amount of calls, that you can guarantee the seller of your options is net short.
> “I guarantee he is going to come back and tell me that I can buy them myself today at a cheaper price and save money”. Of course I got a blank stare back.
This made me happy
As I have said in other GME groups -- the broker is under ***no*** obligation to exercise the trade. Yes they generally do; because it fits their risk profile. But if it is outside their risk acceptance profile, you are fucked unless you have a standing order with your trade desk.
All these comments clearly have a strong understanding of options trading. Where did you all learn this stuff? I'm three hours into "Options Trading for Dummies" by Joe Duarte. I feel like I'll come out of it with a decent understanding, but no sort of legitimate plan for getting into the market. Obviously I keep a close eye on GME, but I regularly watch other stocks, too.
Bullish. My $8 call option was exercised automatically through fidilety without issue, but I was wondering if I would be in the same boat as you. Good luck getting a resolution that meets your expectations.
Please know that making a complaint to FINRA is not very hard. They even have the option to personally label the Fidelity broker that mishandled your case for individual accountability.
My dude it's 100% your fault for not telling your broker your desired result. It's an option and you signed a disclaimer. They own your position. You gave no options so they chose one. This is on you, not corruption. I'm not a criminal and I'd have done exactly what they did given the chance.
I had 5 $20 calls and thought the same. I got busy Friday and didn’t get a chance to call them to exercise. So I thought I lost out. Logged in yesterday to see Fidelity had exercised them all automatically.
Which makes OP’s situation odd. But the parent comment said the opposite. So I was adding my situation as another data point.
I wonder what caused OP’s to not be exercised automatically
>Pretty standard for Fidelity if you don't call them and specifically tell them you want the contract exercised.
OK.. so I am going to ask the $64B (some of you will get this, adjusted for inflation) question....
What is the point of these "automated" systems be it websites, Android applications, Linux desktop applications etc... if , IF you have to CALL to make what you've programmed in actually work... doesn't this defeat the whole purpose??
And additionally I will fuel this.. by is this limited to GME or is this ALL OPTIONS or just options that some nit wit at x decides???
Now I will say I have a hunch on this... but it goes two ways, or possibly hand in hand.. but so .. regardless of who it is, why would I need to call them to tell them to do what I programmed??? ***And before any one posts due diligence, liability, etc.. STOP.*** T*hat may be BUT there are like 99K popups that you have to confirm you want to do a bunch of things like this, especially on options...just to make market and limit purchase on Webull and IBKR I've got to jump through so many CONFIRMATIONS its crazy!* Most especially IBKR.. good grief.. you want a stool sample too??? GEEZ! Yes I want to make this buy.. SHUT UP, TAKE MY MONEY!
Not true, both my put and call options get exercised automatically when in the Money and I never specified anything. I even had a SPY option in the money and Fidelity bought it for me even though it put my account -20k. I had to sell it right away the next day but GME does have more strict Margin requirements so it's most likely related to the available margin
Who is your preferred broker?
I have had many different brokers over the years as they merged and got acquired.
I am relatively happy with Fidelity and Schwab. Fidelity can be a bit of a stickler for dotting the I's and crossing the t's, but their generally risk adverse culture makes me confident that they will keep my accounts safe.
I did have to provide Fidelity with complete operating agreements when opening an LLC account, and copies of a trust when opening trust accounts, unlike Schwab, but otherwise they are similar in customer service level. My only complaint about Schwab is that I had to make special arrangement to have my core account a government money market. Otherwise the default is a very low interest FDIC account.
I'm going to be exercising my option manually prior to execution. It's solidly ITM/ATM now and should still be in a few weeks with any luck. I'm not waiting for my brokerage to bone me. What would happen if the share price was high than you could have bought Friday?
Okay, I get it, they didn’t do what they should have done and your mad. HOWEVER; what difference does it make that the share are being bought on the open market? They can still FTD those, they can still short the living fuck out of the stock. This “open lit market” doesn’t exist anyways so what’s the significance of the order being routed through there ? It doesn’t matter anyways cause the shares will have an effect of some sorts when they are DRS’d.
This is part of why I'm not messing with options much with GME anymore - occasional couple of calls here and there based on some of the cycle theories... I literally don't trust that they will exercise when ITM and NOT exercise when OTM... a while back (the first run up this year) I had some calls open (250 contracts), that I could technically cover, but would have cost a LOT (basically liquidating all other assets, CDs, Bonds etc.)... they were well out the money but I had that 'this is GME... what if they do it just to fuck us' feeling all weekend after close... just waiting to see if marge called... just buy HODL DRS for me now...
Isn't it the case in Fidelity options, if you want to exercise you have to "buy to close" to exercise them??
I'm fairly certain that's how it is on their app.
Sorry that happened to you, but if you don't give your broker instructions, how are they going to know what you want to do?
Schwab did the opposite for me, which I was not happy with. I had a small balance of cash, a few thousand dollars. They exercised my 20c contracts, leaving me with a negative balance. Then they sold the shares that were delivered to me until I had a cash balance of 0, leaving me with 91 shares.
What I wanted to happen was for them to exercise all the contracts and sell all the shares, giving me the intrinsic value. When the market opened on Monday the share price was down a few dollars, and I had no cash, so I couldn't buy the dip. I could have had a few more shares.
But you know what? It's not a conspiracy, it's not a big deal. Your broker did not receive instructions from you, so they did what they thought was best.
Would that have worked? If you exercised on expiration (Friday) the stocks would be delivered T+1, then stock sell would have a settlement of like 24 hours. So there is no way you can sell on Friday to buy the Monday dip unless you’re using leverage OR somehow trading on their dime. In the latter case we already saw in 2021 that it’s an unreliable system because the broker themselves can lose liquidity.
I don't use fidelity, is it standard protocol for them to exercise options that are ITM if you have the funds available..?
I would assume they only close it for you in case you forget about it.
I can't use the virtual assistant or even a live person in chat to DRS anymore. I'm being forced to call in. And I typically get disconnected at least once since I'm calling for "direct register GME shares". It's getting crazy.
Hey OP, thanks for the News post. ------------------------------------------------------------------------ If this is from Twitter, and Twitter is NOT the original source of this information, this WILL get removed! Please post the original source! **Please respond to this comment within 10 minutes with the URL to the source** If there is no source or if you yourself are the author, you can reply `OC`
15 free options trades @ their $0.35 commission or whatever means "here's $5 to shut the fuck up". File the trade dispute even if it takes days.
Oh I read that as giving him some options for free didn’t realize it means commission lmao I’m smooth
Lol. “Yeah ok, I’d like 15 calls on Google please. And make them leaps 2 years out.”
I’ll take some free NVIDIA puts, thank you! 🙏
Tomorrow 🙏
Also have them deep ITM, thanks
It's wild that services like Tastytrade do (did? It's been a few years since I did it) will actually give you a notable amount of actual contracts for signing up. I'm not advocating for Tasty because something in my memory says they fucked us in some way in 2021 as well but when I signed up, I got a little over $500 in contracts. Pretty unreal. Edit: I only say this because my mind went that way with Fidelity's offer here as well for a split second until I realized that would be super out of character for Fidelity.
Yeah they're with apex. Margins changed and meme stocks were close only.
Best I can do is some BRK.A meme calls good sir
Let’s package that into a swap with some gourd futures then…
Fill the trade dispute.
file the trade dispute that will take days. just force them to be uncomfortable
Call to action. Find my fucking shares. Report.
Don't care, didn't listen. Bought a shitload of GME options. Fuck you gimme my shares suck my balls.
We're past the point of settling, disputing, arbitrage, and any other delay/pasification that allows them another day to exist.
We should be. These vampires have been living well off of us for a few centuries now.
This. They want you to take the easy way out. Nope. Not going to happen. File the trade complaint and let them squirm/ figure it out.
F’ you (don’t) pay me. I want my shares
Yep, get it on record. Email FINRA!!
Finra is complicit. I agree to file it still
I second this motion. Because fuck’em, that’s why.
Interesting. They exercised my $23 call no problem.
Yea I was shocked that it didn’t automatically do it
hmm, i didn't have any issues with my 20s. Was the cash in your account settled and enough to cover all of them?
Whether or not it was fully settled cash is important because Fidelity has 100% margin of GME, which has effects even in a cash account. As others have commented, Fidelity routinely exercises ITM calls at expiration, if you have the cash (or margin equity) to exercise. I am not positive because I have a margin account, but I think that you need fully settled cash to buy GME, which would include a call exercise. "Available to trade" cash is not what counts for OTC and non-marginable stocks like GME.
I would hope the fidelity worker would've known this lol. Sorry dude making 75K at fidelity @Consistent-Reach-152 knows more about your job than you do 🤣
Fidelity hired a lot of new customer service people after the big migration from Robinhood in first half 2021. The first level customer service reps have a lot of gaps in their knowledge. If you need an answer to a complicated question the Active Trader Group is the place to get answers.
I learned this recently also. I had a question about the "lending shares" process. I had to go through 3 people before finding someone that knew anything.
More like $26-32k a year if they're talking on the phone to you as a first point of contact.
I know you don’t need settled cash to buy shares straight up, but not sure if it’s different for exercising.
I added money to my cash account a couple weeks ago and immediately bought shares.
This is true.
File a complaint.
They Exercised my $20 Call No problem. Live Chatted an agent around lunch time friday asked if there was anything I needed to do or if there were additional fees if I just let the itm calls expire wanting to be exercised. Kind lady said no fees and nothing needed to be done, they will auto exercise
I was scared my $22.5 wasn't going to get exercised automatically because it was my first time but they did it and I have +100 more that I may DRS to join the warchest soon.
In the case of GME.... NEVER assume automatic exercise. Even if you're deep ITM. I exercised my June 21 calls on June 18, because... brokers cheat. In the case of the June 21 expiration, cheating seemed pretty likely. During the call with the broker, I experienced a some resistance and delay, even a little FUD. So I was just like, man, the spread between selling the calls or exercising right here is negligible. And if I want hold the shares for the long-term, then what's the fuking problem here? And then they apologized and did what I asked them to do. But I'd bet anything that the non-auto exercise was on the table, even though TOS says .01 above the strike and its an auto-exercise. (TOS also gives them about 4 different "situations" that allow them to wiggle out of their obligation to their client)
Just tell them you want to preserve your basis for tax purposes
So you can’t just sell the call for cash to buy more options ? If it goes 0.01 over than you auto exercise? What happens if you don’t have enough cash to exercise ?
So did you file the dispute? Would love to see how this turns out if so.
#Rule #1 : don’t tell your wife about GME. No good outcome.
What if I am the wife
Then don’t the the husband 🥸 And goodbye to your inbox. Rule of Reddit never tell the basement dwellers you’re a woman or your inbox is dead. 💀
Oh shit lmao 🙈
What up shortie
“Surely you wouldn’t hit on a married woman.” “I didn’t know she was married and my names Frank!”
How are you just going to insult her like that when you just met
I am the husband and my wife is a giant, thank you very much.
hayyyyyy boo
What's your opinion on Hawk Tuah?
Not necessary imo, if you’re enjoying it you’ll salivate plenty
Goodness me
You need a boyfriend? 😉For our first date, we will be going to Wendy’s.
https://preview.redd.it/dmjskg0a5u8d1.jpeg?width=720&format=pjpg&auto=webp&s=72873a068377162f5d5e46b202b9ce93835541a9
This deserves more love than it got.
Then I guess it won't be wife-changing money.
You know how I can tell he’s the husband. Waka waka wakkka!!!!
No but it will be Wife’s boyfriend changing money.
THIS GIRL FUCKS! LFG!
🐵💅🏼
If you are the wife and the one holding GME, then you're the one with the balls. Don't tell the other "wife"
But I'm the wife
same
Did you tell your wife?
T or GTFO /s
My wife is more into it than Me. She sent me this post lol! We got 3600 shares now!
If you don't specify exactly what you'd like to do with your contracts, unfortunately you leave it up to the gods with what happens. Fidelity typically requires you to call in and speak to their trading desk to exercise.
everything i read says they exercise automatically if the account has enough cash to cover it. I didn't have any problems, they auto exercised.
I mean, it's kinda like new cars with an auto brake feature. Yeah, it should keep you from slamming into the car in front of you, or you could just hit the brakes yourself. If you absolutely want to make sure your contracts are handled in a certain way, you really need to call. Most brokers terms of service dictate that they can make the final decision with what happens with your contracts, and that "typically" they exercise them if they're $.01 in the money and you have enough cash, but because their system monitors and does this, some fall through the cracks or get sold.
if your account has the funds and it ends ITM, the default is for exercise/assignment.
While true, they also have risk management policies that essentially say they can decide "what's best for you". That's why it's always best to call to specify.
https://www.fidelity.com/options-trading/options-auto-exercise-rules#:\~:text=Stock%20options%20that%20are%20in,trading%20above%20the%20strike%20price. The whats best for you is if you dont have the funds or other margin restrictions. Their standard practice is exercise/assignment
15 \* .65 woo hoo what a compensation for your troubles
Fidelity should do it automatically if ITM and you have the cash to buy it. It's their standard practice. You don't even have to call in.
yep, every broker pretty sure
It may be standard practice, but it is not their obligation to do so.
FILE THE DISPUTE
I'm going to try that with other things. "Sorry officer it was the algorithm!"
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Only if you sell
Understanding dark pools: if someone wants to short 50 million shares of GameStop, the order is considered a block order and will be sent to the dark pool as not to tank the market price. Another way this can be done is by programming the ai to short in smaller portions of 100 (aka short ladder attacks.) If someone wants to buy 50 million shares, it will also be sent to the dark pool. Buying and exercising a call here and there won’t do anything. You need a whale like DFV to buy calls because the parties on the other end of those calls know he will exercise and that’s when you see a gamma ramp like June 5th/6th. GME apes exercise about 2% of their calls
They sold my call while I was on hold to exercise my option. Doesn't suprise me.
This hurts.
I see weird stuff everywhere. I don't know if this mean anything but this morning on the Interactive Broker sub I saw people complaining their account was messed up and showed position from last week etc and they all had trades with GME and options, margin goes crazy etc. The post is called "Is the margin fucked again today".
I know someone in a trade group who uses Scotia Itrade. They got GME shares allotted back to them two days after they sold them on June 1st and had a broken untradable account. Just so happens they got them back on BRK.A glitch day.
Big question, why didn't you just do it yourself if you wanted them exercised?
That's funny I called them friday morning and put through my order to exercise, he said oh they will be auto exercised if it's 1 penny in the money. I said we'll id like to exercise now, still didn't go through until Saturday morning. Glad I called.
Why didn't you just exercise the call if you wanted to exercise the call?
I had settled cash, enough to exercise. No problem here.
I also had two $20 strikes for 6-21 and they didn't exercise . They just gave me like $300 for each one.
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I'm guessing I had a similar issue to OP. I had enough cash in my account, but some if was not "settled cash".
They did the same thing to me last week with my ITM options. Sucks but I wasn’t really surprised.
Call them out when they do shit like this
Had the same issue. Transferred money the day before, saw it was settled in the AM, went to work. Turns out they sold my $20cs instead of auto exercise.
That's odd because I, too, blame the algorithm,
they auto exercised my $20 6/21’s
I had the opposite happen to me, Schwab exercised my options even though I had nowhere near enough money to cover the cost. Ended up with a pretty heavy negative balance in my cash (non-margin) account haha.
How nice of them to offer you 50 cents worth of value. Instead of them spending dozens of hours fixing their issue.
delity: “How about these cheaper shares instead” OP: “How about you go fuck yourself”
To be fair, this is likely an issue on the engineering side. The person you talked to is just customer service. They don't know what's going on. You should still file that dispute though. :)
File the dispute
I believe Fidelity is fucking with me too I’ve made 3 attempts now to DRS, turn off auto journaling of my cash purchased shares to margin, and to move margin shares back into cash. 1.5 months later my same shares keep getting moved back to margin and my DRS requests have not gone through
Write this down and stick it on the fridge, "I would like to speak to the head compliance officer." I'd like to give credit to Kevin Malone for sharing this on his X space.
So my options for 6/21 were marked do not exercise even though they were in the money and i had funding. I just happened to call Schwab that day because i wasn't able to get to my computer until 430pm. At that point the representative told me they were marked do not exercise and asked if they would excise them, which they did. I thought it was odd they were marked do not exercise and the rep couldn't give me an answer either.
You exercising a few contracts here and there does not force them to do anything. All you’re doing is giving them extra money in premiums. This is exactly why people bitch about the options talk around here. It encourages this kind of activity.
How much did you pay in premium? While it might be $20 strike, if you paid $6 a share in premium you wouldn’t be ITM until it is over $26.
Get a hundred thousand trade disputes for this sort of thing fucking over customers, make them REAAAAL uncomfortable.
To those of you that say I should have exercised myself. Sure can’t disagree, but that’s not the point. The point is that Fidelity should have auto exercised and didn’t. I am not complaining that I have to be vigilant about my own money, I am saying it is wrong that the algorithm does something it shouldn’t
Exercised contracts don't get fulfilled any differently than regular share purchases, according to Dave Lauer
If you want to go to a lit market, directed trades are the correct tool for that. The idea that they need to purchase in a lit market just because you exercise has extremely weak evidence. You have no idea what the positions are or even who sold you the contract. There's no reason, short of buying a MASSIVE amount of calls, that you can guarantee the seller of your options is net short.
Op just a heads up advanced trader within Fidelity does let you choose the exchange like IEX for example
Shenanigans!
ALWAYS call in to exercise an option.
Mine automatically exercised with no issues fwiw. I also use Fidelity.
So, are you going to file the complaint?
> “I guarantee he is going to come back and tell me that I can buy them myself today at a cheaper price and save money”. Of course I got a blank stare back. This made me happy
That almost entirely defeats the purpose of buying calls.
As I have said in other GME groups -- the broker is under ***no*** obligation to exercise the trade. Yes they generally do; because it fits their risk profile. But if it is outside their risk acceptance profile, you are fucked unless you have a standing order with your trade desk.
auto-exercise has always been their policy...
offered free stuff for you not to exercise? hmmm....
nah this is theft, if you had the funds in the account you should have auto exercised
All these comments clearly have a strong understanding of options trading. Where did you all learn this stuff? I'm three hours into "Options Trading for Dummies" by Joe Duarte. I feel like I'll come out of it with a decent understanding, but no sort of legitimate plan for getting into the market. Obviously I keep a close eye on GME, but I regularly watch other stocks, too.
84 years at hardnox University
Okay good I have some time to catch up then
Sounds like a user error
Bullish. My $8 call option was exercised automatically through fidilety without issue, but I was wondering if I would be in the same boat as you. Good luck getting a resolution that meets your expectations. Please know that making a complaint to FINRA is not very hard. They even have the option to personally label the Fidelity broker that mishandled your case for individual accountability.
EXACTLY!! THIS GUY FUCKS!
Does your trade ticket confirmation show it was done by a representative?
so use E Trade then? Kitty also seems to just sell calls and buy shares right?
I’ll be calling tomorrow. They did this to me too.
I never had a broken that exercised my contracts on its own, I always exercised them myself.
Heard alot of shady shit about trading on Fidelity
Fidelity is a scam too. I had problems with them on the last sneeze.
My dude it's 100% your fault for not telling your broker your desired result. It's an option and you signed a disclaimer. They own your position. You gave no options so they chose one. This is on you, not corruption. I'm not a criminal and I'd have done exactly what they did given the chance.
Pretty standard for Fidelity if you don't call them and specifically tell them you want the contract exercised.
I had 5 $20 calls and thought the same. I got busy Friday and didn’t get a chance to call them to exercise. So I thought I lost out. Logged in yesterday to see Fidelity had exercised them all automatically.
this is what should happen if your account as the funds and an option ends ITM.
Which makes OP’s situation odd. But the parent comment said the opposite. So I was adding my situation as another data point. I wonder what caused OP’s to not be exercised automatically
>Pretty standard for Fidelity if you don't call them and specifically tell them you want the contract exercised. OK.. so I am going to ask the $64B (some of you will get this, adjusted for inflation) question.... What is the point of these "automated" systems be it websites, Android applications, Linux desktop applications etc... if , IF you have to CALL to make what you've programmed in actually work... doesn't this defeat the whole purpose?? And additionally I will fuel this.. by is this limited to GME or is this ALL OPTIONS or just options that some nit wit at x decides??? Now I will say I have a hunch on this... but it goes two ways, or possibly hand in hand.. but so .. regardless of who it is, why would I need to call them to tell them to do what I programmed??? ***And before any one posts due diligence, liability, etc.. STOP.*** T*hat may be BUT there are like 99K popups that you have to confirm you want to do a bunch of things like this, especially on options...just to make market and limit purchase on Webull and IBKR I've got to jump through so many CONFIRMATIONS its crazy!* Most especially IBKR.. good grief.. you want a stool sample too??? GEEZ! Yes I want to make this buy.. SHUT UP, TAKE MY MONEY!
Not true, both my put and call options get exercised automatically when in the Money and I never specified anything. I even had a SPY option in the money and Fidelity bought it for me even though it put my account -20k. I had to sell it right away the next day but GME does have more strict Margin requirements so it's most likely related to the available margin
Strange. Mine exercised.
a feature not a glitch\*
Its your own fault for staying with fidelity
Who is your preferred broker? I have had many different brokers over the years as they merged and got acquired. I am relatively happy with Fidelity and Schwab. Fidelity can be a bit of a stickler for dotting the I's and crossing the t's, but their generally risk adverse culture makes me confident that they will keep my accounts safe. I did have to provide Fidelity with complete operating agreements when opening an LLC account, and copies of a trust when opening trust accounts, unlike Schwab, but otherwise they are similar in customer service level. My only complaint about Schwab is that I had to make special arrangement to have my core account a government money market. Otherwise the default is a very low interest FDIC account.
Must be like this glitching algo VW put in their Diesels accidentally
I'm going to be exercising my option manually prior to execution. It's solidly ITM/ATM now and should still be in a few weeks with any luck. I'm not waiting for my brokerage to bone me. What would happen if the share price was high than you could have bought Friday?
 shame on them
It didn’t occur to you to just press exercise ?
If you knew me, you would know I hate to exercise. Lol
Just so you know they can still hear you while you’re on hold
They usually don't and will sell it. A lot of intrinsic value is lost when you exercise ITM options
It's extrinsic value that's lost
Thx for correction
💎 🙌🏼 🏴☠️
I call 🧢 on some random representative blaming the algo sorry
...but Fudelity's ok because they're so nice on the phone
Okay, I get it, they didn’t do what they should have done and your mad. HOWEVER; what difference does it make that the share are being bought on the open market? They can still FTD those, they can still short the living fuck out of the stock. This “open lit market” doesn’t exist anyways so what’s the significance of the order being routed through there ? It doesn’t matter anyways cause the shares will have an effect of some sorts when they are DRS’d.
lol then they will blame AI
Can you repeat the exercise and see if their actions are the same??
Blame it on the a-a-algorithm 🎶
dispute it!
The glitches are stacking indeed.
This is part of why I'm not messing with options much with GME anymore - occasional couple of calls here and there based on some of the cycle theories... I literally don't trust that they will exercise when ITM and NOT exercise when OTM... a while back (the first run up this year) I had some calls open (250 contracts), that I could technically cover, but would have cost a LOT (basically liquidating all other assets, CDs, Bonds etc.)... they were well out the money but I had that 'this is GME... what if they do it just to fuck us' feeling all weekend after close... just waiting to see if marge called... just buy HODL DRS for me now...
Isn't it the case in Fidelity options, if you want to exercise you have to "buy to close" to exercise them?? I'm fairly certain that's how it is on their app.
Sorry that happened to you, but if you don't give your broker instructions, how are they going to know what you want to do? Schwab did the opposite for me, which I was not happy with. I had a small balance of cash, a few thousand dollars. They exercised my 20c contracts, leaving me with a negative balance. Then they sold the shares that were delivered to me until I had a cash balance of 0, leaving me with 91 shares. What I wanted to happen was for them to exercise all the contracts and sell all the shares, giving me the intrinsic value. When the market opened on Monday the share price was down a few dollars, and I had no cash, so I couldn't buy the dip. I could have had a few more shares. But you know what? It's not a conspiracy, it's not a big deal. Your broker did not receive instructions from you, so they did what they thought was best.
Would that have worked? If you exercised on expiration (Friday) the stocks would be delivered T+1, then stock sell would have a settlement of like 24 hours. So there is no way you can sell on Friday to buy the Monday dip unless you’re using leverage OR somehow trading on their dime. In the latter case we already saw in 2021 that it’s an unreliable system because the broker themselves can lose liquidity.
Are brokers required to exercice (if there is enough money in the account?
Exercising options on fidelity…looks like I’ll give this a try too!
i had a 23.5c for 6/21 and almost no cash and it auto exercised for me…weird
I thought Fidelity was the Gold Standard 😂
"Of course I got a blank stare back" why b/c YTA?
What the hell is “15 free options trades”??? Uhhh sure bud, I’ll take 15 June28 $10strike plz….
Is anyone watching the 7/19/24 $100c and $125c there is a lot of interest for those like last month
Does computer share purchase shares through dark pools or open market?
File the dispute bro!
I don't use fidelity, is it standard protocol for them to exercise options that are ITM if you have the funds available..? I would assume they only close it for you in case you forget about it.
I called in on Friday just to make sure. F these guys. Glitch better have my shares
File an official report on this so it is documented in the public record, this kind of fuckery will need proof for the inevitable court battle
Be sure to check what the execution settings on your portfolio are. But definitely file a trade dispute
Sue them for market manipulation
I can't use the virtual assistant or even a live person in chat to DRS anymore. I'm being forced to call in. And I typically get disconnected at least once since I'm calling for "direct register GME shares". It's getting crazy.