Options exercise
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There are several ways to exercise an equity option or futures option, the most common being American style and European style.
American-style options may be exercised at any time between the date of purchase and the expiration date for that option.
European-style options, on the other hand, generally may be exercised only on the last business day before the option expires; there can be no early assignment with this type of option.
See Also
"Options FAQs on Options Exercise," Options Industry Council
"Options Concepts - Exercise," Chicago Board Options Exchange


