EFTA Document EFTA01393125

instructions for that day. Different firms may have dif- ferent cut-off times for accepting exercise instructions from customers, and those cut-off times may be differ- ent for different options. A brokerage firm's cut-off time for accepting exer- cise instructions becomes critical on the last trading day before an option expires. An option that expires unexercised becomes worthless. An option holder who intends to exercise an option before expiration must give exercise instructions to hi