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You wrote, I thought the OCC policy (below) was to automatically exercise ITM long options, which is why I thought it necessary to close an ITM long call prior to expiration if you don't want the stock. Otherwise, you are automatically faced with exercise which would mean, for a long call, finding the stock in your account.

Have I misunderstood?

You're probably correct. Since I have little experience with actually using options, maybe someone more seasoned will say.

Also, 2nd question: if the latter did happen (automatic exercise upon expiration of an ITM call) I assume I'd be charged a commission for that exercise. Scottrade, for example, says exercise costs $17.

Probably so, but you should ask your broker.

- Joel
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