Series 7 - General Securities Representative Exam

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What is the latest time that a member firm can send a notice of exercise for an options contract to the OCC?

No later than 4:30 p.m. Eastern time on the last business day before expiration
A
No later than 4:30 p.m. Central time on the last business day before expiration
B
No later than 4:00 p.m. Central time on the last business day before expiration
C
No later than 4:00 p.m. Eastern time on the last business day before expiration
D
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Explanations

The cutoff time is 4:30 PM CT (remember Chicago is Central time) on the last business day before expiration. Remember, equity options may expire for trading on Fridays, but the expiration is actually on the Saturday

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