I got some SPX 2470 cash settled futures that were $1.60 totaling about $1000 right before close on Thursday. Today, it shows they exercised and I received a little over $2500. I've tried to find info on how exactly futures exercise by reading stuff on spot price, but it doesn't seem like these options used a spot price, but instead something else. I can't find any info about it through my brokerage, and when I called they gave me little to no info on how exactly they're exercised aside from giving me a little speech on what futures are and how they work...I really shouldn't have gotten into futures without understanding the whole thing, but what's done is done.
Can anyone explain why I received the amount I did?
Before I get silly comments in here calling me out, I think I need to say a few things. Yes, I realize I'm a fucking idiot. Yes, I realize I could've lost more than my initial investment. I understand that. What I don't understand is how exactly is it determined how much I owe/receive.
Edit: I got 6 contracts, so you don't have to do the math
Edit 2: I meant expiration date, not settlement date.
Submitted July 22, 2017 at 06:06PM by ven1928 http://ift.tt/2eEyCJ7
