18.9 Exercise of Option by Customers
18.9.1 Exercise Cut-Off Time
For every Series of Options traded on SGX-ST, the exercise cut-off time; being the latest time prior to the expiration of such Series at which a Trading Member will accept exercise instructions from customers, shall be not later than 12.30 p.m. on the Expiration Date.
18.9.2 Exercise through Trading Member
The holder of an unexpired outstanding Option may exercise the Option only through the Trading Member with whom he has the outstanding long position in the Option by submitting an Exercise Notice duly completed and signed by the exercising Option holder.
18.9.3 Allocation of Exercise Notices to Customers(1) Exercise Notices shall be allocated to Trading Members or its customers by the OCC pursuant to the Regulations.(2) The allocation of Exercise Notices by the OCC shall be on the basis of computerised random selection.(3) Trading Members shall notify their allocated customers on the same Market Day of receipt of an exercise allocation from the OCC of the exercised allocation.
18.9.4 Notification to the OCC of Exercise Notices(1) An Exercise Notice shall take effect on the date of its notification to the OCC (the "Exercise Date"). An Exercise Notice shall be notified to the OCC in accordance with the Regulations.(2) An Exercise Notice lodged by a customer before 12.30 p.m. with a Trading Member shall be notified to the OCC by 5.00 p.m. on the same day.(3) An Exercise Notice lodged by a customer after 12.30 p.m. with a Trading Member shall be notified to the OCC the next Market Day.
18.9.5 Effect of Exercise of Option — Deemed Contract
Subject to Rule 18.9.7, upon the allocation of an Exercise Notice of an Option, the exercise shall take effect as if it were a purchase and sale of the underlying security on SGX-ST and the Rules and Directives of SGX-ST shall thereafter apply to the exercise as if it were a contract for the purchase and sale of the underlying security.
18.9.6 Option Exercisable Upon Payment of Premium
Trading Members shall not accept the lodgement of any Exercise Notice by a customer unless and until the aggregate Premium payable in respect of the Option has been paid in full.
18.9.7 Due Date of the Contract for the Underlying Securities Upon Exercise
Unless otherwise provided by SGX-ST, the due date for the contract for the purchase and sale of the underlying security upon the exercise of an Option shall be the fourth Market Day after the Exercise Date.