I think a significant number of my exercises were around quarterly earnings with people deciding they wanted to buy or sell before the ex-officio date, which is when you need to own the underlying to earn the dividend
That's exactly what it was. In the mid-2000s the bots started exercising ITM contracts to scalp dividends.
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Trading bots. A recurrent theme.
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There are some things that computers do much, much better than people. Short term trading is one of them.
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