FA-61780 / Options payoff and settlement / Member archive

Early call exercise before an ex-dividend date: early exercise is considered on any day · case 05

Calls are exercised days before the dividend is relevant.

Member previewVariant 5 · 3 implementations · 8 checks per implementation

Case contract

Inputs call price, spot, strike, dividend and whether today is the last cum-dividend day. Exercise only on the last cum-dividend day, only if the call is in the money, and only if the dividend is strictly greater than the call's extrinsic value (price - intrinsic). Amounts compared exactly in cents. Return true/false.

Why this case matters

Option expiry, exercise and settlement engines move cash and shares; a wrong branch misstates obligations.

One recorded failure

Sample boundary fixture

This sample comes from the broken implementation of a controlled reproducer.

Boundary fixture	Actual	Expected	Outcome
regression timing gate 1	`true`	`false`	Failed

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