Just trying to understand some of the mechanics of assignment on expiry in the situation of an open put spread.
If I have an open short put and an open long put on expiry day.
And someone assigns against my short put (as I understand it they can do this until 7pm on expiry day? Is this correct?)
As I understand it I wouldn't get notified of the assignment until the next day.
This would mean I wouldn't be able to assign against my long put to cover (or partly cover) the assignment against my short put - is this correct?
I know that academically this situation is unlikely to arise for a large variety of reasons but just curious as to what the mechanics would be if it did.