This is probably a stupid question (although my teachers always told me there was no such thing). If I am long on a call for stock XYZ and it's ITM at expiration (eg. $100 ITM), what happens exactly? Will TK automatically exercise the option and cash settle the transaction and deposit $100 minus fees into my account or will I have to purchase 100 shares of XYZ at the strike price?
I've never actually held an ITM option to expiration before.
Thanks.