erroneously by the official reporting source. As a con- sequence of the error, the options market on which the option Is traded may not determine on a timely basis that the automatic exercise feature has been triggered. In that event, the option will not be automatically exer- cised unless the options market determines on a sub- sequent trading day that the automatic exercise value for the option has hit the cap price. Alternatively, the options market may determine on the basis of an erro- neous report that the automatic exercise feature has been triggered. If the options market makes such a determination and does not correct it on a timely basis. the option will be automatically exercised and the short positions of all writers will be assigned based on the erroneous report. 6. The insolvency of a brokerage firm could present risks for that firm's customers, whether they are Inves- tors in options or in other securities. It a brokerage firm or the OCC Clearing Member that carries the firm's accounts at OCC were to become insolvent, the firm's customers could have some or all of their options posi- tions closed out without their consent. Customers whose options positions were not closed out under these circumstances might experience delays or other difficulties in attempting to close out or exercise af- fected options positions. Similady, the insolvency of an associate clearing house could present risks for the customers of brokerage firms whose accounts are car- ried through that associate clearing house. 7. Special risks are presented by Internationally- traded options. Because of time differences between the United States and various foreign countries, and because different holidays are observed in different countries. foreign options markets may be open for trading during hours or on days when U.S. markets are closed. Investors buying or writing options in foreign markets at such times should understand that options premiums may not r