Trading

Delivery

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Transfer of underlying asset upon exercise

What is Delivery?

Delivery The transfer of the underlying asset when an option is exercised. For physically-settled options, the call buyer receives shares (put buyer delivers shares) at the strike price. Cash-settled options (like index options) pay the cash difference instead of transferring any securities.

Complete Definition

The transfer of the underlying asset when an option is exercised. For physically-settled options, the call buyer receives shares (put buyer delivers shares) at the strike price. Cash-settled options (like index options) pay the cash difference instead of transferring any securities.

Related Terms

Exercise Assignment Settlement Date

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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