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Wild Card Option

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Dictionary Says

Definition of 'Wild Card Option'

An option associated with treasury bond or treasury note futures contracts that permits the short position to delay the delivery of the underlying.
Investopedia Says

Investopedia explains 'Wild Card Option'

This provision allows the short futures contract holder to announce his or her intention to deliver the underlying securities on any notice day before a specified time, which is later than the regular trading hours, in which invoice prices are normally fixed. The security that is delivered is usually the cheapest to deliver on that specific day.

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