Options Exercise API - Workflows

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These steps identify the message flow when submitting a new options exercise instruction: 

1. Firm sends Option instructions to CME via API or the Positions User Interface.

2. One of three actions occur:

   1. Firm instruction pass all CME validations. CME Clearing sends an accepted message (3a) back to the firm with Stat = Accepted (0)

   2. Firm instruction fails account or eligibility check. CME Clearing sends a reject message (3b) back to the firm with Stat = Rejected (2)

   3. Firm instruction passes account and eligibility check but the exercise quantity is greater than the account position or the option to be exercised is out of the money. CME sends an accepted with warnings message (3c) back to the firm with Stat = Accepted with Warnings (1)