Non Standard Options

Definition. Options that have undergone a corporate action resulting in a new option symbol (e.g., a ticker change, stock split, merger, or spin-off) are classified as non-standard options.

Opening restricted. Webull Singapore does not support the opening of new non-standard option positions.

Closing permitted. Clients may still close existing non-standard option positions.

Treatment as new positions. Once an option contract converts to a non-standard option, it is treated as a new position, independent of the original contract. As a result, existing multi-leg strategies are no longer recognized as such. For example, a covered call may become an unhedged (naked) short call, since the system does not support strategy recognition for non-standard options.

Margin impact. Clients holding what were previously covered positions may see their initial margin requirement increase significantly, since the position is now margined as an uncovered/naked option rather than a covered strategy.

Force liquidation. If the increased margin requirement triggers a margin call and the client does not meet it, force liquidation will proceed according to the standard force liquidation process.