Chapter 04 · Section 4.1
Delivery
How far is the clearing house involved in delivery?
b) If an option holder chooses to exercise, it assigns to the individual option writer of the same series the obligation to deliver or to take delivery.
No. The clearing house does not know the individual option writer, except for clearing members' own positions. Moreover, there are usually many more short positions than options to be exercised.
c) It assigns the obligation to a clearing member with a short position in the same series the obligation to deliver or to take delivery and oversees the delivery process.
a) It delivers the underlying asset to the option holders that chose to exercise.