When a call purchaser takes delivery of the underlying long futures position, or when a put purchaser takes delivery of the underlying short futures position. Only option buyers may "exercise" their options; option sellers have a passive position.
EXERCISE
Meaning of EXERCISE in English
A guide to futures and options market technology English dictionary. Английский словарь-руководство по фьючерсам и опционам рыночных технологий . 2012