Can I exercise newly purchased, unsettled warrants?

Warrants are a derivative that give the right, but not the obligation, to buy or sell a security, most commonly an equity, at a certain price before expiration.  The price at which the underlying security can be bought or sold is referred to as the exercise or strike price.  An American warrant can be exercised at any time on of before the expiration date, while European warrants can only be exercised on the expiration date.  Warrants that give the right to buy a security are known as call warrants; those that give the right to sell are known as put warrants…

In the U.S. and Canada, the depository will accept requests to exercise warrants up to 13:00 ET. 

Instructions received after that time will be considered for exercise on the following trading day…

No. We do not accept requests to submit warrant exercises in the future. Exercise requests are submitted for processing on the same day, provided there is sufficient time to meet the depository’s processing schedule.

Please Note…

Unlike stock options, warrants listed in the U.S. and Canada are not auto-exercised on the day of expiration. In the event a holder fails to request a warrant exercise, the warrant position will expire worthless in the account at expiration…