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Physical Settlement means the Underlying asset or commodity must either be delivered by the option seller (in the case of calls). For puts, the option seller must agree to purchase from the Option Buyer the Underlying asset or commodity at the Strike Price of the option. Physical Settlement is more conventional for stocks and commodities.
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Feeling Unsettled by Settlement Values
http://www.optioninvestor.com/page/oin/education/opt101/2009/05-30.html

Article describing how stock and index option settlement prices are derived.

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