date upon which something ends, date after which something is no longer useable or valid
The last day (in the case of
American-style) or the only day (in the case of European-style) on which an
option may be
exercised. For
stock options, this date is the Saturday immediately following the 3rd Friday of the expiration month; however,
brokerage firms may set an earlier deadline for notification of an
option holder's intention to
exercise. If Friday is a holiday, the
last trading day will be the preceding Thursday.
The final date when an option may be exercised. Many options expire on a specified date during the month prior to the delivery month for the underlying futures contract.
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