What/When is Expiration Date?


The expiry date is the date on which an option and its inherent rights cease to exist. Options expire at noon on the Saturday following the third Friday of the expiry month (last trading day).  eg  BVF 20 Oct calls (for 2005), last trade day is the third Friday of October, the 21st, expiring on the following day at noon.  Usually the option is removed (if worthless) from the account on the Monday, or in the case of exercise/assignment, this also occurs on the Monday.