DATE: October 7, 2013 QUESTION: How will the new timing on options expiration starting in February 2015 affect the trading of SPX options? ANSWER: SPX options are cash-settled index options on the Standard & Poor?s 500 Stock Index. The new timing on index options expiration specifically relates to the day of final expiration. Currently, the day of final expiration for SPX options is midnight on the Saturday following the 3rd Friday of the expiration month. Starting with February expiration in 2015, however, SPX options will expire at midnight on the 3rd Friday of the expiration month which will be 24 hours sooner. To learn more about the new timing on SPX options expiration, view this segment of "Ask the Institute."
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