Expirations for SPXW Weeklys
In 2016 Cboe began to offer SPXW Weeklys with Monday and Wednesday expirations, in addition to the existing SPXW Weeklys with Friday expirations (SPXW EOW). As with SPXW Weeklys with Friday expirations, Cboe has the ability to list up to 12 consecutive expirations in SPXW Weeklys with Monday expirations and up to 12 consecutive expirations in SPWX Weeklys with Wednesday expirations. Similar to SPXW Weeklys with Friday expirations, Cboe maintains six consecutive expirations in SPXW Weeklys with Monday expirations and six consecutive expirations in SPXW Weeklys with Wednesday expirations.
SPXW Weeklys are PM-settled on the last trading day, typically a Friday for SPXW EOW Weeklys, a Wednesday for SPXW Wednesday Weeklys, and a Monday for SPXW Monday Weeklys. As with other PM-settled index options, the exercise-settlement value is calculated using the last (closing) reported sales price in the primary market of each component stock. On the last trading day, trading in expiring SPXW Weeklys closes at 3:00 p.m. (Chicago time). All non-expiring SPXW Weeklys continue to trade until 3:15 p.m. (Chicago time).
As for all Weeklys, SPXW Weeklys will not be listed if they would expire on the same day on which a different expiration already exists, i.e., standard 3rd Friday, End of Month or Quarterly expirations. In addition, if the listing or expiration dates fall on a holiday, the dates will be adjusted as follows in the below chart.
All SPXW Weeklys and standard (3rd Friday/AM-settled) SPX options trade during extended and regular trading hours. Extended trading hours are from 2:00 a.m. to 8:15 a.m. (Chicago time) on Monday through Friday and regular trading hours from 8:30 a.m. to 3:15 p.m. (Chicago time) on Monday through Friday. Please visit the Extended Trading Hours webpage for more details.