expire on Saturday, but the last trading day is Friday. This means an individual has to decide by the close of the market on Friday what action to take on their options. The dealers have till Saturday to "inform" accounts of any option exercies. This means that dealers effectively have one extra day to decide on exercise or not for options they may own. Something that is not usually of any value, but could be if some share price affecting news arose.
Although equity options literally (ie legally) expire on the third Saturday of the expiration month, a day reserved for brokerage firms and The Options Clearing Corporation to confirm customers' positions, the day expiring equity options last trade is the Friday before expiration, or the third Friday of the month. This is also generally (ie not always the case) the last day an investor may notify his brokerage firm of his intent to exercise an expiring equity call or put. If this third Friday happens to be an exchange holiday, then the last day of trading for expiring equity options is the day before, or the third Thursday of the month. Check with your brokerage firm about its procedures and deadlines for instruction to exercise equity options.
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