EXPIRATION CYCLE

An expiration cycle relates to the dates on which options on a particular security expire. A given option will be placed in 1 of 3 cycles, the January cycle, the February cycle, or the March cycle. At any point in time, an option will have contracts with 4 expiration dates outstanding , 2 in near-term months and 2 in far-term months. Last day on which an option may be exercised .