Before I start trading light crude futures options, I have a question. First, I understand what day these options expire based on the contract month. But what time of day is the last trade accepted? Reasons for confusion: Globex trading hours 6:00 PM-5:15 PM EST. Floor 8:20AM to 1:30 PM. Settlements prices are quoted at 11:30PM. So, what time of day do these options expire? Thanks.
Appreciate the response. The crude options, though, expire three business days before the futures--it is statement correct? I know that the FEB11 futures expire January 20th, 2011 (Thursday). Therefore, the FEB11 futures options must expire on January 14, 2011--since the 17th is a holiday. Even so, I assume that the time of day of expiration is at 2:30PM EST. Thanks again.
Take a look at this link. It should provide with what you needed. http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude_product_calendar_options.html
Appreciate your help. I have been to that webpage. It gives the date but not the time of expiration. I called the NYMEX and the customer service rep verified the previous gentleman's response. The contracts expire at the end of the open outcry session (2:30PM EST).