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What Is Futures Expiration?
Futures Expiration is the day beyond which a futures contract will cease to be traded in the market and is to be subsequently settled in accordance to the settlement method stated.
All financial derivatives have a limited lifespan and an expiration date. Financial derivatives in the US market expire every third Friday of the month. Technically, there is no such thing as an expiration day in futures trading because futures contracts continue to enforce their settlement beyond their "expiration day". This is why expiration day is also, and more correctly, known as "Last Trading day".
Read the full tutorial on Futures Expiration.