Last trading day

The final day under an exchange's rules during which trading may take place in a particular futures or options contract. Contracts outstanding at the end of the last trading day must be settled by delivery of underlying physical commodities or financial instruments, or by agreement for monetary settlement depending upon futures contract specifications. The New York Times Financial Glossary

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   The last day for trading in the current delivery month. Futures contracts outstanding at the end of the last trading day must be settled by delivery of the underlying asset or by cash settlement.
   ► See also Cash Settlement, Futures.

Financial and business terms. 2012.

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