Not All Expirations Are Created Equal

Short-dated options may look similar, but the way they behave into expiration can be very different. A key driver of that difference is structure—specifically, American-style versus European-style options.

This session focuses on how those two styles diverge at expiration, including exercise flexibility, settlement mechanics, and how risk can emerge in the final hours. As shorter-dated options continue to grow, understanding these structural differences is essential to interpreting outcomes.