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Finance Dictionary and Glossary of Investment Terms
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 futures contract specifications.
The final day during which trading may take place in a particular option contract or futures contract, after which it must be settled by delivery of the underlying commodity or security, or by agreement for settlement with cash.