I found a page that says the following about European-style options (in the context of weekly and end-of-month options for S&P 500 futures):

European-style options can be exercised only on the option’s expiration day.

This suggests to me that if a European-style option expires on a Friday at 4 pm, then a holder of that option could not exercise it before Friday, but could exercise it any time on Friday before 4 pm.

I have seen other pages suggesting that European-style options cannot be exercised at all before expiration. Is that the case, or are there certain European-style options that can be exercised at any time on the day of expiration?

  • 1
    When you exercise before 4pm, you are simply sending them the exercise instruction (which presumably you could revoke prior to 4pm as well). The exercise will take place after the close.
    – xirt
    Sep 13, 2020 at 12:57

1 Answer 1


Another CME page clears it up:

European Style Options: can be exercised only at expiration.

The majority of CME Group options on futures are European style and can be exercised only at expiration.

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