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The Yahoo finance link for SPY options

Indicate that these options expire at close of October 31st. This is confusing because I thought options expire on the third Friday of every month. Oct 31st is not the third Friday of October, so why are these options expiring on October 31?

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Prior to 2005, the only SPY options that existed were the monthly ones that expire on the third Friday of every month. But in 2005, the Chicago Board Options Exchange introduced SPY weekly options that expire every Friday (except that there is no weekly option that expires on the same day as a monthly option). These weekly options only exist for 8 days - they start trading on a Thursday and expire 8 days later on Friday.

The SPY options that expire on Friday October 31 are weekly options, and they started trading on Thursday October 23.

Sources: Investopedia

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    Options didn't exist before 2005? And the US is the only country in the world? And the CBOE is the only exchange in the US? – TheMathemagician Oct 24 '14 at 13:43
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Traditionally options expired on the 3rd Wednesday of the months of Mar, Jun, Sep, Dec as this day was never a holiday. See IMM dates. However as option use exploded there were monthly and weekly options created on different schedules. The exchange will specify when its options expire in the contract.

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