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+28 Part I: Bask Properties of Stock Options 
+l. Options expire on the Saturday following the third Friday of the expiration 
+rrwnth, although the third Friday is the last day of trading. In general, however, 
+waiting past 3:30 P.M. on the last day to place orders to buy or sell the expiring 
+options is not advisable. In the "crush" of orders during the final minutes of trad- , 
+ing, even a market order may not have enough time to be executed. 
+2. Option trades have a one-day settlement cycle. The trade settles on the next busi­
+ness day after the trade. Purchases must be paid for in full, and the credits from 
+sales "hit" the account on the settlement day. Some brokerage firms require set­
+tlement on the same day as the trade, when the trade occurs on the last trading 
+day of an expiration series. 
+3. Options are opened for trading in rotation. When the underlying stock opens for 
+trading on any exchange, regional or national, the options on that stock then go 
+into opening rotation on the corresponding option exchange. The rotation system 
+also applies if the underlying stock halts trading and then reopens during a trad­
+ing day; options on that stock reopen via a rotation. 
+In the rotation itself, interested parties make bids and offers for each particular 
+option series one at a time - the XYZ January 45 call, the XYZ January 50 call, 
+and so on - until all the puts and calls at various expiration dates and striking 
+prices have been opened. Trades do not necessarily have to take place in each 
+series, just bids and offers. Orders such as spreads, which involve more than one 
+option, are not executed during a rotation. 
+While the rotation is taking place, it is possible that the underlying stock could 
+make a substantial move. This can result in option prices that seem unrealistic 
+when viewed from the perspective of each option's opening. Consequently, the 
+opening price of an option can be a somewhat suspicious statistic, since none of 
+them open at exactly the same time. 
+Also, it should be noted that most option traders do not trade during rotation, so 
+a market order may receive a very poor price. Hence, if one is considering trad­
+ing during rotation, a limit order should be used. ( Order entry is discussed in 
+more detail in a later section of this chapter.) 
+4. When the underlying stock splits or pays a stock dividend, the terms of its options 
+are adjusted. Such an adjustment may result in fractional striking prices and in 
+options for other than 100 shares per contract. No adjustments in terms are made 
+for cash dividends. The actual details of splits, stock dividends, and rights offer­
+ings, along with their effects on the option terms, are always published by the 
+option exchange that trades those options. Notices are sent to all member firms, 
+who then make that information available to their brokers for distribution to 
+clients. In actual practice, the option strategist should ascertain from the broker