Definitions for "LAST TRADING DAY"
Keywords:  cease, friday, settled, delivery, final
The last business day prior to the option's expiration during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month.
The final day in which trading may occur for a particular delivery month. After the last trading day, any remaining commitment must be settled for delivery.
The final trading day for a particular delivery month futures contract or options contract. Any futures contracts left open following this session must be settled by delivery.