Description
NSE revises the expiry date of WTI Crude Oil Options on Futures contracts from two business days to seven business days prior to underlying futures expiry, effective November 6, 2025.
Summary
NSE has modified the Last Trading Day (Contract Expiry) parameter for WTI Crude Oil Options on Futures contracts. The expiry date is being changed from two business days prior to the underlying futures contract expiry to seven business days prior. This revision will be applicable from November 6, 2025, for contracts expiring in December 2025 and onwards.
Key Points
- Symbol affected: CRUDEOIL (Options on Futures contract - OPTFUT)
- Previous expiry: Two business days prior to underlying futures expiry
- Revised expiry: Seven business days prior to underlying futures expiry
- Effective date: November 6, 2025
- Applies to: Contracts expiring December 2025 onwards
- Already launched contracts (Dec-25 and Jan-26) will reflect revised expiry dates in trading system on November 19, 2025 (EOD)
Regulatory Changes
The contract specifications for WTI Crude Oil Options on Futures are being modified to provide additional time between options expiry and the underlying futures contract expiry. This increases the gap from 2 business days to 7 business days, providing more operational flexibility for market participants.
Compliance Requirements
- Trading members must upload the latest co_contract.gz file available on NSE Extranet before trading on November 20, 2025
- File path: /comtftp/comtcommon
- Members should update their systems to reflect the new expiry schedule
- Risk management systems should be adjusted for the new expiry timeline
Important Dates
- October 27, 2025: Circular issued
- November 6, 2025: Revised expiry parameters become applicable
- November 19, 2025: Revised expiry dates for already launched contracts (Dec-25, Jan-26) reflect in trading system (EOD)
- November 20, 2025: Trading members must have updated contract files before trading
- December 9, 2025: First revised expiry date for Dec-25 options contract
Contract Launch Calendar (Selected dates)
| Contract Month | Launch Date | Revised Expiry Date |
|---|---|---|
| Dec-25 | 22-Sep-25 | 09-Dec-25* |
| Jan-26 | 22-Oct-25 | 07-Jan-26* |
| Feb-26 | 20-Nov-25 | 10-Feb-26 |
| Mar-26 | 19-Dec-25 | 10-Mar-26 |
*Already launched contracts
Impact Assessment
Operational Impact: Trading members and participants in commodity derivatives will need to adjust their trading strategies and risk management frameworks to accommodate the earlier expiry of options contracts relative to the underlying futures.
Market Impact: The extended gap between options expiry and futures expiry may reduce basis risk and provide better price discovery. Traders will have additional time to manage positions and execute settlement strategies.
System Impact: Members must ensure their trading systems are updated with the new contract specifications and expiry dates, particularly before November 20, 2025, when the revised parameters take effect for already launched contracts.
Liquidity Impact: The change may affect trading patterns in the final week before options expiry, potentially distributing liquidity differently across the contract lifecycle.
Impact Justification
Significant change to contract expiry parameters for WTI Crude Oil Options on Futures affecting traders and members dealing in commodity derivatives. The five-day advancement in expiry dates requires operational adjustments but applies only to a specific derivative segment.