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Meaning / Definition of

Opinion

Categories: Legal,

A court's written explanation of a judgment, usually including a summary of the facts, an explanation of the law on the issue, and the court's analysis for applying the law to those facts and coming to a conclusion. The opinions of appellate courts (courts that review the decisions of trial courts, the highest appellate court being the supreme court) are frequently published and create rules for future litigants to follow. Appellate judges who disagree with a majority opinion may file dissenting opinions.

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Definition / Meaning of

Expiration Cycle

Categories: Finance,

The recurring cycle of expiry months for which options on a particular security can be available. Basic options are placed in one of three cycles; Cycle 1 (the January/April/July/October, or the first month of each quarter); Cycle 2 (the second month of each quarter); or Cycle 3 (the third month of each quarter).At any one time, a basic option has contracts with three expiration dates outstanding. For example, in mid-February, options trading on cycle 3 will have March, June and September expiries available. Late in March, after the March options expire, a December contract will be added, thus offering June, September and December expiries.Higher-volume equity options, index options, and LEAPS can trade on other cycles, such as Cycle 4, Cycle 5 or Cycle 6. Cycle 4, for example, offers options in the two nearest months plus two months from Cycle 3. For example, in mid-April, there would be April, May, June and September expires available. A month later, there would be May, June, September and December expiries available for trading.

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