Triple witching refers to the simultaneous expiry of three categories of derivatives contracts—stock index futures, stock index options, and individual stock options—on the same trading day. In the US markets, this occurs on the third Friday of March, June, September, and December. The event typically triggers elevated trading volumes and increased volatility as traders and institutional investors rush to close, roll over, or offset their expiring positions. In India, the monthly expiry of NSE's Nifty and Bank Nifty futures and options contracts on the last Thursday of each month produces a similar surge in derivative activity and heightened market volatility.
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