Common comparison error
The label end of day under Expiry step does not identify which venue close or Clock expiry boundary governs.
GlossaryPricing & settlement
Expiry step
The smallest increment by which a duration or settlement time can be changed.
Practical use
How to verify Expiry step
Read Expiry step together with Expiry cutoff, Clock expiry, Expiry time. The comparison must preserve the exact rule, value, state, and evidence described below.
A neutral example
An Expiry step schedule shifts at daylight saving. UTC hours and exchange notices prevent a one-hour error in Expiry cutoff. A reviewer labels the case Expiry step only after showing that a 30-second increment or five-minute grid limits which durations or clock times can be selected.
Evidence path
Where to verify Expiry step
Use the source that governs the exact contract, account, entity, or platform state. A general definition cannot replace current broker terms.