Maturity (warrants)

The expiry date represents the end of the time to expiry; it is the last day on which the warrant may be exercised. After the last trading day, which usually takes place a few days before the expiry date, investors may only conduct the settlement with the issuer. Many issuers determine in their terms and conditions for warrants that the option right is executed automatically at the end of the time to expiry if there is a positive balance. Nevertheless, investors should constantly monitor the expiry and adapt their strategy accordingly especially with the remaining time to expiry coming to an end.