Expiration

The death of something or end of its span of usefulness. Despite what Webster 1913 says, breathing is conducted via inhalation and exhalation. Whether these words are synonymous with inspiration and expiration is moot. The breath has outlived its usefulness; therefore, has expired.

In options, the point in time after which an option can no longer be exercised. European options may only be exercised at this point in time; american options may be exercised at any time prior to this. (Counterintuitively, the names do not denote a strong geographical tie.)

Ex`pi*ra"tion (?), n. [L. expiratio,exspiratio: cf. F. expiration. See Expire.]

1.

The act of expiring

The act or process of breathing out, or forcing air from the lungs through the nose or mouth; as, respiration consists of inspiration and expiration; -- opposed to inspiration

Emission of volatile matter; exhalation.

The true cause of cold is an expiration from the globe of the earth. Bacon.

(c)

The last emission of breath; death

Rambler.

(d)

A coming to a close; cessation; extinction; termination; end

Before the expiration of thy time. Shak.

2.

That which is expired; matter breathed forth; that which is produced by breathing out, as a sound.

The aspirate "he," which is . . . a gentle expiration. G. Sharp.

© Webster 1913.