On Friday, global markets will face a trillions-of-dollars quarterly derivatives event known as quadruple witching.

The event occurs on the third Friday of March, June, September, and December, when four major types of derivatives expire simultaneously. These include stock index futures, stock index options, single-stock options, and single-stock futures.

Because traders must close, roll or settle these positions simultaneously, trading activity often surges, and price swings can intensify in the traditional markets.

Exact figures for the March 2026 expiry have not yet been published, though recent events illustrate the scale. In March 2025, roughly $4.7 trillion worth of equity and index derivatives expired during the quarterly event….