By September 18, the US stock market is facing a record-breaking $9.6 trillion in options expirations. Estimates show about $6.2 trillion of that will come due right on September 18, the date of the classic triple/quad witching event.

Massive Volumes and a Key Date

The total value of expiring contracts is hitting $9.6 trillion, with roughly $6.2 trillion concentrated in the September 18 session (triple/quad witching). Citadel Securities is expecting this number to keep climbing, potentially blowing past the June record if current trends hold.

What’s Triple/Quad Witching?

Triple/quad witching — sometimes called “witching Friday” — is when stock options, index futures, and index option contracts all expire at the same time, which happens four times a year. It’s notorious for wild price swings and huge volumes as traders unwind their positions.

Citadel Securities’ Take

The firm says the bulk of expiring contracts are stacked up for September 18. They’re also not ruling out a new record if order flow keeps up the pace (more here).