diff --git a/Common/Securities/Option/OptionSymbol.cs b/Common/Securities/Option/OptionSymbol.cs
index f5c98abb5c74..76483d0d19c1 100644
--- a/Common/Securities/Option/OptionSymbol.cs
+++ b/Common/Securities/Option/OptionSymbol.cs
@@ -28,6 +28,8 @@ public static class OptionSymbol
     {
         private static readonly Dictionary<string, byte> _optionExpirationErrorLog = new();
 
+        private static readonly Dictionary<Symbol, DateTime> _expirationDateTimes = new();
+
         /// <summary>
         /// Returns true if the option is a standard contract that expires 3rd Friday of the month
         /// </summary>
@@ -130,7 +132,7 @@ public static DateTime GetSettlementDateTime(Symbol symbol)
         {
             if (!TryGetExpirationDateTime(symbol, out var expiryTime, out var exchangeHours))
             {
-                throw new ArgumentException("The symbol must be an option type");
+                throw new ArgumentException($"The symbol {symbol} is not an option type");
             }
 
             // Standard index options are AM-settled, which means they settle on market open of the expiration date
@@ -171,6 +173,11 @@ private static bool TryGetExpirationDateTime(Symbol symbol, out DateTime expiryT
 
             exchangeHours = MarketHoursDatabase.FromDataFolder().GetExchangeHours(symbol.ID.Market, symbol, symbol.SecurityType);
 
+            if (_expirationDateTimes.TryGetValue(symbol, out expiryTime))
+            {
+                return true;
+            }
+
             // Ideally we can calculate expiry on the date of the symbol ID, but if that exchange is not open on that day we
             // will consider expired on the last trading day close before this; Example in AddOptionContractExpiresRegressionAlgorithm
             var lastTradingDay = exchangeHours.IsDateOpen(symbol.ID.Date)
@@ -196,6 +203,8 @@ private static bool TryGetExpirationDateTime(Symbol symbol, out DateTime expiryT
                 expiryTime = symbol.ID.Date.AddDays(1).Date;
             }
 
+            _expirationDateTimes[symbol] = expiryTime;
+
             return true;
         }
     }