Futures Close Out

Delivery, Exercise and Corporate Actions

POLICIES AND INSTRUCTIONS

Delivery, Exercise and Corporate Actions

Futures Close-Out Policy


Physically delivered products (which include products eligible and ineligible to trade at negative prices) are subject to a close-out period1. Also subject to a close-out period are oil-related futures contracts which are eligible to trade at negative prices, which includes those with settlement in terms of either physical delivery or cash settlement at expiration.

As the risk of a product's value may decline into negative prices, and to avoid deliveries of expiring futures contracts, including those resulting from futures options expiry, clients must roll forward or close out positions prior to the start of the Close-Out deadline specific to that contract. Any physically delivered contract, including cash settled oil futures contracts which are not closed out within the specified time frame, may be liquidated by IBKR without prior notification. Additionally, beginning five business days prior to expiration, only margin-reducing transactions in expiring month contracts will be accepted for oil-based products eligible to trade at negative prices. In addition, we now allow physical delivery for ILS, ZAR, SEK, PLN, NOK FX futures.



Exchange Trading Class Contract Month Description Applicable to Cash/IRA Accounts Only Start of Close-Out Period 2 Long Futures Cutoff 3 Long Futures Liquidation 5 Short Futures Cutoff 4 Short Futures Liquidation 5
CME SJY 202412 SF/JY cross rate Yes(1) 2 business days prior to cutoff 2024/12/16 09:16 2024/12/13 7:20 2024/12/16 09:16 2024/12/13 7:20
CME SJY 202503 SF/JY cross rate Yes(1) 2 business days prior to cutoff 2025/03/17 09:16 2025/03/14 7:20 2025/03/17 09:16 2025/03/14 7:20
COMEX ALI 202503 Aluminum No 17 business days prior to cutoff 2025/02/27 14:30 2025/02/05 08:30 2025/02/27 14:30 2025/02/05 08:30
COMEX ALI 202501 Aluminum No 17 business days prior to cutoff 2024/12/30 14:30 2024/12/06 08:30 2024/12/30 14:30 2024/12/06 08:30
COMEX ALI 202409 Aluminum No 17 business days prior to cutoff 2024/08/29 14:30 2024/08/07 08:30 2024/08/29 14:30 2024/08/07 08:30
COMEX ALI 202412 Aluminum No 17 business days prior to cutoff 2024/11/27 14:30 2024/11/05 08:30 2024/11/27 14:30 2024/11/05 08:30
COMEX ALI 202406 Aluminum No 17 business days prior to cutoff 2024/05/30 14:30 2024/05/08 08:30 2024/05/30 14:30 2024/05/08 08:30
COMEX ALI 202407 Aluminum No 17 business days prior to cutoff 2024/06/27 14:30 2024/06/05 08:30 2024/06/27 14:30 2024/06/05 08:30
COMEX ALI 202502 Aluminum No 17 business days prior to cutoff 2025/01/30 14:30 2025/01/08 08:30 2025/01/30 14:30 2025/01/08 08:30
COMEX ALI 202410 Aluminum No 17 business days prior to cutoff 2024/09/27 14:30 2024/09/05 08:30 2024/09/27 14:30 2024/09/05 08:30
COMEX ALI 202505 Aluminum No 17 business days prior to cutoff 2025/04/29 14:30 2025/04/07 08:30 2025/04/29 14:30 2025/04/07 08:30
COMEX ALI 202411 Aluminum No 17 business days prior to cutoff 2024/10/30 14:30 2024/10/08 08:30 2024/10/30 14:30 2024/10/08 08:30
COMEX ALI 202408 Aluminum No 17 business days prior to cutoff 2024/07/30 14:30 2024/07/08 08:30 2024/07/30 14:30 2024/07/08 08:30
COMEX ALI 202504 Aluminum No 17 business days prior to cutoff 2025/03/28 14:30 2025/03/06 08:30 2025/03/28 14:30 2025/03/06 08:30
COMEX GC 202406 Gold No 2 business days prior to cutoff 2024/05/30 16:00 2024/05/29 8:20 2024/06/26 13:30 2024/06/25 8:20
COMEX GC 202412 Gold No 2 business days prior to cutoff 2024/11/27 16:00 2024/11/26 8:20 2024/12/27 13:30 2024/12/26 8:20
COMEX GC 202408 Gold No 2 business days prior to cutoff 2024/07/30 16:00 2024/07/29 8:20 2024/08/28 13:30 2024/08/27 8:20
COMEX GC 202410 Gold No 2 business days prior to cutoff 2024/09/27 16:00 2024/09/26 8:20 2024/10/29 13:30 2024/10/28 8:20
COMEX GC 202502 Gold No 2 business days prior to cutoff 2025/01/30 16:00 2025/01/29 8:20 2025/02/26 13:30 2025/02/25 8:20
COMEX GC 202504 Gold No 2 business days prior to cutoff 2025/03/28 16:00 2025/03/27 8:20 2025/04/28 13:30 2025/04/25 8:20
COMEX GC 202407 Gold No 2 business days prior to cutoff 2024/06/27 16:00 2024/06/26 8:20 2024/07/29 13:30 2024/07/26 8:20
COMEX HG 202407 Copper No 2 business days prior to cutoff 2024/06/27 16:00 2024/06/26 8:10 2024/07/29 13:00 2024/07/26 8:10
COMEX HG 202409 Copper No 2 business days prior to cutoff 2024/08/29 16:00 2024/08/28 8:10 2024/09/26 13:00 2024/09/25 8:10
COMEX HG 202412 Copper No 2 business days prior to cutoff 2024/11/27 16:00 2024/11/26 8:10 2024/12/27 13:00 2024/12/26 8:10
COMEX HG 202503 Copper No 2 business days prior to cutoff 2025/02/27 16:00 2025/02/26 8:10 2025/03/27 13:00 2025/03/26 8:10
COMEX HG 202505 Copper No 2 business days prior to cutoff 2025/04/29 16:00 2025/04/28 8:10 2025/05/28 13:00 2025/05/27 8:10
COMEX HG 202406 Copper No 2 business days prior to cutoff 2024/05/30 16:00 2024/05/29 8:10 2024/06/26 13:00 2024/06/25 8:10
COMEX HG 202408 Copper No 2 business days prior to cutoff 2024/07/30 16:00 2024/07/29 8:10 2024/08/28 13:00 2024/08/27 8:10
COMEX HG 202410 Copper No 2 business days prior to cutoff 2024/09/27 16:00 2024/09/26 8:10 2024/10/29 13:00 2024/10/28 8:10
COMEX HG 202411 Copper No 2 business days prior to cutoff 2024/10/30 16:00 2024/10/29 8:10 2024/11/26 13:00 2024/11/25 8:10
COMEX HG 202501 Copper No 2 business days prior to cutoff 2024/12/30 16:00 2024/12/27 8:10 2025/01/29 13:00 2025/01/28 8:10
COMEX HG 202502 Copper No 2 business days prior to cutoff 2025/01/30 16:00 2025/01/29 8:10 2025/02/26 13:00 2025/02/25 8:10
COMEX HG 202504 Copper No 2 business days prior to cutoff 2025/03/28 16:00 2025/03/27 8:10 2025/04/28 13:00 2025/04/25 8:10
COMEX MGC 202406 E-Micro Gold No 2 business days prior to cutoff 2024/05/30 16:00 2024/05/29 8:30 2024/05/30 16:00 2024/05/29 8:30
COMEX MGC 202408 E-Micro Gold No 2 business days prior to cutoff 2024/07/30 16:00 2024/07/29 8:30 2024/07/30 16:00 2024/07/29 8:30
COMEX MGC 202410 E-Micro Gold No 2 business days prior to cutoff 2024/09/27 16:00 2024/09/26 8:30 2024/09/27 16:00 2024/09/26 8:30
COMEX MGC 202412 E-Micro Gold No 2 business days prior to cutoff 2024/11/27 16:00 2024/11/26 8:30 2024/11/27 16:00 2024/11/26 8:30
COMEX MGC 202502 E-Micro Gold No 2 business days prior to cutoff 2025/01/30 16:00 2025/01/29 8:30 2025/01/30 16:00 2025/01/29 8:30
COMEX MGC 202504 E-Micro Gold No 2 business days prior to cutoff 2025/03/28 16:00 2025/03/27 8:30 2025/03/28 16:00 2025/03/27 8:30
COMEX SI 202407 Silver No 2 business days prior to cutoff 2024/06/27 16:00 2024/06/26 8:25 2024/07/29 13:25 2024/07/26 8:25
COMEX SI 202412 Silver No 2 business days prior to cutoff 2024/11/27 16:00 2024/11/26 8:25 2024/12/27 13:25 2024/12/26 8:25
COMEX SI 202409 Silver No 2 business days prior to cutoff 2024/08/29 16:00 2024/08/28 8:25 2024/09/26 13:25 2024/09/25 8:25
COMEX SI 202501 Silver No 2 business days prior to cutoff 2024/12/30 16:00 2024/12/27 8:25 2025/01/29 13:25 2025/01/28 8:25
COMEX SI 202503 Silver No 2 business days prior to cutoff 2025/02/27 16:00 2025/02/26 8:25 2025/03/27 13:25 2025/03/26 8:25
COMEX SI 202505 Silver No 2 business days prior to cutoff 2025/04/29 16:00 2025/04/28 8:25 2025/05/28 13:25 2025/05/27 8:25
COMEX SI 202406 Silver No 2 business days prior to cutoff 2024/05/30 16:00 2024/05/29 8:25 2024/06/26 13:25 2024/06/25 8:25
COMEX SI 202408 Silver No 2 business days prior to cutoff 2024/07/30 16:00 2024/07/29 8:25 2024/08/28 13:25 2024/08/27 8:25
COMEX SIL 202407 Silver No 2 business days prior to cutoff 2024/06/27 16:00 2024/06/26 8:25 2024/07/29 13:25 2024/07/26 8:25
COMEX SIL 202409 Silver No 2 business days prior to cutoff 2024/08/29 16:00 2024/08/28 8:25 2024/09/26 13:25 2024/09/25 8:25
COMEX SIL 202412 Silver No 2 business days prior to cutoff 2024/11/27 16:00 2024/11/26 8:25 2024/12/27 13:25 2024/12/26 8:25
COMEX SIL 202501 Silver No 2 business days prior to cutoff 2024/12/30 16:00 2024/12/27 8:25 2025/01/29 13:25 2025/01/28 8:25
COMEX SIL 202503 Silver No 2 business days prior to cutoff 2025/02/27 16:00 2025/02/26 8:25 2025/03/27 13:25 2025/03/26 8:25
COMEX SIL 202406 Silver No 2 business days prior to cutoff 2024/05/30 16:00 2024/05/29 8:25 2024/06/26 13:25 2024/06/25 8:25
COMEX SIL 202505 Silver No 2 business days prior to cutoff 2025/04/29 16:00 2025/04/28 8:25 2025/05/28 13:25 2025/05/27 8:25
COMEX SIL 202408 Silver No 2 business days prior to cutoff 2024/07/30 16:00 2024/07/29 8:25 2024/08/28 13:25 2024/08/27 8:25
ENDEX ECF 202412 ICE ECX EUA No 2 business days prior to cutoff 2024/12/16 16:30 2024/12/13 7:00 2024/12/16 16:30 2024/12/13 7:00
ENDEX ECF 202503 ICE ECX EUA No 2 business days prior to cutoff 2025/03/31 16:30 2025/03/28 7:00 2025/03/31 16:30 2025/03/28 7:00
ENDEX ECF 202406 ICE ECX EUA No 2 business days prior to cutoff 2024/06/24 16:30 2024/06/21 7:00 2024/06/24 16:30 2024/06/21 7:00
ENDEX ECF 202409 ICE ECX EUA No 2 business days prior to cutoff 2024/09/30 16:30 2024/09/27 7:00 2024/09/30 16:30 2024/09/27 7:00
ENDEX ECF 202408 ICE ECX EUA No 2 business days prior to cutoff 2024/08/19 16:30 2024/08/16 7:00 2024/08/19 16:30 2024/08/16 7:00
ENDEX ECF 202407 ICE ECX EUA No 2 business days prior to cutoff 2024/07/29 16:30 2024/07/26 7:00 2024/07/29 16:30 2024/07/26 7:00
ENDEX ECF 202410 ICE ECX EUA No 2 business days prior to cutoff 2024/10/28 16:30 2024/10/25 7:00 2024/10/28 16:30 2024/10/25 7:00
ENDEX TFM 202406 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/05/30 00:00 2024/05/29 8:00 2024/05/30 18:00 2024/05/29 8:00
ENDEX TFM 202409 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/08/29 00:00 2024/08/28 8:00 2024/08/29 18:00 2024/08/28 8:00
ENDEX TFM 202412 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/11/28 00:00 2024/11/27 8:00 2024/11/28 18:00 2024/11/27 8:00
ENDEX TFM 202503 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2025/02/27 00:00 2025/02/26 8:00 2025/02/27 18:00 2025/02/26 8:00
ENDEX TFM 202506 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2025/05/29 00:00 2025/05/28 8:00 2025/05/29 18:00 2025/05/28 8:00
ENDEX TFM 202407 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/06/27 00:00 2024/06/26 8:00 2024/06/27 18:00 2024/06/26 8:00
ENDEX TFM 202408 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/07/30 00:00 2024/07/29 8:00 2024/07/30 18:00 2024/07/29 8:00
ENDEX TFM 202410 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/09/27 00:00 2024/09/26 8:00 2024/09/27 18:00 2024/09/26 8:00
ENDEX TFM 202411 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/10/30 00:00 2024/10/29 8:00 2024/10/30 18:00 2024/10/29 8:00
ENDEX TFM 202501 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2024/12/30 00:00 2024/12/27 8:00 2024/12/30 18:00 2024/12/27 8:00
ENDEX TFM 202502 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2025/01/30 00:00 2025/01/29 8:00 2025/01/30 18:00 2025/01/29 8:00
ENDEX TFM 202504 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2025/03/28 00:00 2025/03/27 8:00 2025/03/28 18:00 2025/03/27 8:00
ENDEX TFM 202505 Dutch TTF Natural Gas Monthly Futures No 2 business days prior to cutoff 2025/04/29 00:00 2025/04/28 8:00 2025/04/29 18:00 2025/04/28 8:00
EUREX CONF 202406 SWISS BONDS No 2 hours prior to cutoff 2024/06/06 12:30 2024/06/06 10:30 2024/06/06 12:30 2024/06/06 10:30
EUREX CONF 202409 SWISS BONDS No 2 hours prior to cutoff 2024/09/06 12:30 2024/09/06 10:30 2024/09/06 12:30 2024/09/06 10:30
EUREX CONF 202412 SWISS BONDS No 2 hours prior to cutoff 2024/12/06 12:30 2024/12/06 10:30 2024/12/06 12:30 2024/12/06 10:30
EUREX FBON 202406 BONO Futures on long-term Spanish government bonds No 7 business days prior to cutoff 2024/06/06 12:30 2024/05/29 8:00 2024/06/06 12:30 2024/05/29 8:00
EUREX FBON 202409 BONO Futures on long-term Spanish government bonds No 7 business days prior to cutoff 2024/09/06 12:30 2024/08/29 8:00 2024/09/06 12:30 2024/08/29 8:00
EUREX FBON 202412 BONO Futures on long-term Spanish government bonds No 7 business days prior to cutoff 2024/12/06 12:30 2024/11/28 8:00 2024/12/06 12:30 2024/11/28 8:00
EUREX FBTP 202406 Euro-BTP Italian Government Bond No 2 business days prior to cutoff 2024/06/06 12:30 2024/06/05 7:50 2024/06/06 12:30 2024/06/05 7:50
EUREX FBTP 202409 Euro-BTP Italian Government Bond No 2 business days prior to cutoff 2024/09/06 12:30 2024/09/05 7:50 2024/09/06 12:30 2024/09/05 7:50
EUREX FBTP 202412 Euro-BTP Italian Government Bond No 2 business days prior to cutoff 2024/12/06 12:30 2024/12/05 7:50 2024/12/06 12:30 2024/12/05 7:50
EUREX FBTS 202406 Short-Term Euro-BTP Italian Bond No 2 business days prior to cutoff 2024/06/06 12:30 2024/06/05 7:50 2024/06/06 12:30 2024/06/05 7:50
EUREX FBTS 202409 Short-Term Euro-BTP Italian Bond No 2 business days prior to cutoff 2024/09/06 12:30 2024/09/05 7:50 2024/09/06 12:30 2024/09/05 7:50
EUREX FBTS 202412 Short-Term Euro-BTP Italian Bond No 2 business days prior to cutoff 2024/12/06 12:30 2024/12/05 7:50 2024/12/06 12:30 2024/12/05 7:50
EUREX FGBL 202406 Euro BUND No 2 hours prior to cutoff 2024/06/06 12:30 2024/06/06 10:30 2024/06/06 12:30 2024/06/06 10:30
EUREX FGBL 202409 Euro BUND No 2 hours prior to cutoff 2024/09/06 12:30 2024/09/06 10:30 2024/09/06 12:30 2024/09/06 10:30
EUREX FGBL 202412 Euro BUND No 2 hours prior to cutoff 2024/12/06 12:30 2024/12/06 10:30 2024/12/06 12:30 2024/12/06 10:30
EUREX FGBM 202406 Euro BOBL No 2 hours prior to cutoff 2024/06/06 12:30 2024/06/06 10:30 2024/06/06 12:30 2024/06/06 10:30
EUREX FGBM 202409 Euro BOBL No 2 hours prior to cutoff 2024/09/06 12:30 2024/09/06 10:30 2024/09/06 12:30 2024/09/06 10:30
EUREX FGBM 202412 Euro BOBL No 2 hours prior to cutoff 2024/12/06 12:30 2024/12/06 10:30 2024/12/06 12:30 2024/12/06 10:30
EUREX FGBS 202406 Euro SCHATZ No 2 hours prior to cutoff 2024/06/06 12:30 2024/06/06 10:30 2024/06/06 12:30 2024/06/06 10:30
EUREX FGBS 202409 Euro SCHATZ No 2 hours prior to cutoff 2024/09/06 12:30 2024/09/06 10:30 2024/09/06 12:30 2024/09/06 10:30
EUREX FGBS 202412 Euro SCHATZ No 2 hours prior to cutoff 2024/12/06 12:30 2024/12/06 10:30 2024/12/06 12:30 2024/12/06 10:30
EUREX FGBX 202406 Euro BUXL No 2 business days prior to cutoff 2024/06/06 12:30 2024/06/05 7:50 2024/06/06 12:30 2024/06/05 7:50
EUREX FGBX 202409 Euro BUXL No 2 business days prior to cutoff 2024/09/06 12:30 2024/09/05 7:50 2024/09/06 12:30 2024/09/05 7:50
EUREX FGBX 202412 Euro BUXL No 2 business days prior to cutoff 2024/12/06 12:30 2024/12/05 7:50 2024/12/06 12:30 2024/12/05 7:50
EUREX FOAT 202406 Euro-OAT French Government Bond Index No 2 business days prior to cutoff 2024/06/06 12:30 2024/06/05 7:50 2024/06/06 12:30 2024/06/05 7:50
Disclosures
  1. Physical Delivery rules for this contract are applicable to Cash/IRA accounts only.
  2. Open positions held after the close of the trading day indicated in this field become subject to liquidation.
  3. First Position Date and Time; cutoff applicable to long positions.
  4. Last Trading Date and Time; cutoff applicable to short positions.
  5. The times listed in "Long Futures Liquidation" and "Short Futures Liquidation" columns are shown in local exchange time.

Futures Physical Delivery Example


Example:

Trader A is holding a long position in December 2012 Corn Futures (ZC).
Trader B is holding a short position in the same contract.

Exchange Trading Class Contract Month Description Applicable to Cash/IRA Accounts Only Start of Close-Out Period 2 Long Futures Cutoff 3 Long Futures Liquidation Short Futures Cutoff 4 Short Futures Liquidation
ECBOT ZC 201212 CORN FUTURES NO 1 business day prior to cutoff 20121129
13:15 (CT)
20121129
9:30 (CT)
20121214
12:00 (CT)
20121214
9:30 (CT)

Trader A would have to close the long position by the end of the regular trading session on 2012/11/28 (one business day prior to the long futures cutoff date of 2012/11/29). Open long positions would be subject to liquidation beginning 2012/11/29 09:30 CST.

Trader B would have to close the short position by the end of the regular trading session on 20121213 (one business day prior to the short futures cutoff date of 2012/12/14). Open short positions would be subject to liquidation beginning 2012/12/14 at 09:30 CST.

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