INTERACTIVE BROKERS
 
Special Labeling and Expiration Date Descriptions for Futures Contracts
 

Please be aware of an IB-specific labeling issue with respect to the NYMEX/GLOBEX mini oil and gas futures and options products. It is industry standard to refer to the expiration month of such commodities as the month FOLLOWING the actual Last Trade Date for that product. For example, a mini Natural Gas issue whose expiration date is Aug. 27, would be commonly referred to in the industry as the September Natural Gas issue. In order to conform to the industry standard label, IB references the expiration date of the contract as the first business date of the following month. Such a reference results in the IB-labeling of the affected contracts with a Last Trade Date of Aug. 27 as a September contract (thus reflecting the industry-norm). The end result is that the contract now has the correct label, but an incorrect Last Trade Date.

At expiration, in order to properly manage the expiration process, IB restates the expiration date to reflect the actual Last Trade Date (Aug. 27 in the above example). The end result, on expiration day, the contract will have the correct date information (Aug. 27), but a non-standard label. Using the above example, the contract would, for that day, be labeled as an August issue as opposed to a September issue.

The above process has no monetary effect. It is simply a process that enables IB to label the respective contracts to conform to the industry standard.

For actual expiration dates for the mini oil and gas products, mini-metals, and various physical delivery futures, please visit the exchange website(s) accessible from the exchange page inside the IB website.