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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.



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 AJY 202306 AD/JY cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 8:30 2023/06/16 09:16 2023/06/15 8:30
CME AJY 202309 AD/JY cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 8:30 2023/09/18 09:16 2023/09/15 8:30
CME CJY 202212 CD/JY cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME CJY 202303 CD/JY cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME CJY 202306 CD/JY cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 8:30 2023/06/16 09:16 2023/06/15 8:30
CME CJY 202309 CD/JY cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 8:30 2023/09/18 09:16 2023/09/15 8:30
CME CZK 202212 CZECH KORUNA No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 8:30 2022/12/19 09:16 2022/12/13 8:30
CME CZK 202303 CZECH KORUNA No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 8:30 2023/03/13 09:16 2023/03/07 8:30
CME CZK 202306 CZECH KORUNA No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 8:30 2023/06/16 09:16 2023/06/12 8:30
CME CZK 202309 CZECH KORUNA No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 8:30 2023/09/18 09:16 2023/09/12 8:30
CME E7 202212 EuroFX E-mini Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME E7 202303 EuroFX E-mini Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME EAD 202212 Euro FX/AD cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 7:20 2022/12/19 09:16 2022/12/16 7:20
CME EAD 202303 Euro FX/AD cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 7:20 2023/03/13 09:16 2023/03/10 7:20
CME EAD 202306 Euro FX/AD cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 7:20 2023/06/16 09:16 2023/06/15 7:20
CME EAD 202309 Euro FX/AD cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 7:20 2023/09/18 09:16 2023/09/15 7:20
CME ECD 202212 Euro FX/CD cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME ECD 202303 Euro FX/CD cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME ECD 202306 Euro FX/CD cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 8:30 2023/06/16 09:16 2023/06/15 8:30
CME ECD 202309 Euro FX/CD cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 8:30 2023/09/18 09:16 2023/09/15 8:30
CME ECK 202212 CZECH KORUNA/EURO FX No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 7:20 2022/12/19 09:16 2022/12/13 7:20
CME ECK 202303 CZECH KORUNA/EURO FX No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 7:20 2023/03/13 09:16 2023/03/07 7:20
CME ECK 202306 CZECH KORUNA/EURO FX No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 7:20 2023/06/16 09:16 2023/06/12 7:20
CME ECK 202309 CZECH KORUNA/EURO FX No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 7:20 2023/09/18 09:16 2023/09/12 7:20
CME EHF 202212 HUNGARIAN FORINT/EURO FX No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 7:20 2022/12/19 09:16 2022/12/13 7:20
CME EHF 202303 HUNGARIAN FORINT/EURO FX No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 7:20 2023/03/13 09:16 2023/03/07 7:20
CME EHF 202306 HUNGARIAN FORINT/EURO FX No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 7:20 2023/06/16 09:16 2023/06/12 7:20
CME EHF 202309 HUNGARIAN FORINT/EURO FX No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 7:20 2023/09/18 09:16 2023/09/12 7:20
CME EPZ 202212 POLISH ZLOTY/EURO FX No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 7:20 2022/12/19 09:16 2022/12/13 7:20
CME EPZ 202303 POLISH ZLOTY/EURO FX No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 7:20 2023/03/13 09:16 2023/03/07 7:20
CME EPZ 202306 POLISH ZLOTY/EURO FX No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 7:20 2023/06/16 09:16 2023/06/12 7:20
CME EPZ 202309 POLISH ZLOTY/EURO FX No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 7:20 2023/09/18 09:16 2023/09/12 7:20
CME HUF 202212 HUNGARIAN FORINT No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 8:30 2022/12/19 09:16 2022/12/13 8:30
CME HUF 202303 HUNGARIAN FORINT No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 8:30 2023/03/13 09:16 2023/03/07 8:30
CME HUF 202306 HUNGARIAN FORINT No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 8:30 2023/06/16 09:16 2023/06/12 8:30
CME HUF 202309 HUNGARIAN FORINT No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 8:30 2023/09/18 09:16 2023/09/12 8:30
CME ILS 202212 SHEKEL No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 8:30 2022/12/19 09:16 2022/12/13 8:30
CME ILS 202303 SHEKEL No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 8:30 2023/03/13 09:16 2023/03/07 8:30
CME ILS 202306 SHEKEL No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 8:30 2023/06/16 09:16 2023/06/12 8:30
CME ILS 202309 SHEKEL No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 8:30 2023/09/18 09:16 2023/09/12 8:30
CME J7 202212 Japanese Yen E-mini Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME J7 202303 Japanese Yen E-mini Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME LBR 202303 LUMBER No 2 business days prior to cutoff 2023/03/15 12:05 2023/03/14 9:00 2023/03/15 12:05 2023/03/14 9:00
CME LBR 202309 LUMBER No 2 business days prior to cutoff 2023/09/15 12:05 2023/09/14 9:00 2023/09/15 12:05 2023/09/14 9:00
CME LBR 202301 LUMBER No 2 business days prior to cutoff 2023/01/13 12:05 2023/01/12 9:00 2023/01/13 12:05 2023/01/12 9:00
CME LBR 202307 LUMBER No 2 business days prior to cutoff 2023/07/14 12:05 2023/07/13 9:00 2023/07/14 12:05 2023/07/13 9:00
CME LBR 202305 LUMBER No 2 business days prior to cutoff 2023/05/15 12:05 2023/05/12 9:00 2023/05/15 12:05 2023/05/12 9:00
CME LBR 202311 LUMBER No 2 business days prior to cutoff 2023/11/15 12:05 2023/11/14 9:00 2023/11/15 12:05 2023/11/14 9:00
CME LBS 202301 LUMBER110 FUTURES No 2 business days prior to cutoff 2023/01/13 12:05 2023/01/12 9:00 2023/01/13 12:05 2023/01/12 9:00
CME LBS 202303 LUMBER110 FUTURES No 2 business days prior to cutoff 2023/03/15 12:05 2023/03/14 9:00 2023/03/15 12:05 2023/03/14 9:00
CME LBS 202305 LUMBER110 FUTURES No 2 business days prior to cutoff 2023/05/15 12:05 2023/05/12 9:00 2023/05/15 12:05 2023/05/12 9:00
CME LE 202212 LIVE CATTLE No 1 business day prior to cutoff 2022/12/05 13:05 2022/12/05 8:30 2022/12/30 12:00 2022/12/30 8:30
CME LE 202302 LIVE CATTLE No 1 business day prior to cutoff 2023/02/06 13:05 2023/02/06 8:30 2023/02/28 12:00 2023/02/28 8:30
CME LE 202304 LIVE CATTLE No 1 business day prior to cutoff 2023/04/10 13:05 2023/04/10 8:30 2023/04/28 12:00 2023/04/28 8:30
CME LE 202306 LIVE CATTLE No 1 business day prior to cutoff 2023/06/05 13:05 2023/06/05 8:30 2023/06/30 12:00 2023/06/30 8:30
CME LE 202308 LIVE CATTLE No 1 business day prior to cutoff 2023/08/07 13:05 2023/08/07 8:30 2023/08/31 12:00 2023/08/31 8:30
CME LE 202310 LIVE CATTLE No 1 business day prior to cutoff 2023/10/09 13:05 2023/10/09 8:30 2023/10/31 12:00 2023/10/31 8:30
CME M6A 202212 AUD/USD Micro Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME M6A 202303 AUD/USD Micro Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME M6B 202212 BRITISH POUND Micro Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME M6B 202303 BRITISH POUND Micro Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME M6C 202212 CANADIAN DOLLAR Micro Yes(1) 2 business days prior to cutoff 2022/12/20 09:16 2022/12/19 8:30 2022/12/20 09:16 2022/12/19 8:30
CME M6C 202303 CANADIAN DOLLAR Micro Yes(1) 2 business days prior to cutoff 2023/03/14 09:16 2023/03/13 8:30 2023/03/14 09:16 2023/03/13 8:30
CME M6E 202212 EUR/USD Micro Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME M6E 202303 EUR/USD Micro Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME M6J 202212 JAPANESE YEN Micro Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME M6J 202303 JAPANESE YEN Micro Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME M6S 202212 SWISS FRANC Micro Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME M6S 202303 SWISS FRANC Micro Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME MCD 202212 USD/CAD Micro Yes(1) 2 business days prior to cutoff 2022/12/20 09:16 2022/12/19 8:30 2022/12/20 09:16 2022/12/19 8:30
CME MCD 202303 USD/CAD Micro Yes(1) 2 business days prior to cutoff 2023/03/14 09:16 2023/03/13 8:30 2023/03/14 09:16 2023/03/13 8:30
CME MSF 202212 USD/CHF Micro Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME MSF 202303 USD/CHF Micro Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME NOK 202212 NORV KRONA No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 8:30 2022/12/19 09:16 2022/12/13 8:30
CME NOK 202303 NORV KRONA No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 8:30 2023/03/13 09:16 2023/03/07 8:30
CME NOK 202306 NORV KRONA No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 8:30 2023/06/16 09:16 2023/06/12 8:30
CME NOK 202309 NORV KRONA No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 8:30 2023/09/18 09:16 2023/09/12 8:30
CME PJY 202212 BP/JY cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 8:30 2022/12/19 09:16 2022/12/16 8:30
CME PJY 202303 BP/JY cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 8:30 2023/03/13 09:16 2023/03/10 8:30
CME PJY 202306 BP/JY cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 8:30 2023/06/16 09:16 2023/06/15 8:30
CME PJY 202309 BP/JY cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 8:30 2023/09/18 09:16 2023/09/15 8:30
CME PLN 202212 POLISH ZLOTY No 5 business days prior to cutoff 2022/12/19 09:16 2022/12/13 8:30 2022/12/19 09:16 2022/12/13 8:30
CME PLN 202303 POLISH ZLOTY No 5 business days prior to cutoff 2023/03/13 09:16 2023/03/07 8:30 2023/03/13 09:16 2023/03/07 8:30
CME PLN 202306 POLISH ZLOTY No 5 business days prior to cutoff 2023/06/16 09:16 2023/06/12 8:30 2023/06/16 09:16 2023/06/12 8:30
CME PLN 202309 POLISH ZLOTY No 5 business days prior to cutoff 2023/09/18 09:16 2023/09/12 8:30 2023/09/18 09:16 2023/09/12 8:30
CME PSF 202212 BP/SF cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 7:20 2022/12/19 09:16 2022/12/16 7:20
CME PSF 202303 BP/SF cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 7:20 2023/03/13 09:16 2023/03/10 7:20
CME PSF 202306 BP/SF cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 7:20 2023/06/16 09:16 2023/06/15 7:20
CME PSF 202309 BP/SF cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 7:20 2023/09/18 09:16 2023/09/15 7:20
CME RF 202212 Euro FX/SF cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 7:20 2022/12/19 09:16 2022/12/16 7:20
CME RF 202303 Euro FX/SF cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 7:20 2023/03/13 09:16 2023/03/10 7:20
CME RF 202306 Euro FX/SF cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 7:20 2023/06/16 09:16 2023/06/15 7:20
CME RF 202309 Euro FX/SF cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 7:20 2023/09/18 09:16 2023/09/15 7:20
CME RP 202212 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2022/12/19 09:16 2022/12/16 7:20 2022/12/19 09:16 2022/12/16 7:20
CME RP 202303 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2023/03/13 09:16 2023/03/10 7:20 2023/03/13 09:16 2023/03/10 7:20
CME RP 202306 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2023/06/16 09:16 2023/06/15 7:20 2023/06/16 09:16 2023/06/15 7:20
CME RP 202309 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2023/09/18 09:16 2023/09/15 7:20 2023/09/18 09:16 2023/09/15 7:20
CME RP 202301 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2023/01/13 09:16 2023/01/12 7:20 2023/01/13 09:16 2023/01/12 7:20
CME RP 202302 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2023/02/13 09:16 2023/02/10 7:20 2023/02/13 09:16 2023/02/10 7:20
CME RP 202304 Euro FX/BP cross rate Yes(1) 2 business days prior to cutoff 2023/04/17 09:16 2023/04/14 7:20 2023/04/17 09:16 2023/04/14 7:20
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.