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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 RY 202212 Euro FX/JY 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 RY 202303 Euro FX/JY 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 RY 202306 Euro FX/JY 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 RY 202309 Euro FX/JY 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 SEK 202212 SWEDISH 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 SEK 202303 SWEDISH 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 SEK 202306 SWEDISH 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 SEK 202309 SWEDISH 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 SJY 202212 SF/JY 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 SJY 202303 SF/JY 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 SJY 202306 SF/JY 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 SJY 202309 SF/JY 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
COMEX ALI 202305 Aluminum No 17 business days prior to cutoff 2023/04/27 14:30 2023/04/05 08:30 2023/04/27 14:30 2023/04/05 08:30
COMEX ALI 202306 Aluminum No 17 business days prior to cutoff 2023/05/30 14:30 2023/05/08 08:30 2023/05/30 14:30 2023/05/08 08:30
COMEX ALI 202309 Aluminum No 17 business days prior to cutoff 2023/08/30 14:30 2023/08/08 08:30 2023/08/30 14:30 2023/08/08 08:30
COMEX ALI 202304 Aluminum No 17 business days prior to cutoff 2023/03/30 14:30 2023/03/08 08:30 2023/03/30 14:30 2023/03/08 08:30
COMEX ALI 202303 Aluminum No 17 business days prior to cutoff 2023/02/27 14:30 2023/02/03 08:30 2023/02/27 14:30 2023/02/03 08:30
COMEX ALI 202212 Aluminum No 17 business days prior to cutoff 2022/11/29 14:30 2022/11/07 08:30 2022/11/29 14:30 2022/11/07 08:30
COMEX ALI 202211 Aluminum No 17 business days prior to cutoff 2022/10/28 14:30 2022/10/06 08:30 2022/10/28 14:30 2022/10/06 08:30
COMEX ALI 202301 Aluminum No 17 business days prior to cutoff 2022/12/29 14:30 2022/12/07 08:30 2022/12/29 14:30 2022/12/07 08:30
COMEX ALI 202310 Aluminum No 17 business days prior to cutoff 2023/09/28 14:30 2023/09/06 08:30 2023/09/28 14:30 2023/09/06 08:30
COMEX ALI 202308 Aluminum No 17 business days prior to cutoff 2023/07/28 14:30 2023/07/06 08:30 2023/07/28 14:30 2023/07/06 08:30
COMEX ALI 202302 Aluminum No 17 business days prior to cutoff 2023/01/30 14:30 2023/01/06 08:30 2023/01/30 14:30 2023/01/06 08:30
COMEX ALI 202307 Aluminum No 17 business days prior to cutoff 2023/06/29 14:30 2023/06/07 08:30 2023/06/29 14:30 2023/06/07 08:30
ECBOT 10Y 202211 10-year Micro Yield No 2 business days prior to cutoff 2022/11/30 14:00 (CT) 2022/11/29 7:20 (CT) 2022/11/30 14:00 (CT) 2022/11/29 7:20 (CT)
ECBOT 10Y 202212 10-year Micro Yield No 2 business days prior to cutoff 2022/12/30 14:00 (CT) 2022/12/29 7:20 (CT) 2022/12/30 14:00 (CT) 2022/12/29 7:20 (CT)
ECBOT 5YY 202211 5-year Micro Yield No 2 business days prior to cutoff 2022/11/30 14:00 (CT) 2022/11/29 7:20 (CT) 2022/11/30 14:00 (CT) 2022/11/29 7:20 (CT)
ECBOT 5YY 202212 5-year Micro Yield No 2 business days prior to cutoff 2022/12/30 14:00 (CT) 2022/12/29 7:20 (CT) 2022/12/30 14:00 (CT) 2022/12/29 7:20 (CT)
ECBOT B1U 202212 30-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 (CT) 2022/12/01 8:30 (CT) 2022/12/19 14:00 (CT) 2022/12/08 8:30 (CT)
ECBOT B1U 202303 30-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT) 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT)
ECBOT EH 202212 Ethanol No 2 business days prior to cutoff 2022/11/29 15:00 (CT) 2022/11/28 8:30 (CT) 2022/12/05 12:01 (CT) 2022/12/02 8:30 (CT)
ECBOT EH 202301 Ethanol No 2 business days prior to cutoff 2022/12/29 15:00 (CT) 2022/12/28 8:30 (CT) 2023/01/05 12:01 (CT) 2023/01/04 8:30 (CT)
ECBOT EH 202302 Ethanol No 2 business days prior to cutoff 2023/01/30 15:00 (CT) 2023/01/27 8:30 (CT) 2023/02/03 12:01 (CT) 2023/02/02 8:30 (CT)
ECBOT EH 202303 Ethanol No 2 business days prior to cutoff 2023/02/27 15:00 (CT) 2023/02/24 8:30 (CT) 2023/03/03 12:01 (CT) 2023/03/02 8:30 (CT)
ECBOT EH 202304 Ethanol No 2 business days prior to cutoff 2023/03/30 15:00 (CT) 2023/03/29 8:30 (CT) 2023/04/05 12:01 (CT) 2023/04/04 8:30 (CT)
ECBOT EH 202305 Ethanol No 2 business days prior to cutoff 2023/04/27 15:00 (CT) 2023/04/26 8:30 (CT) 2023/05/03 12:01 (CT) 2023/05/02 8:30 (CT)
ECBOT EH 202306 Ethanol No 2 business days prior to cutoff 2023/05/30 15:00 (CT) 2023/05/29 8:30 (CT) 2023/06/05 12:01 (CT) 2023/06/02 8:30 (CT)
ECBOT EH 202307 Ethanol No 2 business days prior to cutoff 2023/06/29 15:00 (CT) 2023/06/28 8:30 (CT) 2023/07/06 12:01 (CT) 2023/07/05 8:30 (CT)
ECBOT EH 202308 Ethanol No 2 business days prior to cutoff 2023/07/28 15:00 (CT) 2023/07/27 8:30 (CT) 2023/08/03 12:01 (CT) 2023/08/02 8:30 (CT)
ECBOT EH 202309 Ethanol No 2 business days prior to cutoff 2023/08/30 15:00 (CT) 2023/08/29 8:30 (CT) 2023/09/06 12:01 (CT) 2023/09/05 8:30 (CT)
ECBOT EH 202310 Ethanol No 2 business days prior to cutoff 2023/09/28 15:00 (CT) 2023/09/27 8:30 (CT) 2023/10/04 12:01 (CT) 2023/10/03 8:30 (CT)
ECBOT EH 202311 Ethanol No 2 business days prior to cutoff 2023/10/30 15:00 (CT) 2023/10/27 8:30 (CT) 2023/11/03 12:01 (CT) 2023/11/02 8:30 (CT)
ECBOT F1U 202212 5-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 (CT) 2022/12/01 8:30 (CT) 2022/12/19 14:00 (CT) 2022/12/08 8:30 (CT)
ECBOT F1U 202303 5-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT) 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT)
ECBOT KE 202303 Kansas City Wheat No 2 business days prior to cutoff 2023/02/27 13:15 (CT) 2023/02/24 8:30 (CT) 2023/02/27 13:15 (CT) 2023/02/24 8:30 (CT)
ECBOT KE 202212 Kansas City Wheat No 2 business days prior to cutoff 2022/11/29 13:15 (CT) 2022/11/28 8:30 (CT) 2022/11/29 13:15 (CT) 2022/11/28 8:30 (CT)
ECBOT KE 202307 Kansas City Wheat No 2 business days prior to cutoff 2023/06/29 13:15 (CT) 2023/06/28 8:30 (CT) 2023/06/29 13:15 (CT) 2023/06/28 8:30 (CT)
ECBOT KE 202305 Kansas City Wheat No 2 business days prior to cutoff 2023/04/27 13:15 (CT) 2023/04/26 8:30 (CT) 2023/04/27 13:15 (CT) 2023/04/26 8:30 (CT)
ECBOT KE 202309 Kansas City Wheat No 2 business days prior to cutoff 2023/08/30 13:15 (CT) 2023/08/29 8:30 (CT) 2023/08/30 13:15 (CT) 2023/08/29 8:30 (CT)
ECBOT N1U 202212 10-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 (CT) 2022/12/01 8:30 (CT) 2022/12/19 14:00 (CT) 2022/12/08 8:30 (CT)
ECBOT N1U 202303 10-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT) 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT)
ECBOT T1U 202212 2-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 (CT) 2022/12/01 8:30 (CT) 2022/12/19 14:00 (CT) 2022/12/08 8:30 (CT)
ECBOT T1U 202303 2-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT) 2023/03/13 14:00 (CT) 2023/03/02 8:30 (CT)
ECBOT TN 202212 10-YR T-NOTES No 1 business day prior to cutoff 2022/11/29 15:15 (CT) 2022/11/29 7:20 (CT) 2022/12/20 12:01 (CT) 2022/12/20 7:20 (CT)
ECBOT TN 202303 10-YR T-NOTES No 1 business day prior to cutoff 2023/02/27 15:15 (CT) 2023/02/27 7:20 (CT) 2023/03/22 12:01 (CT) 2023/03/22 7:20 (CT)
ECBOT TN 202306 10-YR T-NOTES No 1 business day prior to cutoff 2023/05/30 15:15 (CT) 2023/05/30 7:20 (CT) 2023/06/21 12:01 (CT) 2023/06/21 7:20 (CT)
ECBOT TWE 202212 20-YR TREASURY No 2 hours prior to cutoff 2022/11/29 15:15 (CT) 2022/11/29 13:15 (CT) 2022/12/20 12:01 (CT) 2022/12/20 10:01 (CT)
ECBOT TWE 202303 20-YR TREASURY No 2 hours prior to cutoff 2023/02/27 15:15 (CT) 2023/02/27 13:15 (CT) 2023/03/22 12:01 (CT) 2023/03/22 10:01 (CT)
ECBOT TWE 202306 20-YR TREASURY No 2 hours prior to cutoff 2023/05/30 15:15 (CT) 2023/05/30 13:15 (CT) 2023/06/21 12:01 (CT) 2023/06/21 10:01 (CT)
ECBOT UB 202212 Ultra T-BONDS No 2 hours prior to cutoff 2022/11/29 15:15 (CT) 2022/11/29 13:15 (CT) 2022/12/20 12:01 (CT) 2022/12/20 10:01 (CT)
ECBOT UB 202303 Ultra T-BONDS No 2 hours prior to cutoff 2023/02/27 15:15 (CT) 2023/02/27 13:15 (CT) 2023/03/22 12:01 (CT) 2023/03/22 10:01 (CT)
ECBOT UB 202306 Ultra T-BONDS No 2 hours prior to cutoff 2023/05/30 15:15 (CT) 2023/05/30 13:15 (CT) 2023/06/21 12:01 (CT) 2023/06/21 10:01 (CT)
ECBOT XC 202212 MINI CORN FUTURES No 1 business day prior to cutoff 2022/11/29 13:45 (CT) 2022/11/29 8:30 (CT) 2022/11/29 13:45 (CT) 2022/11/29 8:30 (CT)
ECBOT XC 202307 MINI CORN FUTURES No 1 business day prior to cutoff 2023/06/29 13:45 (CT) 2023/06/29 8:30 (CT) 2023/06/29 13:45 (CT) 2023/06/29 8:30 (CT)
ECBOT XC 202303 MINI CORN FUTURES No 1 business day prior to cutoff 2023/02/27 13:45 (CT) 2023/02/27 8:30 (CT) 2023/02/27 13:45 (CT) 2023/02/27 8:30 (CT)
ECBOT XC 202309 MINI CORN FUTURES No 1 business day prior to cutoff 2023/08/30 13:45 (CT) 2023/08/30 8:30 (CT) 2023/08/30 13:45 (CT) 2023/08/30 8:30 (CT)
ECBOT XC 202305 MINI CORN FUTURES No 1 business day prior to cutoff 2023/04/27 13:45 (CT) 2023/04/27 8:30 (CT) 2023/04/27 13:45 (CT) 2023/04/27 8:30 (CT)
ECBOT XK 202307 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/06/29 13:45 (CT) 2023/06/28 8:30 (CT) 2023/06/29 13:45 (CT) 2023/06/28 8:30 (CT)
ECBOT XK 202311 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/10/30 13:45 (CT) 2023/10/27 8:30 (CT) 2023/10/30 13:45 (CT) 2023/10/27 8:30 (CT)
ECBOT XK 202309 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/08/30 13:45 (CT) 2023/08/29 8:30 (CT) 2023/08/30 13:45 (CT) 2023/08/29 8:30 (CT)
ECBOT XK 202305 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/04/27 13:45 (CT) 2023/04/26 8:30 (CT) 2023/04/27 13:45 (CT) 2023/04/26 8:30 (CT)
ECBOT XK 202301 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2022/12/29 13:45 (CT) 2022/12/28 8:30 (CT) 2022/12/29 13:45 (CT) 2022/12/28 8:30 (CT)
ECBOT XK 202308 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/07/28 13:45 (CT) 2023/07/27 8:30 (CT) 2023/07/28 13:45 (CT) 2023/07/27 8:30 (CT)
ECBOT XK 202303 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/02/27 13:45 (CT) 2023/02/24 8:30 (CT) 2023/02/27 13:45 (CT) 2023/02/24 8:30 (CT)
ECBOT XW 202307 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/06/29 13:45 (CT) 2023/06/29 8:30 (CT) 2023/06/29 13:45 (CT) 2023/06/29 8:30 (CT)
ECBOT XW 202212 MINI WHEAT FUTURES No 1 business day prior to cutoff 2022/11/29 13:45 (CT) 2022/11/29 8:30 (CT) 2022/11/29 13:45 (CT) 2022/11/29 8:30 (CT)
ECBOT XW 202305 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/04/27 13:45 (CT) 2023/04/27 8:30 (CT) 2023/04/27 13:45 (CT) 2023/04/27 8:30 (CT)
ECBOT XW 202303 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/02/27 13:45 (CT) 2023/02/27 8:30 (CT) 2023/02/27 13:45 (CT) 2023/02/27 8:30 (CT)
ECBOT XW 202309 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/08/30 13:45 (CT) 2023/08/30 8:30 (CT) 2023/08/30 13:45 (CT) 2023/08/30 8:30 (CT)
ECBOT Z3N 202212 3-YR TREAS. No 2 business days prior to cutoff 2022/11/29 15:15 (CT) 2022/11/28 8:30 (CT) 2022/12/30 12:01 (CT) 2022/12/29 8:30 (CT)
ECBOT Z3N 202303 3-YR TREAS. No 2 business days prior to cutoff 2023/02/27 15:15 (CT) 2023/02/24 8:30 (CT) 2023/03/31 12:01 (CT) 2023/03/30 8:30 (CT)
ECBOT Z3N 202306 3-YR TREAS. No 2 business days prior to cutoff 2023/05/30 15:15 (CT) 2023/05/29 8:30 (CT) 2023/06/30 12:01 (CT) 2023/06/29 8:30 (CT)
ECBOT ZB 202212 30-year T-BONDS No 2 hours prior to cutoff 2022/11/29 15:15 (CT) 2022/11/29 13:15 (CT) 2022/12/20 12:01 (CT) 2022/12/20 10:01 (CT)
ECBOT ZB 202303 30-year T-BONDS No 2 hours prior to cutoff 2023/02/27 15:15 (CT) 2023/02/27 13:15 (CT) 2023/03/22 12:01 (CT) 2023/03/22 10:01 (CT)
ECBOT ZB 202306 30-year T-BONDS No 2 hours prior to cutoff 2023/05/30 15:15 (CT) 2023/05/30 13:15 (CT) 2023/06/21 12:01 (CT) 2023/06/21 10:01 (CT)
ECBOT ZC 202212 Corn futures No 1 business day prior to cutoff 2022/11/29 13:20 (CT) 2022/11/29 8:30 (CT) 2022/11/29 13:20 (CT) 2022/11/29 8:30 (CT)
ECBOT ZC 202307 Corn futures No 1 business day prior to cutoff 2023/06/29 13:20 (CT) 2023/06/29 8:30 (CT) 2023/06/29 13:20 (CT) 2023/06/29 8:30 (CT)
ECBOT ZC 202303 Corn futures No 1 business day prior to cutoff 2023/02/27 13:20 (CT) 2023/02/27 8:30 (CT) 2023/02/27 13:20 (CT) 2023/02/27 8:30 (CT)
ECBOT ZC 202305 Corn futures No 1 business day prior to cutoff 2023/04/27 13:20 (CT) 2023/04/27 8:30 (CT) 2023/04/27 13:20 (CT) 2023/04/27 8:30 (CT)
ECBOT ZC 202309 Corn futures No 1 business day prior to cutoff 2023/08/30 13:20 (CT) 2023/08/30 8:30 (CT) 2023/08/30 13:20 (CT) 2023/08/30 8:30 (CT)
ECBOT ZF 202212 5-YR TREAS. No 2 hours prior to cutoff 2022/11/29 15:15 (CT) 2022/11/29 13:15 (CT) 2022/12/30 12:01 (CT) 2022/12/30 10:01 (CT)
ECBOT ZF 202303 5-YR TREAS. No 2 hours prior to cutoff 2023/02/27 15:15 (CT) 2023/02/27 13:15 (CT) 2023/03/31 12:01 (CT) 2023/03/31 10:01 (CT)
ECBOT ZF 202306 5-YR TREAS. No 2 hours prior to cutoff 2023/05/30 15:15 (CT) 2023/05/30 13:15 (CT) 2023/06/30 12:01 (CT) 2023/06/30 10:01 (CT)
ECBOT ZL 202212 SoyOil No 2 business days prior to cutoff 2022/11/29 13:15 (CT) 2022/11/28 8:30 (CT) 2022/11/29 13:15 (CT) 2022/11/28 8:30 (CT)
ECBOT ZL 202307 SoyOil No 2 business days prior to cutoff 2023/06/29 13:15 (CT) 2023/06/28 8:30 (CT) 2023/06/29 13:15 (CT) 2023/06/28 8:30 (CT)
ECBOT ZL 202310 SoyOil No 2 business days prior to cutoff 2023/09/28 13:15 (CT) 2023/09/27 8:30 (CT) 2023/09/28 13:15 (CT) 2023/09/27 8:30 (CT)
ECBOT ZL 202309 SoyOil No 2 business days prior to cutoff 2023/08/30 13:15 (CT) 2023/08/29 8:30 (CT) 2023/08/30 13:15 (CT) 2023/08/29 8:30 (CT)
ECBOT ZL 202301 SoyOil No 2 business days prior to cutoff 2022/12/29 13:15 (CT) 2022/12/28 8:30 (CT) 2022/12/29 13:15 (CT) 2022/12/28 8:30 (CT)
ECBOT ZL 202308 SoyOil No 2 business days prior to cutoff 2023/07/28 13:15 (CT) 2023/07/27 8:30 (CT) 2023/07/28 13:15 (CT) 2023/07/27 8:30 (CT)
ECBOT ZL 202303 SoyOil No 2 business days prior to cutoff 2023/02/27 13:15 (CT) 2023/02/24 8:30 (CT) 2023/02/27 13:15 (CT) 2023/02/24 8:30 (CT)
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.