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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
ECBOT ZL 202305 SoyOil 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 ZM 202212 SOYBEAN MEAL FUTURES 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 ZM 202307 SOYBEAN MEAL FUTURES 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 ZM 202310 SOYBEAN MEAL FUTURES 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 ZM 202301 SOYBEAN MEAL FUTURES 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 ZM 202309 SOYBEAN MEAL FUTURES 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 ZM 202305 SOYBEAN MEAL FUTURES 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 ZM 202308 SOYBEAN MEAL FUTURES 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 ZM 202303 SOYBEAN MEAL FUTURES 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 ZN 202212 10-YR TREAS. 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 ZN 202303 10-YR TREAS. 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 ZN 202306 10-YR TREAS. 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 ZS 202307 SOYBEAN FUTURES 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 ZS 202311 SOYBEAN FUTURES No 2 business days prior to cutoff 2023/10/30 13:15 (CT) 2023/10/27 8:30 (CT) 2023/10/30 13:15 (CT) 2023/10/27 8:30 (CT)
ECBOT ZS 202303 SOYBEAN FUTURES 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 ZS 202309 SOYBEAN FUTURES 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 ZS 202301 SOYBEAN FUTURES 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 ZS 202305 SOYBEAN FUTURES 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 ZS 202308 SOYBEAN FUTURES 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 ZT 202212 2-YR TREAS. No 2 business days prior to cutoff 2022/11/29 15:15 (CT) 2022/11/28 7:20 (CT) 2022/12/30 12:01 (CT) 2022/12/29 7:20 (CT)
ECBOT ZT 202303 2-YR TREAS. No 2 business days prior to cutoff 2023/02/27 15:15 (CT) 2023/02/24 7:20 (CT) 2023/03/31 12:01 (CT) 2023/03/30 7:20 (CT)
ECBOT ZT 202306 2-YR TREAS. No 2 business days prior to cutoff 2023/05/30 15:15 (CT) 2023/05/29 7:20 (CT) 2023/06/30 12:01 (CT) 2023/06/29 7:20 (CT)
ECBOT ZW 202305 WHEAT FUTURES No 1 business day prior to cutoff 2023/04/27 13:15 (CT) 2023/04/27 8:30 (CT) 2023/04/27 13:15 (CT) 2023/04/27 8:30 (CT)
ECBOT ZW 202307 WHEAT FUTURES No 1 business day prior to cutoff 2023/06/29 13:15 (CT) 2023/06/29 8:30 (CT) 2023/06/29 13:15 (CT) 2023/06/29 8:30 (CT)
ECBOT ZW 202303 WHEAT FUTURES No 1 business day prior to cutoff 2023/02/27 13:15 (CT) 2023/02/27 8:30 (CT) 2023/02/27 13:15 (CT) 2023/02/27 8:30 (CT)
ECBOT ZW 202212 WHEAT FUTURES No 1 business day prior to cutoff 2022/11/29 13:15 (CT) 2022/11/29 8:30 (CT) 2022/11/29 13:15 (CT) 2022/11/29 8:30 (CT)
ECBOT ZW 202309 WHEAT FUTURES No 1 business day prior to cutoff 2023/08/30 13:15 (CT) 2023/08/30 8:30 (CT) 2023/08/30 13:15 (CT) 2023/08/30 8:30 (CT)
ENDEX ECF 202212 ICE ECX EUA No 2 business days prior to cutoff 2022/12/19 16:30 2022/12/16 7:00 2022/12/19 16:30 2022/12/16 7:00
ENDEX ECF 202303 ICE ECX EUA No 2 business days prior to cutoff 2023/03/27 16:30 2023/03/24 7:00 2023/03/27 16:30 2023/03/24 7:00
ENDEX ECF 202306 ICE ECX EUA No 2 business days prior to cutoff 2023/06/26 16:30 2023/06/23 7:00 2023/06/26 16:30 2023/06/23 7:00
ENDEX ECF 202309 ICE ECX EUA No 2 business days prior to cutoff 2023/09/25 16:30 2023/09/22 7:00 2023/09/25 16:30 2023/09/22 7:00
ENDEX ECF 202211 ICE ECX EUA No 2 business days prior to cutoff 2022/11/28 16:30 2022/11/25 7:00 2022/11/28 16:30 2022/11/25 7:00
ENDEX ECF 202301 ICE ECX EUA No 2 business days prior to cutoff 2023/01/30 16:30 2023/01/27 7:00 2023/01/30 16:30 2023/01/27 7:00
EUREX CONF 202212 SWISS BONDS No 2 hours prior to cutoff 2022/12/08 12:30 2022/12/08 10:30 2022/12/08 12:30 2022/12/08 10:30
EUREX CONF 202303 SWISS BONDS No 2 hours prior to cutoff 2023/03/08 12:30 2023/03/08 10:30 2023/03/08 12:30 2023/03/08 10:30
EUREX CONF 202306 SWISS BONDS No 2 hours prior to cutoff 2023/06/08 12:30 2023/06/08 10:30 2023/06/08 12:30 2023/06/08 10:30
EUREX FBON 202212 BONO Futures on long-term Spanish government bonds No 7 business days prior to cutoff 2022/12/08 12:30 2022/11/30 8:00 2022/12/08 12:30 2022/11/30 8:00
EUREX FBON 202303 BONO Futures on long-term Spanish government bonds No 7 business days prior to cutoff 2023/03/08 12:30 2023/02/28 8:00 2023/03/08 12:30 2023/02/28 8:00
EUREX FBON 202306 BONO Futures on long-term Spanish government bonds No 7 business days prior to cutoff 2023/06/08 12:30 2023/05/31 8:00 2023/06/08 12:30 2023/05/31 8:00
EUREX FBTP 202212 Euro-BTP Italian Government Bond No 2 business days prior to cutoff 2022/12/08 12:30 2022/12/07 7:50 2022/12/08 12:30 2022/12/07 7:50
EUREX FBTP 202303 Euro-BTP Italian Government Bond No 2 business days prior to cutoff 2023/03/08 12:30 2023/03/07 7:50 2023/03/08 12:30 2023/03/07 7:50
EUREX FBTP 202306 Euro-BTP Italian Government Bond No 2 business days prior to cutoff 2023/06/08 12:30 2023/06/07 7:50 2023/06/08 12:30 2023/06/07 7:50
EUREX FBTS 202212 Short-Term Euro-BTP Italian Bond No 2 business days prior to cutoff 2022/12/08 12:30 2022/12/07 7:50 2022/12/08 12:30 2022/12/07 7:50
EUREX FBTS 202303 Short-Term Euro-BTP Italian Bond No 2 business days prior to cutoff 2023/03/08 12:30 2023/03/07 7:50 2023/03/08 12:30 2023/03/07 7:50
EUREX FBTS 202306 Short-Term Euro-BTP Italian Bond No 2 business days prior to cutoff 2023/06/08 12:30 2023/06/07 7:50 2023/06/08 12:30 2023/06/07 7:50
EUREX FGBL 202212 Euro BUND No 2 hours prior to cutoff 2022/12/08 12:30 2022/12/08 10:30 2022/12/08 12:30 2022/12/08 10:30
EUREX FGBL 202303 Euro BUND No 2 hours prior to cutoff 2023/03/08 12:30 2023/03/08 10:30 2023/03/08 12:30 2023/03/08 10:30
EUREX FGBL 202306 Euro BUND No 2 hours prior to cutoff 2023/06/08 12:30 2023/06/08 10:30 2023/06/08 12:30 2023/06/08 10:30
EUREX FGBM 202212 Euro BOBL No 2 hours prior to cutoff 2022/12/08 12:30 2022/12/08 10:30 2022/12/08 12:30 2022/12/08 10:30
EUREX FGBM 202303 Euro BOBL No 2 hours prior to cutoff 2023/03/08 12:30 2023/03/08 10:30 2023/03/08 12:30 2023/03/08 10:30
EUREX FGBM 202306 Euro BOBL No 2 hours prior to cutoff 2023/06/08 12:30 2023/06/08 10:30 2023/06/08 12:30 2023/06/08 10:30
EUREX FGBS 202212 Euro SCHATZ No 2 hours prior to cutoff 2022/12/08 12:30 2022/12/08 10:30 2022/12/08 12:30 2022/12/08 10:30
EUREX FGBS 202303 Euro SCHATZ No 2 hours prior to cutoff 2023/03/08 12:30 2023/03/08 10:30 2023/03/08 12:30 2023/03/08 10:30
EUREX FGBS 202306 Euro SCHATZ No 2 hours prior to cutoff 2023/06/08 12:30 2023/06/08 10:30 2023/06/08 12:30 2023/06/08 10:30
EUREX FGBX 202212 Euro BUXL No 2 business days prior to cutoff 2022/12/08 12:30 2022/12/07 7:50 2022/12/08 12:30 2022/12/07 7:50
EUREX FGBX 202303 Euro BUXL No 2 business days prior to cutoff 2023/03/08 12:30 2023/03/07 7:50 2023/03/08 12:30 2023/03/07 7:50
EUREX FGBX 202306 Euro BUXL No 2 business days prior to cutoff 2023/06/08 12:30 2023/06/07 7:50 2023/06/08 12:30 2023/06/07 7:50
EUREX FOAT 202212 Euro-OAT French Government Bond Index No 2 business days prior to cutoff 2022/12/08 12:30 2022/12/07 7:50 2022/12/08 12:30 2022/12/07 7:50
EUREX FOAT 202303 Euro-OAT French Government Bond Index No 2 business days prior to cutoff 2023/03/08 12:30 2023/03/07 7:50 2023/03/08 12:30 2023/03/07 7:50
EUREX FOAT 202306 Euro-OAT French Government Bond Index No 2 business days prior to cutoff 2023/06/08 12:30 2023/06/07 7:50 2023/06/08 12:30 2023/06/07 7:50
HKFE CUS 202212 CNH FX Yes(1) 2 business days prior to cutoff 2022/12/19 11:00 2022/12/16 09:00 2022/12/19 11:00 2022/12/16 09:00
HKFE CUS 202303 CNH FX Yes(1) 2 business days prior to cutoff 2023/03/13 11:00 2023/03/10 09:00 2023/03/13 11:00 2023/03/10 09:00
HKFE CUS 202306 CNH FX Yes(1) 2 business days prior to cutoff 2023/06/19 11:00 2023/06/16 09:00 2023/06/19 11:00 2023/06/16 09:00
HKFE CUS 202309 CNH FX Yes(1) 2 business days prior to cutoff 2023/09/18 11:00 2023/09/15 09:00 2023/09/18 11:00 2023/09/15 09:00
HKFE CUS 202301 CNH FX Yes(1) 2 business days prior to cutoff 2023/01/16 11:00 2023/01/13 09:00 2023/01/16 11:00 2023/01/13 09:00
HKFE CUS 202302 CNH FX Yes(1) 2 business days prior to cutoff 2023/02/13 11:00 2023/02/10 09:00 2023/02/13 11:00 2023/02/10 09:00
HKFE GDR 202212 Gold No 3 business days prior to cutoff 2022/12/13 16:30 2022/12/09 8:30 2022/12/19 16:30 2022/12/15 8:30
HKFE GDR 202301 Gold No 3 business days prior to cutoff 2023/01/10 16:30 2023/01/06 8:30 2023/01/16 16:30 2023/01/12 8:30
HKFE GDR 202302 Gold No 3 business days prior to cutoff 2023/02/14 16:30 2023/02/10 8:30 2023/02/20 16:30 2023/02/16 8:30
HKFE GDR 202303 Gold No 3 business days prior to cutoff 2023/03/14 16:30 2023/03/10 8:30 2023/03/20 16:30 2023/03/16 8:30
HKFE GDR 202304 Gold No 3 business days prior to cutoff 2023/04/11 16:30 2023/04/07 8:30 2023/04/17 16:30 2023/04/13 8:30
HKFE GDR 202305 Gold No 3 business days prior to cutoff 2023/05/09 16:30 2023/05/05 8:30 2023/05/15 16:30 2023/05/11 8:30
HKFE GDR 202306 Gold No 3 business days prior to cutoff 2023/06/13 16:30 2023/06/09 8:30 2023/06/19 16:30 2023/06/15 8:30
HKFE GDR 202307 Gold No 3 business days prior to cutoff 2023/07/11 16:30 2023/07/07 8:30 2023/07/17 16:30 2023/07/13 8:30
HKFE GDR 202308 Gold No 3 business days prior to cutoff 2023/08/15 16:30 2023/08/11 8:30 2023/08/21 16:30 2023/08/17 8:30
HKFE GDR 202309 Gold No 3 business days prior to cutoff 2023/09/12 16:30 2023/09/08 8:30 2023/09/18 16:30 2023/09/14 8:30
HKFE GDR 202310 Gold No 3 business days prior to cutoff 2023/10/10 16:30 2023/10/06 8:30 2023/10/16 16:30 2023/10/12 8:30
HKFE GDR 202311 Gold No 3 business days prior to cutoff 2023/11/14 16:30 2023/11/10 8:30 2023/11/20 16:30 2023/11/16 8:30
HKFE GDU 202212 Gold No 3 business days prior to cutoff 2022/12/13 16:30 2022/12/09 8:30 2022/12/13 16:30 2022/12/09 8:30
HKFE GDU 202301 Gold No 3 business days prior to cutoff 2023/01/10 16:30 2023/01/06 8:30 2023/01/10 16:30 2023/01/06 8:30
HKFE GDU 202302 Gold No 3 business days prior to cutoff 2023/02/14 16:30 2023/02/10 8:30 2023/02/14 16:30 2023/02/10 8:30
HKFE GDU 202303 Gold No 3 business days prior to cutoff 2023/03/14 16:30 2023/03/10 8:30 2023/03/14 16:30 2023/03/10 8:30
HKFE GDU 202304 Gold No 3 business days prior to cutoff 2023/04/11 16:30 2023/04/07 8:30 2023/04/11 16:30 2023/04/07 8:30
HKFE GDU 202305 Gold No 3 business days prior to cutoff 2023/05/09 16:30 2023/05/05 8:30 2023/05/09 16:30 2023/05/05 8:30
HKFE GDU 202306 Gold No 3 business days prior to cutoff 2023/06/13 16:30 2023/06/09 8:30 2023/06/13 16:30 2023/06/09 8:30
HKFE GDU 202307 Gold No 3 business days prior to cutoff 2023/07/11 16:30 2023/07/07 8:30 2023/07/11 16:30 2023/07/07 8:30
HKFE GDU 202308 Gold No 3 business days prior to cutoff 2023/08/15 16:30 2023/08/11 8:30 2023/08/15 16:30 2023/08/11 8:30
HKFE GDU 202309 Gold No 3 business days prior to cutoff 2023/09/12 16:30 2023/09/08 8:30 2023/09/12 16:30 2023/09/08 8:30
HKFE GDU 202310 Gold No 3 business days prior to cutoff 2023/10/10 16:30 2023/10/06 8:30 2023/10/10 16:30 2023/10/06 8:30
HKFE GDU 202311 Gold No 3 business days prior to cutoff 2023/11/14 16:30 2023/11/10 8:30 2023/11/14 16:30 2023/11/10 8:30
ICECRYPTO BTM 202212 Bakkt Bitcoin No 3 business days prior to cutoff 2022/12/14 16:00 2022/12/12 9:30 2022/12/29 14:30 2022/12/27 9:30
ICECRYPTO BTM 202301 Bakkt Bitcoin No 3 business days prior to cutoff 2023/01/25 16:00 2023/01/23 9:30 2023/01/26 14:30 2023/01/24 9:30
ICECRYPTO BTM 202302 Bakkt Bitcoin No 3 business days prior to cutoff 2023/02/22 16:00 2023/02/20 9:30 2023/02/23 14:30 2023/02/21 9:30
ICECRYPTO BTM 202303 Bakkt Bitcoin No 3 business days prior to cutoff 2023/03/29 16:00 2023/03/27 9:30 2023/03/30 14:30 2023/03/28 9:30
ICECRYPTO BTM 202304 Bakkt Bitcoin No 3 business days prior to cutoff 2023/04/26 16:00 2023/04/24 9:30 2023/04/27 14:30 2023/04/25 9:30
ICECRYPTO BTM 202305 Bakkt Bitcoin No 3 business days prior to cutoff 2023/05/24 16:00 2023/05/22 9:30 2023/05/25 14:30 2023/05/23 9:30
ICECRYPTO BTM 202306 Bakkt Bitcoin No 3 business days prior to cutoff 2023/06/28 16:00 2023/06/26 9:30 2023/06/29 14:30 2023/06/27 9:30
ICECRYPTO BTM 202307 Bakkt Bitcoin No 3 business days prior to cutoff 2023/07/26 16:00 2023/07/24 9:30 2023/07/27 14:30 2023/07/25 9:30
ICECRYPTO BTM 202308 Bakkt Bitcoin No 3 business days prior to cutoff 2023/08/23 16:00 2023/08/21 9:30 2023/08/24 14:30 2023/08/22 9:30
ICECRYPTO BTM 202309 Bakkt Bitcoin No 3 business days prior to cutoff 2023/09/27 16:00 2023/09/25 9:30 2023/09/28 14:30 2023/09/26 9:30
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.