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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
IPE WTI 202108 Light WTI Crude No 2 business days prior to cutoff 2021/07/19 19:00 (GMT) 2021/07/16 9:00 (GMT) 2021/07/19 19:00 (GMT) 2021/07/16 9:00 (GMT)
IPE WTI 202202 Light WTI Crude No 2 business days prior to cutoff 2022/01/19 19:00 (GMT) 2022/01/18 9:00 (GMT) 2022/01/19 19:00 (GMT) 2022/01/18 9:00 (GMT)
IPE WTI 202201 Light WTI Crude No 2 business days prior to cutoff 2021/12/17 19:00 (GMT) 2021/12/16 9:00 (GMT) 2021/12/17 19:00 (GMT) 2021/12/16 9:00 (GMT)
IPE WTI 202107 Light WTI Crude No 2 business days prior to cutoff 2021/06/21 19:00 (GMT) 2021/06/18 9:00 (GMT) 2021/06/21 19:00 (GMT) 2021/06/18 9:00 (GMT)
IPE WTI 202111 Light WTI Crude No 2 business days prior to cutoff 2021/10/19 19:00 (GMT) 2021/10/18 9:00 (GMT) 2021/10/19 19:00 (GMT) 2021/10/18 9:00 (GMT)
IPE WTI 202110 Light WTI Crude No 2 business days prior to cutoff 2021/09/20 19:00 (GMT) 2021/09/17 9:00 (GMT) 2021/09/20 19:00 (GMT) 2021/09/17 9:00 (GMT)
IPE WTI 202109 Light WTI Crude No 2 business days prior to cutoff 2021/08/19 19:00 (GMT) 2021/08/18 9:00 (GMT) 2021/08/19 19:00 (GMT) 2021/08/18 9:00 (GMT)
IPE WTI 202203 Light WTI Crude No 2 business days prior to cutoff 2022/02/18 19:00 (GMT) 2022/02/17 9:00 (GMT) 2022/02/18 19:00 (GMT) 2022/02/17 9:00 (GMT)
IPE WTI 202204 Light WTI Crude No 2 business days prior to cutoff 2022/03/21 19:00 (GMT) 2022/03/18 9:00 (GMT) 2022/03/21 19:00 (GMT) 2022/03/18 9:00 (GMT)
IPE WTI 202205 Light WTI Crude No 2 business days prior to cutoff 2022/04/19 19:00 (GMT) 2022/04/18 9:00 (GMT) 2022/04/19 19:00 (GMT) 2022/04/18 9:00 (GMT)
KSE 175 202106 USD/KRW No 2 business days prior to cutoff 2021/06/21 11:30 2021/06/18 09:00 2021/06/21 11:30 2021/06/18 09:00
KSE 175 202109 USD/KRW No 2 business days prior to cutoff 2021/09/17 11:30 2021/09/16 09:00 2021/09/17 11:30 2021/09/16 09:00
KSE 175 202112 USD/KRW No 2 business days prior to cutoff 2021/12/20 11:30 2021/12/17 09:00 2021/12/20 11:30 2021/12/17 09:00
KSE 175 202203 USD/KRW No 2 business days prior to cutoff 2022/03/21 11:30 2022/03/18 09:00 2022/03/21 11:30 2022/03/18 09:00
KSE 175 202105 USD/KRW No 2 business days prior to cutoff 2021/05/17 11:30 2021/05/14 09:00 2021/05/17 11:30 2021/05/14 09:00
KSE 175 202107 USD/KRW No 2 business days prior to cutoff 2021/07/19 11:30 2021/07/16 09:00 2021/07/19 11:30 2021/07/16 09:00
KSE 175 202108 USD/KRW No 2 business days prior to cutoff 2021/08/16 11:30 2021/08/13 09:00 2021/08/16 11:30 2021/08/13 09:00
KSE 175 202110 USD/KRW No 2 business days prior to cutoff 2021/10/18 11:30 2021/10/15 09:00 2021/10/18 11:30 2021/10/15 09:00
KSE 175 202111 USD/KRW No 2 business days prior to cutoff 2021/11/15 11:30 2021/11/12 09:00 2021/11/15 11:30 2021/11/12 09:00
KSE 175 202201 USD/KRW No 2 business days prior to cutoff 2022/01/17 11:30 2022/01/14 09:00 2022/01/17 11:30 2022/01/14 09:00
KSE 175 202202 USD/KRW No 2 business days prior to cutoff 2022/02/21 11:30 2022/02/18 09:00 2022/02/21 11:30 2022/02/18 09:00
KSE 175 202204 USD/KRW No 2 business days prior to cutoff 2022/04/18 11:30 2022/04/15 09:00 2022/04/18 11:30 2022/04/15 09:00
LMEOTC AH 202105 Aluminum No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC AH 202106 Aluminum No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC AH 202107 Aluminum No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC AH 202108 Aluminum No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC AH 202109 Aluminum No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC AH 202110 Aluminum No 7 business days prior to cutoff 2021/10/20 00:00 2021/10/12 9:10 2021/10/20 17:00 2021/10/12 9:10
LMEOTC AH 202111 Aluminum No 7 business days prior to cutoff 2021/11/17 00:00 2021/11/09 9:10 2021/11/17 17:00 2021/11/09 9:10
LMEOTC AH 202112 Aluminum No 7 business days prior to cutoff 2021/12/15 00:00 2021/12/07 9:10 2021/12/15 17:00 2021/12/07 9:10
LMEOTC AH 202201 Aluminum No 7 business days prior to cutoff 2022/01/19 00:00 2022/01/11 9:10 2022/01/19 17:00 2022/01/11 9:10
LMEOTC AH 202202 Aluminum No 7 business days prior to cutoff 2022/02/16 00:00 2022/02/08 9:10 2022/02/16 17:00 2022/02/08 9:10
LMEOTC AH 202203 Aluminum No 7 business days prior to cutoff 2022/03/16 00:00 2022/03/08 9:10 2022/03/16 17:00 2022/03/08 9:10
LMEOTC AH 202204 Aluminum No 7 business days prior to cutoff 2022/04/20 00:00 2022/04/12 9:10 2022/04/20 17:00 2022/04/12 9:10
LMEOTC CA 202105 Copper No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC CA 202106 Copper No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC CA 202107 Copper No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC CA 202108 Copper No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC CA 202109 Copper No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC CA 202110 Copper No 7 business days prior to cutoff 2021/10/20 00:00 2021/10/12 9:10 2021/10/20 17:00 2021/10/12 9:10
LMEOTC CA 202111 Copper No 7 business days prior to cutoff 2021/11/17 00:00 2021/11/09 9:10 2021/11/17 17:00 2021/11/09 9:10
LMEOTC CA 202112 Copper No 7 business days prior to cutoff 2021/12/15 00:00 2021/12/07 9:10 2021/12/15 17:00 2021/12/07 9:10
LMEOTC CA 202201 Copper No 7 business days prior to cutoff 2022/01/19 00:00 2022/01/11 9:10 2022/01/19 17:00 2022/01/11 9:10
LMEOTC CA 202202 Copper No 7 business days prior to cutoff 2022/02/16 00:00 2022/02/08 9:10 2022/02/16 17:00 2022/02/08 9:10
LMEOTC CA 202203 Copper No 7 business days prior to cutoff 2022/03/16 00:00 2022/03/08 9:10 2022/03/16 17:00 2022/03/08 9:10
LMEOTC CA 202204 Copper No 7 business days prior to cutoff 2022/04/20 00:00 2022/04/12 9:10 2022/04/20 17:00 2022/04/12 9:10
LMEOTC NI 202105 Nickel No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC NI 202106 Nickel No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC NI 202107 Nickel No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC NI 202108 Nickel No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC NI 202109 Nickel No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC NI 202110 Nickel No 7 business days prior to cutoff 2021/10/20 00:00 2021/10/12 9:10 2021/10/20 17:00 2021/10/12 9:10
LMEOTC NI 202111 Nickel No 7 business days prior to cutoff 2021/11/17 00:00 2021/11/09 9:10 2021/11/17 17:00 2021/11/09 9:10
LMEOTC NI 202112 Nickel No 7 business days prior to cutoff 2021/12/15 00:00 2021/12/07 9:10 2021/12/15 17:00 2021/12/07 9:10
LMEOTC NI 202201 Nickel No 7 business days prior to cutoff 2022/01/19 00:00 2022/01/11 9:10 2022/01/19 17:00 2022/01/11 9:10
LMEOTC NI 202202 Nickel No 7 business days prior to cutoff 2022/02/16 00:00 2022/02/08 9:10 2022/02/16 17:00 2022/02/08 9:10
LMEOTC NI 202203 Nickel No 7 business days prior to cutoff 2022/03/16 00:00 2022/03/08 9:10 2022/03/16 17:00 2022/03/08 9:10
LMEOTC NI 202204 Nickel No 7 business days prior to cutoff 2022/04/20 00:00 2022/04/12 9:10 2022/04/20 17:00 2022/04/12 9:10
LMEOTC PB 202105 Lead No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC PB 202106 Lead No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC PB 202107 Lead No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC PB 202108 Lead No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC PB 202109 Lead No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC PB 202110 Lead No 7 business days prior to cutoff 2021/10/20 00:00 2021/10/12 9:10 2021/10/20 17:00 2021/10/12 9:10
LMEOTC PB 202111 Lead No 7 business days prior to cutoff 2021/11/17 00:00 2021/11/09 9:10 2021/11/17 17:00 2021/11/09 9:10
LMEOTC PB 202112 Lead No 7 business days prior to cutoff 2021/12/15 00:00 2021/12/07 9:10 2021/12/15 17:00 2021/12/07 9:10
LMEOTC PB 202201 Lead No 7 business days prior to cutoff 2022/01/19 00:00 2022/01/11 9:10 2022/01/19 17:00 2022/01/11 9:10
LMEOTC PB 202202 Lead No 7 business days prior to cutoff 2022/02/16 00:00 2022/02/08 9:10 2022/02/16 17:00 2022/02/08 9:10
LMEOTC PB 202203 Lead No 7 business days prior to cutoff 2022/03/16 00:00 2022/03/08 9:10 2022/03/16 17:00 2022/03/08 9:10
LMEOTC PB 202204 Lead No 7 business days prior to cutoff 2022/04/20 00:00 2022/04/12 9:10 2022/04/20 17:00 2022/04/12 9:10
LMEOTC SN 202105 Tin No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC SN 202106 Tin No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC SN 202107 Tin No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC SN 202108 Tin No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC SN 202109 Tin No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC SN 202110 Tin No 7 business days prior to cutoff 2021/10/20 00:00 2021/10/12 9:10 2021/10/20 17:00 2021/10/12 9:10
LMEOTC SN 202111 Tin No 7 business days prior to cutoff 2021/11/17 00:00 2021/11/09 9:10 2021/11/17 17:00 2021/11/09 9:10
LMEOTC SN 202112 Tin No 7 business days prior to cutoff 2021/12/15 00:00 2021/12/07 9:10 2021/12/15 17:00 2021/12/07 9:10
LMEOTC SN 202201 Tin No 7 business days prior to cutoff 2022/01/19 00:00 2022/01/11 9:10 2022/01/19 17:00 2022/01/11 9:10
LMEOTC SN 202202 Tin No 7 business days prior to cutoff 2022/02/16 00:00 2022/02/08 9:10 2022/02/16 17:00 2022/02/08 9:10
LMEOTC SN 202203 Tin No 7 business days prior to cutoff 2022/03/16 00:00 2022/03/08 9:10 2022/03/16 17:00 2022/03/08 9:10
LMEOTC SN 202204 Tin No 7 business days prior to cutoff 2022/04/20 00:00 2022/04/12 9:10 2022/04/20 17:00 2022/04/12 9:10
LMEOTC ZS 202105 Zinc No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC ZS 202106 Zinc No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC ZS 202107 Zinc No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC ZS 202108 Zinc No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC ZS 202109 Zinc No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC ZS 202110 Zinc No 7 business days prior to cutoff 2021/10/20 00:00 2021/10/12 9:10 2021/10/20 17:00 2021/10/12 9:10
LMEOTC ZS 202111 Zinc No 7 business days prior to cutoff 2021/11/17 00:00 2021/11/09 9:10 2021/11/17 17:00 2021/11/09 9:10
LMEOTC ZS 202112 Zinc No 7 business days prior to cutoff 2021/12/15 00:00 2021/12/07 9:10 2021/12/15 17:00 2021/12/07 9:10
LMEOTC ZS 202201 Zinc No 7 business days prior to cutoff 2022/01/19 00:00 2022/01/11 9:10 2022/01/19 17:00 2022/01/11 9:10
LMEOTC ZS 202202 Zinc No 7 business days prior to cutoff 2022/02/16 00:00 2022/02/08 9:10 2022/02/16 17:00 2022/02/08 9:10
LMEOTC ZS 202203 Zinc No 7 business days prior to cutoff 2022/03/16 00:00 2022/03/08 9:10 2022/03/16 17:00 2022/03/08 9:10
LMEOTC ZS 202204 Zinc No 7 business days prior to cutoff 2022/04/20 00:00 2022/04/12 9:10 2022/04/20 17:00 2022/04/12 9:10
MATIF EBM 202105 Milling Wheat No 2 business days prior to cutoff 2021/05/03 17:30 (CET) 2021/04/30 10:45 (CET) 2021/05/03 17:30 (CET) 2021/04/30 10:45 (CET)
MATIF EBM 202109 Milling Wheat No 2 business days prior to cutoff 2021/09/03 17:30 (CET) 2021/09/02 10:45 (CET) 2021/09/03 17:30 (CET) 2021/09/02 10:45 (CET)
MATIF EBM 202112 Milling Wheat No 2 business days prior to cutoff 2021/12/03 17:30 (CET) 2021/12/02 10:45 (CET) 2021/12/03 17:30 (CET) 2021/12/02 10:45 (CET)
MATIF EBM 202203 Milling Wheat No 2 business days prior to cutoff 2022/03/03 17:30 (CET) 2022/03/02 10:45 (CET) 2022/03/03 17:30 (CET) 2022/03/02 10:45 (CET)
MATIF ECO 202108 Rapeseed No 2 business days prior to cutoff 2021/07/30 17:30 (CET) 2021/07/29 10:45 (CET) 2021/07/30 17:30 (CET) 2021/07/29 10:45 (CET)
MATIF ECO 202111 Rapeseed No 2 business days prior to cutoff 2021/10/29 17:30 (CET) 2021/10/28 10:45 (CET) 2021/10/29 17:30 (CET) 2021/10/28 10:45 (CET)
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.