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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 HOIL 202212 Heating Oil No 2 business days prior to cutoff 2022/11/29 19:00 (GMT) 2022/11/28 9:00 (GMT) 2022/11/29 19:00 (GMT) 2022/11/28 9:00 (GMT)
IPE HOIL 202301 Heating Oil No 2 business days prior to cutoff 2022/12/29 19:00 (GMT) 2022/12/28 9:00 (GMT) 2022/12/29 19:00 (GMT) 2022/12/28 9:00 (GMT)
IPE HOIL 202306 Heating Oil No 2 business days prior to cutoff 2023/05/30 19:00 (GMT) 2023/05/29 9:00 (GMT) 2023/05/30 19:00 (GMT) 2023/05/29 9:00 (GMT)
IPE HOIL 202309 Heating Oil No 2 business days prior to cutoff 2023/08/30 19:00 (GMT) 2023/08/29 9:00 (GMT) 2023/08/30 19:00 (GMT) 2023/08/29 9:00 (GMT)
IPE HOIL 202311 Heating Oil No 2 business days prior to cutoff 2023/10/30 19:00 (GMT) 2023/10/27 9:00 (GMT) 2023/10/30 19:00 (GMT) 2023/10/27 9:00 (GMT)
IPE HOIL 202310 Heating Oil No 2 business days prior to cutoff 2023/09/28 19:00 (GMT) 2023/09/27 9:00 (GMT) 2023/09/28 19:00 (GMT) 2023/09/27 9:00 (GMT)
IPE HOIL 202308 Heating Oil No 2 business days prior to cutoff 2023/07/28 19:00 (GMT) 2023/07/27 9:00 (GMT) 2023/07/28 19:00 (GMT) 2023/07/27 9:00 (GMT)
IPE HOIL 202307 Heating Oil No 2 business days prior to cutoff 2023/06/29 19:00 (GMT) 2023/06/28 9:00 (GMT) 2023/06/29 19:00 (GMT) 2023/06/28 9:00 (GMT)
IPE HOIL 202305 Heating Oil No 2 business days prior to cutoff 2023/04/27 19:00 (GMT) 2023/04/26 9:00 (GMT) 2023/04/27 19:00 (GMT) 2023/04/26 9:00 (GMT)
IPE HOIL 202304 Heating Oil No 2 business days prior to cutoff 2023/03/30 19:00 (GMT) 2023/03/29 9:00 (GMT) 2023/03/30 19:00 (GMT) 2023/03/29 9:00 (GMT)
IPE HOIL 202303 Heating Oil No 2 business days prior to cutoff 2023/02/27 19:00 (GMT) 2023/02/24 9:00 (GMT) 2023/02/27 19:00 (GMT) 2023/02/24 9:00 (GMT)
IPE HOIL 202302 Heating Oil No 2 business days prior to cutoff 2023/01/30 19:00 (GMT) 2023/01/27 9:00 (GMT) 2023/01/30 19:00 (GMT) 2023/01/27 9:00 (GMT)
IPE NGF 202212 Natural Gas No 2 business days prior to cutoff 2022/11/29 00:00 (GMT) 2022/11/28 9:00 (GMT) 2022/11/29 16:00 (GMT) 2022/11/28 9:00 (GMT)
IPE NGF 202301 Natural Gas No 2 business days prior to cutoff 2022/12/29 00:00 (GMT) 2022/12/28 9:00 (GMT) 2022/12/29 16:00 (GMT) 2022/12/28 9:00 (GMT)
IPE NGF 202302 Natural Gas No 2 business days prior to cutoff 2023/01/30 00:00 (GMT) 2023/01/27 9:00 (GMT) 2023/01/30 16:00 (GMT) 2023/01/27 9:00 (GMT)
IPE NGF 202303 Natural Gas No 2 business days prior to cutoff 2023/02/27 00:00 (GMT) 2023/02/24 9:00 (GMT) 2023/02/27 16:00 (GMT) 2023/02/24 9:00 (GMT)
IPE NGF 202304 Natural Gas No 2 business days prior to cutoff 2023/03/30 00:00 (GMT) 2023/03/29 9:00 (GMT) 2023/03/30 16:00 (GMT) 2023/03/29 9:00 (GMT)
IPE NGF 202305 Natural Gas No 2 business days prior to cutoff 2023/04/27 00:00 (GMT) 2023/04/26 9:00 (GMT) 2023/04/27 16:00 (GMT) 2023/04/26 9:00 (GMT)
IPE NGF 202306 Natural Gas No 2 business days prior to cutoff 2023/05/30 00:00 (GMT) 2023/05/29 9:00 (GMT) 2023/05/30 16:00 (GMT) 2023/05/29 9:00 (GMT)
IPE NGF 202307 Natural Gas No 2 business days prior to cutoff 2023/06/29 00:00 (GMT) 2023/06/28 9:00 (GMT) 2023/06/29 16:00 (GMT) 2023/06/28 9:00 (GMT)
IPE NGF 202308 Natural Gas No 2 business days prior to cutoff 2023/07/28 00:00 (GMT) 2023/07/27 9:00 (GMT) 2023/07/28 16:00 (GMT) 2023/07/27 9:00 (GMT)
IPE NGF 202309 Natural Gas No 2 business days prior to cutoff 2023/08/30 00:00 (GMT) 2023/08/29 9:00 (GMT) 2023/08/30 16:00 (GMT) 2023/08/29 9:00 (GMT)
IPE NGF 202310 Natural Gas No 2 business days prior to cutoff 2023/09/28 00:00 (GMT) 2023/09/27 9:00 (GMT) 2023/09/28 16:00 (GMT) 2023/09/27 9:00 (GMT)
IPE NGF 202311 Natural Gas No 2 business days prior to cutoff 2023/10/30 00:00 (GMT) 2023/10/27 9:00 (GMT) 2023/10/30 16:00 (GMT) 2023/10/27 9:00 (GMT)
IPE RBOB 202212 NY RBOB gasoline No 2 business days prior to cutoff 2022/11/29 19:00 (GMT) 2022/11/28 9:00 (GMT) 2022/11/29 19:00 (GMT) 2022/11/28 9:00 (GMT)
IPE RBOB 202301 NY RBOB gasoline No 2 business days prior to cutoff 2022/12/29 19:00 (GMT) 2022/12/28 9:00 (GMT) 2022/12/29 19:00 (GMT) 2022/12/28 9:00 (GMT)
IPE RBOB 202311 NY RBOB gasoline No 2 business days prior to cutoff 2023/10/30 19:00 (GMT) 2023/10/27 9:00 (GMT) 2023/10/30 19:00 (GMT) 2023/10/27 9:00 (GMT)
IPE RBOB 202310 NY RBOB gasoline No 2 business days prior to cutoff 2023/09/28 19:00 (GMT) 2023/09/27 9:00 (GMT) 2023/09/28 19:00 (GMT) 2023/09/27 9:00 (GMT)
IPE RBOB 202309 NY RBOB gasoline No 2 business days prior to cutoff 2023/08/30 19:00 (GMT) 2023/08/29 9:00 (GMT) 2023/08/30 19:00 (GMT) 2023/08/29 9:00 (GMT)
IPE RBOB 202308 NY RBOB gasoline No 2 business days prior to cutoff 2023/07/28 19:00 (GMT) 2023/07/27 9:00 (GMT) 2023/07/28 19:00 (GMT) 2023/07/27 9:00 (GMT)
IPE RBOB 202307 NY RBOB gasoline No 2 business days prior to cutoff 2023/06/29 19:00 (GMT) 2023/06/28 9:00 (GMT) 2023/06/29 19:00 (GMT) 2023/06/28 9:00 (GMT)
IPE RBOB 202306 NY RBOB gasoline No 2 business days prior to cutoff 2023/05/30 19:00 (GMT) 2023/05/29 9:00 (GMT) 2023/05/30 19:00 (GMT) 2023/05/29 9:00 (GMT)
IPE RBOB 202305 NY RBOB gasoline No 2 business days prior to cutoff 2023/04/27 19:00 (GMT) 2023/04/26 9:00 (GMT) 2023/04/27 19:00 (GMT) 2023/04/26 9:00 (GMT)
IPE RBOB 202304 NY RBOB gasoline No 2 business days prior to cutoff 2023/03/30 19:00 (GMT) 2023/03/29 9:00 (GMT) 2023/03/30 19:00 (GMT) 2023/03/29 9:00 (GMT)
IPE RBOB 202303 NY RBOB gasoline No 2 business days prior to cutoff 2023/02/27 19:00 (GMT) 2023/02/24 9:00 (GMT) 2023/02/27 19:00 (GMT) 2023/02/24 9:00 (GMT)
IPE RBOB 202302 NY RBOB gasoline No 2 business days prior to cutoff 2023/01/30 19:00 (GMT) 2023/01/27 9:00 (GMT) 2023/01/30 19:00 (GMT) 2023/01/27 9:00 (GMT)
IPE WTI 202306 Light WTI Crude No 2 business days prior to cutoff 2023/05/19 19:00 (GMT) 2023/05/18 9:00 (GMT) 2023/05/19 19:00 (GMT) 2023/05/18 9:00 (GMT)
IPE WTI 202312 Light WTI Crude No 2 business days prior to cutoff 2023/11/17 19:00 (GMT) 2023/11/16 9:00 (GMT) 2023/11/17 19:00 (GMT) 2023/11/16 9:00 (GMT)
IPE WTI 202301 Light WTI Crude No 2 business days prior to cutoff 2022/12/19 19:00 (GMT) 2022/12/16 9:00 (GMT) 2022/12/19 19:00 (GMT) 2022/12/16 9:00 (GMT)
IPE WTI 202302 Light WTI Crude No 2 business days prior to cutoff 2023/01/19 19:00 (GMT) 2023/01/18 9:00 (GMT) 2023/01/19 19:00 (GMT) 2023/01/18 9:00 (GMT)
IPE WTI 202303 Light WTI Crude No 2 business days prior to cutoff 2023/02/17 19:00 (GMT) 2023/02/16 9:00 (GMT) 2023/02/17 19:00 (GMT) 2023/02/16 9:00 (GMT)
IPE WTI 202304 Light WTI Crude No 2 business days prior to cutoff 2023/03/20 19:00 (GMT) 2023/03/17 9:00 (GMT) 2023/03/20 19:00 (GMT) 2023/03/17 9:00 (GMT)
IPE WTI 202305 Light WTI Crude No 2 business days prior to cutoff 2023/04/19 19:00 (GMT) 2023/04/18 9:00 (GMT) 2023/04/19 19:00 (GMT) 2023/04/18 9:00 (GMT)
IPE WTI 202307 Light WTI Crude No 2 business days prior to cutoff 2023/06/16 19:00 (GMT) 2023/06/15 9:00 (GMT) 2023/06/16 19:00 (GMT) 2023/06/15 9:00 (GMT)
IPE WTI 202308 Light WTI Crude No 2 business days prior to cutoff 2023/07/19 19:00 (GMT) 2023/07/18 9:00 (GMT) 2023/07/19 19:00 (GMT) 2023/07/18 9:00 (GMT)
IPE WTI 202309 Light WTI Crude No 2 business days prior to cutoff 2023/08/21 19:00 (GMT) 2023/08/18 9:00 (GMT) 2023/08/21 19:00 (GMT) 2023/08/18 9:00 (GMT)
IPE WTI 202310 Light WTI Crude No 2 business days prior to cutoff 2023/09/19 19:00 (GMT) 2023/09/18 9:00 (GMT) 2023/09/19 19:00 (GMT) 2023/09/18 9:00 (GMT)
IPE WTI 202311 Light WTI Crude No 2 business days prior to cutoff 2023/10/19 19:00 (GMT) 2023/10/18 9:00 (GMT) 2023/10/19 19:00 (GMT) 2023/10/18 9:00 (GMT)
KSE 175 202212 USD/KRW No 2 business days prior to cutoff 2022/12/19 11:30 2022/12/16 09:00 2022/12/19 11:30 2022/12/16 09:00
KSE 175 202303 USD/KRW No 2 business days prior to cutoff 2023/03/20 11:30 2023/03/17 09:00 2023/03/20 11:30 2023/03/17 09:00
KSE 175 202306 USD/KRW No 2 business days prior to cutoff 2023/06/19 11:30 2023/06/16 09:00 2023/06/19 11:30 2023/06/16 09:00
KSE 175 202309 USD/KRW No 2 business days prior to cutoff 2023/09/18 11:30 2023/09/15 09:00 2023/09/18 11:30 2023/09/15 09:00
KSE 175 202301 USD/KRW No 2 business days prior to cutoff 2023/01/16 11:30 2023/01/13 09:00 2023/01/16 11:30 2023/01/13 09:00
KSE 175 202302 USD/KRW No 2 business days prior to cutoff 2023/02/20 11:30 2023/02/17 09:00 2023/02/20 11:30 2023/02/17 09:00
KSE 175 202304 USD/KRW No 2 business days prior to cutoff 2023/04/17 11:30 2023/04/14 09:00 2023/04/17 11:30 2023/04/14 09:00
KSE 175 202305 USD/KRW No 2 business days prior to cutoff 2023/05/15 11:30 2023/05/12 09:00 2023/05/15 11:30 2023/05/12 09:00
KSE 175 202307 USD/KRW No 2 business days prior to cutoff 2023/07/17 11:30 2023/07/14 09:00 2023/07/17 11:30 2023/07/14 09:00
KSE 175 202308 USD/KRW No 2 business days prior to cutoff 2023/08/21 11:30 2023/08/18 09:00 2023/08/21 11:30 2023/08/18 09:00
KSE 175 202310 USD/KRW No 2 business days prior to cutoff 2023/10/16 11:30 2023/10/13 09:00 2023/10/16 11:30 2023/10/13 09:00
KSE 175 202311 USD/KRW No 2 business days prior to cutoff 2023/11/20 11:30 2023/11/17 09:00 2023/11/20 11:30 2023/11/17 09:00
LMEOTC AH 202212 Aluminum No 7 business days prior to cutoff 2022/12/21 00:00 2022/12/13 9:10 2022/12/21 17:00 2022/12/13 9:10
LMEOTC AH 202301 Aluminum No 7 business days prior to cutoff 2023/01/18 00:00 2023/01/10 9:10 2023/01/18 17:00 2023/01/10 9:10
LMEOTC AH 202302 Aluminum No 7 business days prior to cutoff 2023/02/15 00:00 2023/02/07 9:10 2023/02/15 17:00 2023/02/07 9:10
LMEOTC AH 202303 Aluminum No 7 business days prior to cutoff 2023/03/15 00:00 2023/03/07 9:10 2023/03/15 17:00 2023/03/07 9:10
LMEOTC AH 202304 Aluminum No 7 business days prior to cutoff 2023/04/19 00:00 2023/04/11 9:10 2023/04/19 17:00 2023/04/11 9:10
LMEOTC AH 202305 Aluminum No 7 business days prior to cutoff 2023/05/17 00:00 2023/05/09 9:10 2023/05/17 17:00 2023/05/09 9:10
LMEOTC AH 202306 Aluminum No 7 business days prior to cutoff 2023/06/21 00:00 2023/06/13 9:10 2023/06/21 17:00 2023/06/13 9:10
LMEOTC AH 202307 Aluminum No 7 business days prior to cutoff 2023/07/19 00:00 2023/07/11 9:10 2023/07/19 17:00 2023/07/11 9:10
LMEOTC AH 202308 Aluminum No 7 business days prior to cutoff 2023/08/16 00:00 2023/08/08 9:10 2023/08/16 17:00 2023/08/08 9:10
LMEOTC AH 202309 Aluminum No 7 business days prior to cutoff 2023/09/20 00:00 2023/09/12 9:10 2023/09/20 17:00 2023/09/12 9:10
LMEOTC AH 202310 Aluminum No 7 business days prior to cutoff 2023/10/18 00:00 2023/10/10 9:10 2023/10/18 17:00 2023/10/10 9:10
LMEOTC AH 202311 Aluminum No 7 business days prior to cutoff 2023/11/15 00:00 2023/11/07 9:10 2023/11/15 17:00 2023/11/07 9:10
LMEOTC AH 202211 Aluminum No 7 business days prior to cutoff 2022/11/16 17:00 2022/11/08 9:10 2022/11/25 17:00 2022/11/17 9:10
LMEOTC CA 202212 Copper No 7 business days prior to cutoff 2022/12/21 00:00 2022/12/13 9:10 2022/12/21 17:00 2022/12/13 9:10
LMEOTC CA 202301 Copper No 7 business days prior to cutoff 2023/01/18 00:00 2023/01/10 9:10 2023/01/18 17:00 2023/01/10 9:10
LMEOTC CA 202302 Copper No 7 business days prior to cutoff 2023/02/15 00:00 2023/02/07 9:10 2023/02/15 17:00 2023/02/07 9:10
LMEOTC CA 202303 Copper No 7 business days prior to cutoff 2023/03/15 00:00 2023/03/07 9:10 2023/03/15 17:00 2023/03/07 9:10
LMEOTC CA 202304 Copper No 7 business days prior to cutoff 2023/04/19 00:00 2023/04/11 9:10 2023/04/19 17:00 2023/04/11 9:10
LMEOTC CA 202305 Copper No 7 business days prior to cutoff 2023/05/17 00:00 2023/05/09 9:10 2023/05/17 17:00 2023/05/09 9:10
LMEOTC CA 202306 Copper No 7 business days prior to cutoff 2023/06/21 00:00 2023/06/13 9:10 2023/06/21 17:00 2023/06/13 9:10
LMEOTC CA 202307 Copper No 7 business days prior to cutoff 2023/07/19 00:00 2023/07/11 9:10 2023/07/19 17:00 2023/07/11 9:10
LMEOTC CA 202308 Copper No 7 business days prior to cutoff 2023/08/16 00:00 2023/08/08 9:10 2023/08/16 17:00 2023/08/08 9:10
LMEOTC CA 202309 Copper No 7 business days prior to cutoff 2023/09/20 00:00 2023/09/12 9:10 2023/09/20 17:00 2023/09/12 9:10
LMEOTC CA 202310 Copper No 7 business days prior to cutoff 2023/10/18 00:00 2023/10/10 9:10 2023/10/18 17:00 2023/10/10 9:10
LMEOTC CA 202311 Copper No 7 business days prior to cutoff 2023/11/15 00:00 2023/11/07 9:10 2023/11/15 17:00 2023/11/07 9:10
LMEOTC CA 202211 Copper No 7 business days prior to cutoff 2022/11/16 17:00 2022/11/08 9:10 2022/11/25 17:00 2022/11/17 9:10
LMEOTC NI 202212 Nickel No 7 business days prior to cutoff 2022/12/21 00:00 2022/12/13 9:10 2022/12/21 17:00 2022/12/13 9:10
LMEOTC NI 202301 Nickel No 7 business days prior to cutoff 2023/01/18 00:00 2023/01/10 9:10 2023/01/18 17:00 2023/01/10 9:10
LMEOTC NI 202302 Nickel No 7 business days prior to cutoff 2023/02/15 00:00 2023/02/07 9:10 2023/02/15 17:00 2023/02/07 9:10
LMEOTC NI 202303 Nickel No 7 business days prior to cutoff 2023/03/15 00:00 2023/03/07 9:10 2023/03/15 17:00 2023/03/07 9:10
LMEOTC NI 202304 Nickel No 7 business days prior to cutoff 2023/04/19 00:00 2023/04/11 9:10 2023/04/19 17:00 2023/04/11 9:10
LMEOTC NI 202305 Nickel No 7 business days prior to cutoff 2023/05/17 00:00 2023/05/09 9:10 2023/05/17 17:00 2023/05/09 9:10
LMEOTC NI 202306 Nickel No 7 business days prior to cutoff 2023/06/21 00:00 2023/06/13 9:10 2023/06/21 17:00 2023/06/13 9:10
LMEOTC NI 202307 Nickel No 7 business days prior to cutoff 2023/07/19 00:00 2023/07/11 9:10 2023/07/19 17:00 2023/07/11 9:10
LMEOTC NI 202308 Nickel No 7 business days prior to cutoff 2023/08/16 00:00 2023/08/08 9:10 2023/08/16 17:00 2023/08/08 9:10
LMEOTC NI 202309 Nickel No 7 business days prior to cutoff 2023/09/20 00:00 2023/09/12 9:10 2023/09/20 17:00 2023/09/12 9:10
LMEOTC NI 202310 Nickel No 7 business days prior to cutoff 2023/10/18 00:00 2023/10/10 9:10 2023/10/18 17:00 2023/10/10 9:10
LMEOTC NI 202311 Nickel No 7 business days prior to cutoff 2023/11/15 00:00 2023/11/07 9:10 2023/11/15 17:00 2023/11/07 9:10
LMEOTC NI 202211 Nickel No 7 business days prior to cutoff 2022/11/16 17:00 2022/11/08 9:10 2022/11/25 17:00 2022/11/17 9:10
LMEOTC PB 202212 Lead No 7 business days prior to cutoff 2022/12/21 00:00 2022/12/13 9:10 2022/12/21 17:00 2022/12/13 9:10
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.