If you are an institution, click below to learn more about our offerings for RIAs, Hedge Funds, Compliance Officers and more.

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
CBOT 10Y 202303 10-year Micro Yield No 2 business days prior to cutoff 2023/03/31 14:00 2023/03/30 7:20 2023/03/31 14:00 2023/03/30 7:20
CBOT 10Y 202304 10-year Micro Yield No 2 business days prior to cutoff 2023/04/28 14:00 2023/04/27 7:20 2023/04/28 14:00 2023/04/27 7:20
CBOT 10Y 202305 10-year Micro Yield No 2 business days prior to cutoff 2023/05/31 14:00 2023/05/30 7:20 2023/05/31 14:00 2023/05/30 7:20
CBOT 2YY 202303 2-year Micro Yield No 2 business days prior to cutoff 2023/03/31 14:00 2023/03/30 7:20 2023/03/31 14:00 2023/03/30 7:20
CBOT 2YY 202304 2-year Micro Yield No 2 business days prior to cutoff 2023/04/28 14:00 2023/04/27 7:20 2023/04/28 14:00 2023/04/27 7:20
CBOT 2YY 202305 2-year Micro Yield No 2 business days prior to cutoff 2023/05/31 14:00 2023/05/30 7:20 2023/05/31 14:00 2023/05/30 7:20
CBOT 30Y 202303 30-year Micro Yield No 2 business days prior to cutoff 2023/03/31 14:00 2023/03/30 7:20 2023/03/31 14:00 2023/03/30 7:20
CBOT 30Y 202304 30-year Micro Yield No 2 business days prior to cutoff 2023/04/28 14:00 2023/04/27 7:20 2023/04/28 14:00 2023/04/27 7:20
CBOT 30Y 202305 30-year Micro Yield No 2 business days prior to cutoff 2023/05/31 14:00 2023/05/30 7:20 2023/05/31 14:00 2023/05/30 7:20
CBOT 5YY 202303 5-year Micro Yield No 2 business days prior to cutoff 2023/03/31 14:00 2023/03/30 7:20 2023/03/31 14:00 2023/03/30 7:20
CBOT 5YY 202304 5-year Micro Yield No 2 business days prior to cutoff 2023/04/28 14:00 2023/04/27 7:20 2023/04/28 14:00 2023/04/27 7:20
CBOT 5YY 202305 5-year Micro Yield No 2 business days prior to cutoff 2023/05/31 14:00 2023/05/30 7:20 2023/05/31 14:00 2023/05/30 7:20
CBOT B1U 202306 30-Year Interest Rate Swap No 8 business days prior to cutoff 2023/06/20 14:00 2023/06/09 8:30 2023/06/20 14:00 2023/06/09 8:30
CBOT EH 202304 Ethanol No 2 business days prior to cutoff 2023/03/30 15:00 2023/03/29 8:30 2023/04/05 12:01 2023/04/04 8:30
CBOT EH 202305 Ethanol No 2 business days prior to cutoff 2023/04/27 15:00 2023/04/26 8:30 2023/05/03 12:01 2023/05/02 8:30
CBOT EH 202306 Ethanol No 2 business days prior to cutoff 2023/05/30 15:00 2023/05/29 8:30 2023/06/05 12:01 2023/06/02 8:30
CBOT EH 202307 Ethanol No 2 business days prior to cutoff 2023/06/29 15:00 2023/06/28 8:30 2023/07/06 12:01 2023/07/05 8:30
CBOT EH 202308 Ethanol No 2 business days prior to cutoff 2023/07/28 15:00 2023/07/27 8:30 2023/08/03 12:01 2023/08/02 8:30
CBOT EH 202309 Ethanol No 2 business days prior to cutoff 2023/08/30 15:00 2023/08/29 8:30 2023/09/06 12:01 2023/09/05 8:30
CBOT EH 202310 Ethanol No 2 business days prior to cutoff 2023/09/28 15:00 2023/09/27 8:30 2023/10/04 12:01 2023/10/03 8:30
CBOT EH 202311 Ethanol No 2 business days prior to cutoff 2023/10/30 15:00 2023/10/27 8:30 2023/11/03 12:01 2023/11/02 8:30
CBOT EH 202312 Ethanol No 2 business days prior to cutoff 2023/11/29 15:00 2023/11/28 8:30 2023/12/05 12:01 2023/12/04 8:30
CBOT EH 202401 Ethanol No 2 business days prior to cutoff 2023/12/28 15:00 2023/12/27 8:30 2024/01/04 12:01 2024/01/03 8:30
CBOT EH 202402 Ethanol No 2 business days prior to cutoff 2024/01/30 15:00 2024/01/29 8:30 2024/02/05 12:01 2024/02/02 8:30
CBOT EH 202403 Ethanol No 2 business days prior to cutoff 2024/02/28 15:00 2024/02/27 8:30 2024/03/05 12:01 2024/03/04 8:30
CBOT F1U 202306 5-Year Interest Rate Swap No 8 business days prior to cutoff 2023/06/20 14:00 2023/06/09 8:30 2023/06/20 14:00 2023/06/09 8:30
CBOT KE 202307 Kansas City Wheat No 2 business days prior to cutoff 2023/06/29 13:15 2023/06/28 8:30 2023/06/29 13:15 2023/06/28 8:30
CBOT KE 202305 Kansas City Wheat No 2 business days prior to cutoff 2023/04/27 13:15 2023/04/26 8:30 2023/04/27 13:15 2023/04/26 8:30
CBOT KE 202309 Kansas City Wheat No 2 business days prior to cutoff 2023/08/30 13:15 2023/08/29 8:30 2023/08/30 13:15 2023/08/29 8:30
CBOT KE 202403 Kansas City Wheat No 2 business days prior to cutoff 2024/02/28 13:15 2024/02/27 8:30 2024/02/28 13:15 2024/02/27 8:30
CBOT KE 202312 Kansas City Wheat No 2 business days prior to cutoff 2023/11/29 13:15 2023/11/28 8:30 2023/11/29 13:15 2023/11/28 8:30
CBOT N1U 202306 10-Year Interest Rate Swap No 8 business days prior to cutoff 2023/06/20 14:00 2023/06/09 8:30 2023/06/20 14:00 2023/06/09 8:30
CBOT T1U 202306 2-Year Interest Rate Swap No 8 business days prior to cutoff 2023/06/20 14:00 2023/06/09 8:30 2023/06/20 14:00 2023/06/09 8:30
CBOT TN 202306 10-YR T-NOTES No 1 business day prior to cutoff 2023/05/30 15:15 2023/05/30 7:20 2023/06/21 12:01 2023/06/21 7:20
CBOT TN 202309 10-YR T-NOTES No 1 business day prior to cutoff 2023/08/30 15:15 2023/08/30 7:20 2023/09/20 12:01 2023/09/20 7:20
CBOT TN 202312 10-YR T-NOTES No 1 business day prior to cutoff 2023/11/29 15:15 2023/11/29 7:20 2023/12/19 12:01 2023/12/19 7:20
CBOT TWE 202306 20-YR TREASURY No 2 hours prior to cutoff 2023/05/30 15:15 2023/05/30 13:15 2023/06/21 12:01 2023/06/21 10:01
CBOT TWE 202309 20-YR TREASURY No 2 hours prior to cutoff 2023/08/30 15:15 2023/08/30 13:15 2023/09/20 12:01 2023/09/20 10:01
CBOT TWE 202312 20-YR TREASURY No 2 hours prior to cutoff 2023/11/29 15:15 2023/11/29 13:15 2023/12/19 12:01 2023/12/19 10:01
CBOT UB 202306 Ultra T-BONDS No 2 hours prior to cutoff 2023/05/30 15:15 2023/05/30 13:15 2023/06/21 12:01 2023/06/21 10:01
CBOT UB 202309 Ultra T-BONDS No 2 hours prior to cutoff 2023/08/30 15:15 2023/08/30 13:15 2023/09/20 12:01 2023/09/20 10:01
CBOT UB 202312 Ultra T-BONDS No 2 hours prior to cutoff 2023/11/29 15:15 2023/11/29 13:15 2023/12/19 12:01 2023/12/19 10:01
CBOT XC 202307 MINI CORN FUTURES No 1 business day prior to cutoff 2023/06/29 13:45 2023/06/29 8:30 2023/06/29 13:45 2023/06/29 8:30
CBOT XC 202312 MINI CORN FUTURES No 1 business day prior to cutoff 2023/11/29 13:45 2023/11/29 8:30 2023/11/29 13:45 2023/11/29 8:30
CBOT XC 202309 MINI CORN FUTURES No 1 business day prior to cutoff 2023/08/30 13:45 2023/08/30 8:30 2023/08/30 13:45 2023/08/30 8:30
CBOT XC 202305 MINI CORN FUTURES No 1 business day prior to cutoff 2023/04/27 13:45 2023/04/27 8:30 2023/04/27 13:45 2023/04/27 8:30
CBOT XC 202403 MINI CORN FUTURES No 1 business day prior to cutoff 2024/02/28 13:45 2024/02/28 8:30 2024/02/28 13:45 2024/02/28 8:30
CBOT XK 202307 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/06/29 13:45 2023/06/28 8:30 2023/06/29 13:45 2023/06/28 8:30
CBOT XK 202311 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/10/30 13:45 2023/10/27 8:30 2023/10/30 13:45 2023/10/27 8:30
CBOT XK 202309 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/08/30 13:45 2023/08/29 8:30 2023/08/30 13:45 2023/08/29 8:30
CBOT XK 202305 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/04/27 13:45 2023/04/26 8:30 2023/04/27 13:45 2023/04/26 8:30
CBOT XK 202308 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/07/28 13:45 2023/07/27 8:30 2023/07/28 13:45 2023/07/27 8:30
CBOT XK 202403 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2024/02/28 13:45 2024/02/27 8:30 2024/02/28 13:45 2024/02/27 8:30
CBOT XK 202401 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/12/28 13:45 2023/12/27 8:30 2023/12/28 13:45 2023/12/27 8:30
CBOT XW 202307 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/06/29 13:45 2023/06/29 8:30 2023/06/29 13:45 2023/06/29 8:30
CBOT XW 202305 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/04/27 13:45 2023/04/27 8:30 2023/04/27 13:45 2023/04/27 8:30
CBOT XW 202309 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/08/30 13:45 2023/08/30 8:30 2023/08/30 13:45 2023/08/30 8:30
CBOT XW 202312 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/11/29 13:45 2023/11/29 8:30 2023/11/29 13:45 2023/11/29 8:30
CBOT XW 202403 MINI WHEAT FUTURES No 1 business day prior to cutoff 2024/02/28 13:45 2024/02/28 8:30 2024/02/28 13:45 2024/02/28 8:30
CBOT Z3N 202303 3-YR TREAS. No 2 business days prior to cutoff 2023/02/27 15:15 2023/02/24 8:30 2023/03/31 12:01 2023/03/30 8:30
CBOT Z3N 202306 3-YR TREAS. No 2 business days prior to cutoff 2023/05/30 15:15 2023/05/29 8:30 2023/06/30 12:01 2023/06/29 8:30
CBOT Z3N 202309 3-YR TREAS. No 2 business days prior to cutoff 2023/08/30 15:15 2023/08/29 8:30 2023/09/29 12:01 2023/09/28 8:30
CBOT Z3N 202312 3-YR TREAS. No 2 business days prior to cutoff 2023/11/29 15:15 2023/11/28 8:30 2023/12/29 12:01 2023/12/28 8:30
CBOT ZB 202306 30-year T-BONDS No 2 hours prior to cutoff 2023/05/30 15:15 2023/05/30 13:15 2023/06/21 12:01 2023/06/21 10:01
CBOT ZB 202309 30-year T-BONDS No 2 hours prior to cutoff 2023/08/30 15:15 2023/08/30 13:15 2023/09/20 12:01 2023/09/20 10:01
CBOT ZB 202312 30-year T-BONDS No 2 hours prior to cutoff 2023/11/29 15:15 2023/11/29 13:15 2023/12/19 12:01 2023/12/19 10:01
CBOT ZC 202307 Corn futures No 1 business day prior to cutoff 2023/06/29 13:20 2023/06/29 8:30 2023/06/29 13:20 2023/06/29 8:30
CBOT ZC 202312 Corn futures No 1 business day prior to cutoff 2023/11/29 13:20 2023/11/29 8:30 2023/11/29 13:20 2023/11/29 8:30
CBOT ZC 202305 Corn futures No 1 business day prior to cutoff 2023/04/27 13:20 2023/04/27 8:30 2023/04/27 13:20 2023/04/27 8:30
CBOT ZC 202309 Corn futures No 1 business day prior to cutoff 2023/08/30 13:20 2023/08/30 8:30 2023/08/30 13:20 2023/08/30 8:30
CBOT ZC 202403 Corn futures No 1 business day prior to cutoff 2024/02/28 13:20 2024/02/28 8:30 2024/02/28 13:20 2024/02/28 8:30
CBOT ZF 202303 5-YR TREAS. No 2 hours prior to cutoff 2023/02/27 15:15 2023/02/27 13:15 2023/03/31 12:01 2023/03/31 10:01
CBOT ZF 202306 5-YR TREAS. No 2 hours prior to cutoff 2023/05/30 15:15 2023/05/30 13:15 2023/06/30 12:01 2023/06/30 10:01
CBOT ZF 202309 5-YR TREAS. No 2 hours prior to cutoff 2023/08/30 15:15 2023/08/30 13:15 2023/09/29 12:01 2023/09/29 10:01
CBOT ZF 202312 5-YR TREAS. No 2 hours prior to cutoff 2023/11/29 15:15 2023/11/29 13:15 2023/12/29 12:01 2023/12/29 10:01
CBOT ZL 202307 SoyOil No 2 business days prior to cutoff 2023/06/29 13:15 2023/06/28 8:30 2023/06/29 13:15 2023/06/28 8:30
CBOT ZL 202310 SoyOil No 2 business days prior to cutoff 2023/09/28 13:15 2023/09/27 8:30 2023/09/28 13:15 2023/09/27 8:30
CBOT ZL 202312 SoyOil No 2 business days prior to cutoff 2023/11/29 13:15 2023/11/28 8:30 2023/11/29 13:15 2023/11/28 8:30
CBOT ZL 202309 SoyOil No 2 business days prior to cutoff 2023/08/30 13:15 2023/08/29 8:30 2023/08/30 13:15 2023/08/29 8:30
CBOT ZL 202308 SoyOil No 2 business days prior to cutoff 2023/07/28 13:15 2023/07/27 8:30 2023/07/28 13:15 2023/07/27 8:30
CBOT ZL 202305 SoyOil No 2 business days prior to cutoff 2023/04/27 13:15 2023/04/26 8:30 2023/04/27 13:15 2023/04/26 8:30
CBOT ZL 202403 SoyOil No 2 business days prior to cutoff 2024/02/28 13:15 2024/02/27 8:30 2024/02/28 13:15 2024/02/27 8:30
CBOT ZL 202401 SoyOil No 2 business days prior to cutoff 2023/12/28 13:15 2023/12/27 8:30 2023/12/28 13:15 2023/12/27 8:30
CBOT ZM 202307 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/06/29 13:15 2023/06/28 8:30 2023/06/29 13:15 2023/06/28 8:30
CBOT ZM 202310 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/09/28 13:15 2023/09/27 8:30 2023/09/28 13:15 2023/09/27 8:30
CBOT ZM 202312 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/11/29 13:15 2023/11/28 8:30 2023/11/29 13:15 2023/11/28 8:30
CBOT ZM 202309 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/08/30 13:15 2023/08/29 8:30 2023/08/30 13:15 2023/08/29 8:30
CBOT ZM 202305 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/04/27 13:15 2023/04/26 8:30 2023/04/27 13:15 2023/04/26 8:30
CBOT ZM 202308 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/07/28 13:15 2023/07/27 8:30 2023/07/28 13:15 2023/07/27 8:30
CBOT ZM 202403 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2024/02/28 13:15 2024/02/27 8:30 2024/02/28 13:15 2024/02/27 8:30
CBOT ZM 202401 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/12/28 13:15 2023/12/27 8:30 2023/12/28 13:15 2023/12/27 8:30
CBOT ZN 202306 10-YR TREAS. No 2 hours prior to cutoff 2023/05/30 15:15 2023/05/30 13:15 2023/06/21 12:01 2023/06/21 10:01
CBOT ZN 202309 10-YR TREAS. No 2 hours prior to cutoff 2023/08/30 15:15 2023/08/30 13:15 2023/09/20 12:01 2023/09/20 10:01
CBOT ZN 202312 10-YR TREAS. No 2 hours prior to cutoff 2023/11/29 15:15 2023/11/29 13:15 2023/12/19 12:01 2023/12/19 10:01
CBOT ZO 202309 Oats No 2 business days prior to cutoff 2023/08/30 13:15 2023/08/29 8:30 2023/08/30 13:15 2023/08/29 8:30
CBOT ZO 202307 Oats No 2 business days prior to cutoff 2023/06/29 13:15 2023/06/28 8:30 2023/06/29 13:15 2023/06/28 8:30
CBOT ZO 202305 Oats No 2 business days prior to cutoff 2023/04/27 13:15 2023/04/26 8:30 2023/04/27 13:15 2023/04/26 8:30
CBOT ZO 202312 Oats No 2 business days prior to cutoff 2023/11/29 13:15 2023/11/28 8:30 2023/11/29 13:15 2023/11/28 8:30
CBOT ZO 202403 Oats No 2 business days prior to cutoff 2024/02/28 13:15 2024/02/27 8:30 2024/02/28 13:15 2024/02/27 8:30
CBOT ZR 202305 ROUGH RICE FUTURES No 2 business days prior to cutoff 2023/04/27 13:15 2023/04/26 8:30 2023/04/27 13:15 2023/04/26 8:30
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.