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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
CBOT 10Y 202212 10-year Micro Yield No 2 business days prior to cutoff 2022/12/30 14:00 2022/12/29 7:20 2022/12/30 14:00 2022/12/29 7:20
CBOT 10Y 202301 10-year Micro Yield No 2 business days prior to cutoff 2023/01/31 14:00 2023/01/30 7:20 2023/01/31 14:00 2023/01/30 7:20
CBOT 2YY 202212 2-year Micro Yield No 2 business days prior to cutoff 2022/12/30 14:00 2022/12/29 7:20 2022/12/30 14:00 2022/12/29 7:20
CBOT 2YY 202301 2-year Micro Yield No 2 business days prior to cutoff 2023/01/31 14:00 2023/01/30 7:20 2023/01/31 14:00 2023/01/30 7:20
CBOT 30Y 202212 30-year Micro Yield No 2 business days prior to cutoff 2022/12/30 14:00 2022/12/29 7:20 2022/12/30 14:00 2022/12/29 7:20
CBOT 30Y 202301 30-year Micro Yield No 2 business days prior to cutoff 2023/01/31 14:00 2023/01/30 7:20 2023/01/31 14:00 2023/01/30 7:20
CBOT 5YY 202212 5-year Micro Yield No 2 business days prior to cutoff 2022/12/30 14:00 2022/12/29 7:20 2022/12/30 14:00 2022/12/29 7:20
CBOT 5YY 202301 5-year Micro Yield No 2 business days prior to cutoff 2023/01/31 14:00 2023/01/30 7:20 2023/01/31 14:00 2023/01/30 7:20
CBOT B1U 202212 30-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 2022/12/01 8:30 2022/12/19 14:00 2022/12/08 8:30
CBOT B1U 202303 30-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 2023/03/02 8:30 2023/03/13 14:00 2023/03/02 8:30
CBOT EH 202212 Ethanol No 2 business days prior to cutoff 2022/11/29 15:00 2022/11/28 8:30 2022/12/05 12:01 2022/12/02 8:30
CBOT EH 202301 Ethanol No 2 business days prior to cutoff 2022/12/29 15:00 2022/12/28 8:30 2023/01/05 12:01 2023/01/04 8:30
CBOT EH 202302 Ethanol No 2 business days prior to cutoff 2023/01/30 15:00 2023/01/27 8:30 2023/02/03 12:01 2023/02/02 8:30
CBOT EH 202303 Ethanol No 2 business days prior to cutoff 2023/02/27 15:00 2023/02/24 8:30 2023/03/03 12:01 2023/03/02 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 F1U 202212 5-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 2022/12/01 8:30 2022/12/19 14:00 2022/12/08 8:30
CBOT F1U 202303 5-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 2023/03/02 8:30 2023/03/13 14:00 2023/03/02 8:30
CBOT KE 202303 Kansas City Wheat No 2 business days prior to cutoff 2023/02/27 13:15 2023/02/24 8:30 2023/02/27 13:15 2023/02/24 8:30
CBOT KE 202212 Kansas City Wheat No 2 business days prior to cutoff 2022/11/29 13:15 2022/11/28 8:30 2022/11/29 13:15 2022/11/28 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 N1U 202212 10-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 2022/12/01 8:30 2022/12/19 14:00 2022/12/08 8:30
CBOT N1U 202303 10-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 2023/03/02 8:30 2023/03/13 14:00 2023/03/02 8:30
CBOT T1U 202212 2-Year Interest Rate Swap No 8 business days prior to cutoff 2022/12/12 15:15 2022/12/01 8:30 2022/12/19 14:00 2022/12/08 8:30
CBOT T1U 202303 2-Year Interest Rate Swap No 8 business days prior to cutoff 2023/03/13 14:00 2023/03/02 8:30 2023/03/13 14:00 2023/03/02 8:30
CBOT TN 202212 10-YR T-NOTES No 1 business day prior to cutoff 2022/11/29 15:15 2022/11/29 7:20 2022/12/20 12:01 2022/12/20 7:20
CBOT TN 202303 10-YR T-NOTES No 1 business day prior to cutoff 2023/02/27 15:15 2023/02/27 7:20 2023/03/22 12:01 2023/03/22 7:20
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 TWE 202212 20-YR TREASURY No 2 hours prior to cutoff 2022/11/29 15:15 2022/11/29 13:15 2022/12/20 12:01 2022/12/20 10:01
CBOT TWE 202303 20-YR TREASURY No 2 hours prior to cutoff 2023/02/27 15:15 2023/02/27 13:15 2023/03/22 12:01 2023/03/22 10:01
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 UB 202212 Ultra T-BONDS No 2 hours prior to cutoff 2022/11/29 15:15 2022/11/29 13:15 2022/12/20 12:01 2022/12/20 10:01
CBOT UB 202303 Ultra T-BONDS No 2 hours prior to cutoff 2023/02/27 15:15 2023/02/27 13:15 2023/03/22 12:01 2023/03/22 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 XC 202212 MINI CORN FUTURES No 1 business day prior to cutoff 2022/11/29 13:45 2022/11/29 8:30 2022/11/29 13:45 2022/11/29 8:30
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 202303 MINI CORN FUTURES No 1 business day prior to cutoff 2023/02/27 13:45 2023/02/27 8:30 2023/02/27 13:45 2023/02/27 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 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 202301 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2022/12/29 13:45 2022/12/28 8:30 2022/12/29 13:45 2022/12/28 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 202303 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2023/02/27 13:45 2023/02/24 8:30 2023/02/27 13:45 2023/02/24 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 202212 MINI WHEAT FUTURES No 1 business day prior to cutoff 2022/11/29 13:45 2022/11/29 8:30 2022/11/29 13:45 2022/11/29 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 202303 MINI WHEAT FUTURES No 1 business day prior to cutoff 2023/02/27 13:45 2023/02/27 8:30 2023/02/27 13:45 2023/02/27 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 Z3N 202212 3-YR TREAS. No 2 business days prior to cutoff 2022/11/29 15:15 2022/11/28 8:30 2022/12/30 12:01 2022/12/29 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 ZB 202212 30-year T-BONDS No 2 hours prior to cutoff 2022/11/29 15:15 2022/11/29 13:15 2022/12/20 12:01 2022/12/20 10:01
CBOT ZB 202303 30-year T-BONDS No 2 hours prior to cutoff 2023/02/27 15:15 2023/02/27 13:15 2023/03/22 12:01 2023/03/22 10:01
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 ZC 202212 Corn futures No 1 business day prior to cutoff 2022/11/29 13:20 2022/11/29 8:30 2022/11/29 13:20 2022/11/29 8:30
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 202303 Corn futures No 1 business day prior to cutoff 2023/02/27 13:20 2023/02/27 8:30 2023/02/27 13:20 2023/02/27 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 ZF 202212 5-YR TREAS. No 2 hours prior to cutoff 2022/11/29 15:15 2022/11/29 13:15 2022/12/30 12:01 2022/12/30 10:01
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 ZL 202212 SoyOil No 2 business days prior to cutoff 2022/11/29 13:15 2022/11/28 8:30 2022/11/29 13:15 2022/11/28 8:30
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 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 202301 SoyOil No 2 business days prior to cutoff 2022/12/29 13:15 2022/12/28 8:30 2022/12/29 13:15 2022/12/28 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 202303 SoyOil No 2 business days prior to cutoff 2023/02/27 13:15 2023/02/24 8:30 2023/02/27 13:15 2023/02/24 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 ZM 202212 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2022/11/29 13:15 2022/11/28 8:30 2022/11/29 13:15 2022/11/28 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 202301 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2022/12/29 13:15 2022/12/28 8:30 2022/12/29 13:15 2022/12/28 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 202303 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2023/02/27 13:15 2023/02/24 8:30 2023/02/27 13:15 2023/02/24 8:30
CBOT ZN 202212 10-YR TREAS. No 2 hours prior to cutoff 2022/11/29 15:15 2022/11/29 13:15 2022/12/20 12:01 2022/12/20 10:01
CBOT ZN 202303 10-YR TREAS. No 2 hours prior to cutoff 2023/02/27 15:15 2023/02/27 13:15 2023/03/22 12:01 2023/03/22 10:01
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 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 202212 Oats No 2 business days prior to cutoff 2022/11/29 13:15 2022/11/28 8:30 2022/11/29 13:15 2022/11/28 8:30
CBOT ZO 202303 Oats No 2 business days prior to cutoff 2023/02/27 13:15 2023/02/24 8:30 2023/02/27 13:15 2023/02/24 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 ZR 202301 ROUGH RICE FUTURES No 2 business days prior to cutoff 2022/12/29 13:15 2022/12/28 8:30 2022/12/29 13:15 2022/12/28 8:30
CBOT ZR 202303 ROUGH RICE FUTURES No 2 business days prior to cutoff 2023/02/27 13:15 2023/02/24 8:30 2023/02/27 13:15 2023/02/24 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.