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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
NYMEX SIL 202006 Silver No 2 business days prior to cutoff 2020/05/28 16:00 (ET) 2020/05/27 8:25 (ET) 2020/06/26 13:25 (ET) 2020/06/25 8:25 (ET)
NYMEX SIL 202103 Silver No 2 business days prior to cutoff 2021/02/25 16:00 (ET) 2021/02/24 8:25 (ET) 2021/03/29 13:25 (ET) 2021/03/26 8:25 (ET)
NYMEX SIL 202105 Silver No 2 business days prior to cutoff 2021/04/29 16:00 (ET) 2021/04/28 8:25 (ET) 2021/05/26 13:25 (ET) 2021/05/25 8:25 (ET)
NYMEX SIL 202008 Silver No 2 business days prior to cutoff 2020/07/30 16:00 (ET) 2020/07/29 8:25 (ET) 2020/08/27 13:25 (ET) 2020/08/26 8:25 (ET)
NYMEX SIL 202107 Silver No 2 business days prior to cutoff 2021/06/29 16:00 (ET) 2021/06/28 8:25 (ET) 2021/07/28 13:25 (ET) 2021/07/27 8:25 (ET)
NYMEX SIL 202010 Silver No 2 business days prior to cutoff 2020/09/29 16:00 (ET) 2020/09/28 8:25 (ET) 2020/10/28 13:25 (ET) 2020/10/27 8:25 (ET)
NYMEX SIL 202011 Silver No 2 business days prior to cutoff 2020/10/29 16:00 (ET) 2020/10/28 8:25 (ET) 2020/11/25 13:25 (ET) 2020/11/24 8:25 (ET)
NYSELIFFE YG 202012 MINI NY GOLD No 2 business days prior to cutoff 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET) 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET)
NYSELIFFE YG 202106 MINI NY GOLD No 2 business days prior to cutoff 2021/05/27 15:15 (ET) 2021/05/26 8:30 (ET) 2021/05/27 15:15 (ET) 2021/05/26 8:30 (ET)
NYSELIFFE YG 202010 MINI NY GOLD No 2 business days prior to cutoff 2020/09/29 15:15 (ET) 2020/09/28 8:30 (ET) 2020/09/29 15:15 (ET) 2020/09/28 8:30 (ET)
NYSELIFFE YG 202102 MINI NY GOLD No 2 business days prior to cutoff 2021/01/28 15:15 (ET) 2021/01/27 8:30 (ET) 2021/01/28 15:15 (ET) 2021/01/27 8:30 (ET)
NYSELIFFE YG 202104 MINI NY GOLD No 2 business days prior to cutoff 2021/03/30 15:15 (ET) 2021/03/29 8:30 (ET) 2021/03/30 15:15 (ET) 2021/03/29 8:30 (ET)
NYSELIFFE YG 202108 MINI NY GOLD No 2 business days prior to cutoff 2021/07/29 15:15 (ET) 2021/07/28 8:30 (ET) 2021/07/29 15:15 (ET) 2021/07/28 8:30 (ET)
NYSELIFFE YG 202005 MINI NY GOLD No 2 business days prior to cutoff 2020/04/29 15:15 (ET) 2020/04/28 8:30 (ET) 2020/04/29 15:15 (ET) 2020/04/28 8:30 (ET)
NYSELIFFE YG 202007 MINI NY GOLD No 2 business days prior to cutoff 2020/06/29 15:15 (ET) 2020/06/26 8:30 (ET) 2020/06/29 15:15 (ET) 2020/06/26 8:30 (ET)
NYSELIFFE YG 202009 MINI NY GOLD No 2 business days prior to cutoff 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET) 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET)
NYSELIFFE YI 202012 MINI NY SILVER No 2 business days prior to cutoff 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET) 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET)
NYSELIFFE YI 202107 MINI NY SILVER No 2 business days prior to cutoff 2021/06/29 15:15 (ET) 2021/06/28 8:30 (ET) 2021/06/29 15:15 (ET) 2021/06/28 8:30 (ET)
NYSELIFFE YI 202009 MINI NY SILVER No 2 business days prior to cutoff 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET) 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET)
NYSELIFFE YI 202101 MINI NY SILVER No 2 business days prior to cutoff 2020/12/30 15:15 (ET) 2020/12/29 8:30 (ET) 2020/12/30 15:15 (ET) 2020/12/29 8:30 (ET)
NYSELIFFE YI 202103 MINI NY SILVER No 2 business days prior to cutoff 2021/02/25 15:15 (ET) 2021/02/24 8:30 (ET) 2021/02/25 15:15 (ET) 2021/02/24 8:30 (ET)
NYSELIFFE YI 202105 MINI NY SILVER No 2 business days prior to cutoff 2021/04/29 15:15 (ET) 2021/04/28 8:30 (ET) 2021/04/29 15:15 (ET) 2021/04/28 8:30 (ET)
NYSELIFFE YI 202004 MINI NY SILVER No 2 business days prior to cutoff 2020/03/30 15:15 (ET) 2020/03/27 8:30 (ET) 2020/03/30 15:15 (ET) 2020/03/27 8:30 (ET)
NYSELIFFE YI 202006 MINI NY SILVER No 2 business days prior to cutoff 2020/05/28 15:15 (ET) 2020/05/27 8:30 (ET) 2020/05/28 15:15 (ET) 2020/05/27 8:30 (ET)
NYSELIFFE YI 202008 MINI NY SILVER No 2 business days prior to cutoff 2020/07/30 15:15 (ET) 2020/07/29 8:30 (ET) 2020/07/30 15:15 (ET) 2020/07/29 8:30 (ET)
NYSELIFFE ZG 202012 GOLD No 2 business days prior to cutoff 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET) 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET)
NYSELIFFE ZG 202106 GOLD No 2 business days prior to cutoff 2021/05/27 15:15 (ET) 2021/05/26 8:30 (ET) 2021/05/27 15:15 (ET) 2021/05/26 8:30 (ET)
NYSELIFFE ZG 202010 GOLD No 2 business days prior to cutoff 2020/09/29 15:15 (ET) 2020/09/28 8:30 (ET) 2020/09/29 15:15 (ET) 2020/09/28 8:30 (ET)
NYSELIFFE ZG 202102 GOLD No 2 business days prior to cutoff 2021/01/28 15:15 (ET) 2021/01/27 8:30 (ET) 2021/01/28 15:15 (ET) 2021/01/27 8:30 (ET)
NYSELIFFE ZG 202104 GOLD No 2 business days prior to cutoff 2021/03/30 15:15 (ET) 2021/03/29 8:30 (ET) 2021/03/30 15:15 (ET) 2021/03/29 8:30 (ET)
NYSELIFFE ZG 202108 GOLD No 2 business days prior to cutoff 2021/07/29 15:15 (ET) 2021/07/28 8:30 (ET) 2021/07/29 15:15 (ET) 2021/07/28 8:30 (ET)
NYSELIFFE ZG 202005 GOLD No 2 business days prior to cutoff 2020/04/29 15:15 (ET) 2020/04/28 8:30 (ET) 2020/04/29 15:15 (ET) 2020/04/28 8:30 (ET)
NYSELIFFE ZG 202007 GOLD No 2 business days prior to cutoff 2020/06/29 15:15 (ET) 2020/06/26 8:30 (ET) 2020/06/29 15:15 (ET) 2020/06/26 8:30 (ET)
NYSELIFFE ZG 202009 GOLD No 2 business days prior to cutoff 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET) 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET)
NYSELIFFE ZI 202012 SILVER No 2 business days prior to cutoff 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET) 2020/11/27 15:15 (ET) 2020/11/26 8:30 (ET)
NYSELIFFE ZI 202107 SILVER No 2 business days prior to cutoff 2021/06/29 15:15 (ET) 2021/06/28 8:30 (ET) 2021/06/29 15:15 (ET) 2021/06/28 8:30 (ET)
NYSELIFFE ZI 202009 SILVER No 2 business days prior to cutoff 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET) 2020/08/28 15:15 (ET) 2020/08/27 8:30 (ET)
NYSELIFFE ZI 202101 SILVER No 2 business days prior to cutoff 2020/12/30 15:15 (ET) 2020/12/29 8:30 (ET) 2020/12/30 15:15 (ET) 2020/12/29 8:30 (ET)
NYSELIFFE ZI 202103 SILVER No 2 business days prior to cutoff 2021/02/25 15:15 (ET) 2021/02/24 8:30 (ET) 2021/02/25 15:15 (ET) 2021/02/24 8:30 (ET)
NYSELIFFE ZI 202105 SILVER No 2 business days prior to cutoff 2021/04/29 15:15 (ET) 2021/04/28 8:30 (ET) 2021/04/29 15:15 (ET) 2021/04/28 8:30 (ET)
NYSELIFFE ZI 202004 SILVER No 2 business days prior to cutoff 2020/03/30 15:15 (ET) 2020/03/27 8:30 (ET) 2020/03/30 15:15 (ET) 2020/03/27 8:30 (ET)
NYSELIFFE ZI 202006 SILVER No 2 business days prior to cutoff 2020/05/28 15:15 (ET) 2020/05/27 8:30 (ET) 2020/05/28 15:15 (ET) 2020/05/27 8:30 (ET)
NYSELIFFE ZI 202008 SILVER No 2 business days prior to cutoff 2020/07/30 15:15 (ET) 2020/07/29 8:30 (ET) 2020/07/30 15:15 (ET) 2020/07/29 8:30 (ET)
NYSELIFFE ZI 202010 SILVER No 2 business days prior to cutoff 2020/09/29 15:15 (ET) 2020/09/28 8:30 (ET) 2020/09/29 15:15 (ET) 2020/09/28 8:30 (ET)
OSE.JPN JGBL 202009 Japanese Government Bonds 10 years No 2 business days prior to cutoff 2020/09/14 15:02 2020/09/11 9:00 2020/09/14 15:02 2020/09/11 9:00
OSE.JPN JGBL 202012 Japanese Government Bonds 10 years No 2 business days prior to cutoff 2020/12/14 15:02 2020/12/11 9:00 2020/12/14 15:02 2020/12/11 9:00
OSE.JPN JGBL 202103 Japanese Government Bonds 10 years No 2 business days prior to cutoff 2021/03/15 15:02 2021/03/12 9:00 2021/03/15 15:02 2021/03/12 9:00
OSE.JPN JGBL 202106 Japanese Government Bonds 10 years No 2 business days prior to cutoff 2021/06/14 15:02 2021/06/11 9:00 2021/06/14 15:02 2021/06/11 9:00
SGX TF 202010 SICOM Rubber No 2 business days prior to cutoff 2020/09/30 00:00 (ST) 2020/09/29 7:55 (ST) 2020/09/30 18:00 (ST) 2020/09/29 7:55 (ST)
SGX TF 202011 SICOM Rubber No 2 business days prior to cutoff 2020/10/30 00:00 (ST) 2020/10/29 7:55 (ST) 2020/10/30 18:00 (ST) 2020/10/29 7:55 (ST)
SGX TF 202012 SICOM Rubber No 2 business days prior to cutoff 2020/11/30 00:00 (ST) 2020/11/27 7:55 (ST) 2020/11/30 18:00 (ST) 2020/11/27 7:55 (ST)
SGX TF 202101 SICOM Rubber No 2 business days prior to cutoff 2020/12/30 00:00 (ST) 2020/12/29 7:55 (ST) 2020/12/30 18:00 (ST) 2020/12/29 7:55 (ST)
SGX TF 202102 SICOM Rubber No 2 business days prior to cutoff 2021/01/29 00:00 (ST) 2021/01/28 7:55 (ST) 2021/01/29 18:00 (ST) 2021/01/28 7:55 (ST)
SGX TF 202103 SICOM Rubber No 2 business days prior to cutoff 2021/02/26 00:00 (ST) 2021/02/25 7:55 (ST) 2021/02/26 18:00 (ST) 2021/02/25 7:55 (ST)
SGX TF 202104 SICOM Rubber No 2 business days prior to cutoff 2021/03/31 00:00 (ST) 2021/03/30 7:55 (ST) 2021/03/31 18:00 (ST) 2021/03/30 7:55 (ST)
SGX TF 202105 SICOM Rubber No 2 business days prior to cutoff 2021/04/30 00:00 (ST) 2021/04/29 7:55 (ST) 2021/04/30 18:00 (ST) 2021/04/29 7:55 (ST)
SGX TF 202106 SICOM Rubber No 2 business days prior to cutoff 2021/05/31 00:00 (ST) 2021/05/28 7:55 (ST) 2021/05/31 18:00 (ST) 2021/05/28 7:55 (ST)
SGX TF 202107 SICOM Rubber No 2 business days prior to cutoff 2021/06/30 00:00 (ST) 2021/06/29 7:55 (ST) 2021/06/30 18:00 (ST) 2021/06/29 7:55 (ST)
SGX TF 202108 SICOM Rubber No 2 business days prior to cutoff 2021/07/30 00:00 (ST) 2021/07/29 7:55 (ST) 2021/07/30 18:00 (ST) 2021/07/29 7:55 (ST)
SGX TF 202109 SICOM Rubber No 2 business days prior to cutoff 2021/08/31 00:00 (ST) 2021/08/30 7:55 (ST) 2021/08/31 18:00 (ST) 2021/08/30 7:55 (ST)
SGX UC 202012 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2020/12/14 11:00 (ST) 2020/12/11 7:40 (ST) 2020/12/14 11:00 (ST) 2020/12/11 7:40 (ST)
SGX UC 202103 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/03/15 11:00 (ST) 2021/03/12 7:40 (ST) 2021/03/15 11:00 (ST) 2021/03/12 7:40 (ST)
SGX UC 202106 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/06/11 11:00 (ST) 2021/06/10 7:40 (ST) 2021/06/11 11:00 (ST) 2021/06/10 7:40 (ST)
SGX UC 202109 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/09/13 11:00 (ST) 2021/09/10 7:40 (ST) 2021/09/13 11:00 (ST) 2021/09/10 7:40 (ST)
SGX UC 202010 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2020/10/19 11:00 (ST) 2020/10/16 7:40 (ST) 2020/10/19 11:00 (ST) 2020/10/16 7:40 (ST)
SGX UC 202011 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2020/11/16 11:00 (ST) 2020/11/13 7:40 (ST) 2020/11/16 11:00 (ST) 2020/11/13 7:40 (ST)
SGX UC 202101 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/01/18 11:00 (ST) 2021/01/15 7:40 (ST) 2021/01/18 11:00 (ST) 2021/01/15 7:40 (ST)
SGX UC 202102 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/02/11 11:00 (ST) 2021/02/10 7:40 (ST) 2021/02/11 11:00 (ST) 2021/02/10 7:40 (ST)
SGX UC 202104 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/04/19 11:00 (ST) 2021/04/16 7:40 (ST) 2021/04/19 11:00 (ST) 2021/04/16 7:40 (ST)
SGX UC 202105 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/05/17 11:00 (ST) 2021/05/14 7:40 (ST) 2021/05/17 11:00 (ST) 2021/05/14 7:40 (ST)
SGX UC 202107 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/07/19 11:00 (ST) 2021/07/16 7:40 (ST) 2021/07/19 11:00 (ST) 2021/07/16 7:40 (ST)
SGX UC 202108 US Dollar in offshore renmimbi Yes(1) 2 business days prior to cutoff 2021/08/16 11:00 (ST) 2021/08/13 7:40 (ST) 2021/08/16 11:00 (ST) 2021/08/13 7:40 (ST)
SNFE IR 202012 90 day bank accepted bill No 2 business days prior to cutoff 2020/12/10 12:00 2020/12/09 8:28 2020/12/10 12:00 2020/12/09 8:28
SNFE IR 202103 90 day bank accepted bill No 2 business days prior to cutoff 2021/03/11 12:00 2021/03/10 8:28 2021/03/11 12:00 2021/03/10 8:28
SNFE IR 202106 90 day bank accepted bill No 2 business days prior to cutoff 2021/06/10 12:00 2021/06/09 8:28 2021/06/10 12:00 2021/06/09 8:28
SNFE IR 202109 90 day bank accepted bill No 2 business days prior to cutoff 2021/09/09 12:00 2021/09/08 8:28 2021/09/09 12:00 2021/09/08 8:28
SOFFEX CONF 202012 SWISS BONDS No 2 hours prior to cutoff 2020/12/08 12:30 (CET) 2020/12/08 10:30 (CET) 2020/12/08 12:30 (CET) 2020/12/08 10:30 (CET)
SOFFEX CONF 202103 SWISS BONDS No 2 hours prior to cutoff 2021/03/08 12:30 (CET) 2021/03/08 10:30 (CET) 2021/03/08 12:30 (CET) 2021/03/08 10:30 (CET)
SOFFEX CONF 202106 SWISS BONDS No 2 hours prior to cutoff 2021/06/08 12:30 (CET) 2021/06/08 10:30 (CET) 2021/06/08 12:30 (CET) 2021/06/08 10:30 (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.