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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 MCL 202308 WTI Micro Crude oil No 2 business days prior to cutoff 2023/08/01 14:00 (ET) 2023/07/31 8:00 (ET) 2023/08/01 14:00 (ET) 2023/07/31 8:00 (ET)
NYMEX MCL 202309 WTI Micro Crude oil No 2 business days prior to cutoff 2023/09/01 14:00 (ET) 2023/08/31 8:00 (ET) 2023/09/01 14:00 (ET) 2023/08/31 8:00 (ET)
NYMEX MCL 202310 WTI Micro Crude oil No 2 business days prior to cutoff 2023/10/01 14:00 (ET) 2023/09/28 8:00 (ET) 2023/10/01 14:00 (ET) 2023/09/28 8:00 (ET)
NYMEX MGC 202210 E-Micro Gold No 2 business days prior to cutoff 2022/09/29 16:00 (ET) 2022/09/28 8:30 (ET) 2022/09/29 16:00 (ET) 2022/09/28 8:30 (ET)
NYMEX MGC 202212 E-Micro Gold No 2 business days prior to cutoff 2022/11/29 16:00 (ET) 2022/11/28 8:30 (ET) 2022/11/29 16:00 (ET) 2022/11/28 8:30 (ET)
NYMEX MGC 202302 E-Micro Gold No 2 business days prior to cutoff 2023/01/30 16:00 (ET) 2023/01/27 8:30 (ET) 2023/01/30 16:00 (ET) 2023/01/27 8:30 (ET)
NYMEX MGC 202304 E-Micro Gold No 2 business days prior to cutoff 2023/03/30 16:00 (ET) 2023/03/29 8:30 (ET) 2023/03/30 16:00 (ET) 2023/03/29 8:30 (ET)
NYMEX MGC 202306 E-Micro Gold No 2 business days prior to cutoff 2023/05/30 16:00 (ET) 2023/05/29 8:30 (ET) 2023/05/30 16:00 (ET) 2023/05/29 8:30 (ET)
NYMEX MGC 202308 E-Micro Gold No 2 business days prior to cutoff 2023/07/28 16:00 (ET) 2023/07/27 8:30 (ET) 2023/07/28 16:00 (ET) 2023/07/27 8:30 (ET)
NYMEX MHO 202301 Heating Oil Micro No 2 business days prior to cutoff 2023/01/01 14:00 (ET) 2022/12/29 8:00 (ET) 2023/01/01 14:00 (ET) 2022/12/29 8:00 (ET)
NYMEX MHO 202304 Heating Oil Micro No 2 business days prior to cutoff 2023/04/01 14:00 (ET) 2023/03/30 8:00 (ET) 2023/04/01 14:00 (ET) 2023/03/30 8:00 (ET)
NYMEX MHO 202211 Heating Oil Micro No 2 business days prior to cutoff 2022/11/01 14:00 (ET) 2022/10/31 8:00 (ET) 2022/11/01 14:00 (ET) 2022/10/31 8:00 (ET)
NYMEX MHO 202303 Heating Oil Micro No 2 business days prior to cutoff 2023/03/01 14:00 (ET) 2023/02/28 8:00 (ET) 2023/03/01 14:00 (ET) 2023/02/28 8:00 (ET)
NYMEX MHO 202305 Heating Oil Micro No 2 business days prior to cutoff 2023/05/01 14:00 (ET) 2023/04/28 8:00 (ET) 2023/05/01 14:00 (ET) 2023/04/28 8:00 (ET)
NYMEX MHO 202306 Heating Oil Micro No 2 business days prior to cutoff 2023/06/01 14:00 (ET) 2023/05/31 8:00 (ET) 2023/06/01 14:00 (ET) 2023/05/31 8:00 (ET)
NYMEX MHO 202302 Heating Oil Micro No 2 business days prior to cutoff 2023/02/01 14:00 (ET) 2023/01/31 8:00 (ET) 2023/02/01 14:00 (ET) 2023/01/31 8:00 (ET)
NYMEX MHO 202212 Heating Oil Micro No 2 business days prior to cutoff 2022/12/01 14:00 (ET) 2022/11/30 8:00 (ET) 2022/12/01 14:00 (ET) 2022/11/30 8:00 (ET)
NYMEX MHO 202307 Heating Oil Micro No 2 business days prior to cutoff 2023/07/01 14:00 (ET) 2023/06/29 8:00 (ET) 2023/07/01 14:00 (ET) 2023/06/29 8:00 (ET)
NYMEX MHO 202308 Heating Oil Micro No 2 business days prior to cutoff 2023/08/01 14:00 (ET) 2023/07/31 8:00 (ET) 2023/08/01 14:00 (ET) 2023/07/31 8:00 (ET)
NYMEX MHO 202309 Heating Oil Micro No 2 business days prior to cutoff 2023/09/01 14:00 (ET) 2023/08/31 8:00 (ET) 2023/09/01 14:00 (ET) 2023/08/31 8:00 (ET)
NYMEX MHO 202310 Heating Oil Micro No 2 business days prior to cutoff 2023/10/01 14:00 (ET) 2023/09/28 8:00 (ET) 2023/10/01 14:00 (ET) 2023/09/28 8:00 (ET)
NYMEX MRB 202305 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/04/27 14:00 (ET) 2023/04/26 8:00 (ET) 2023/04/27 14:00 (ET) 2023/04/26 8:00 (ET)
NYMEX MRB 202301 RBOB Gasoline Micro No 2 business days prior to cutoff 2022/12/29 14:00 (ET) 2022/12/28 8:00 (ET) 2022/12/29 14:00 (ET) 2022/12/28 8:00 (ET)
NYMEX MRB 202302 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/01/30 14:00 (ET) 2023/01/27 8:00 (ET) 2023/01/30 14:00 (ET) 2023/01/27 8:00 (ET)
NYMEX MRB 202304 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/03/30 14:00 (ET) 2023/03/29 8:00 (ET) 2023/03/30 14:00 (ET) 2023/03/29 8:00 (ET)
NYMEX MRB 202306 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/05/30 14:00 (ET) 2023/05/29 8:00 (ET) 2023/05/30 14:00 (ET) 2023/05/29 8:00 (ET)
NYMEX MRB 202211 RBOB Gasoline Micro No 2 business days prior to cutoff 2022/10/28 14:00 (ET) 2022/10/27 8:00 (ET) 2022/10/28 14:00 (ET) 2022/10/27 8:00 (ET)
NYMEX MRB 202303 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/02/27 14:00 (ET) 2023/02/24 8:00 (ET) 2023/02/27 14:00 (ET) 2023/02/24 8:00 (ET)
NYMEX MRB 202212 RBOB Gasoline Micro No 2 business days prior to cutoff 2022/11/29 14:00 (ET) 2022/11/28 8:00 (ET) 2022/11/29 14:00 (ET) 2022/11/28 8:00 (ET)
NYMEX MRB 202307 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/06/29 14:00 (ET) 2023/06/28 8:00 (ET) 2023/06/29 14:00 (ET) 2023/06/28 8:00 (ET)
NYMEX MRB 202308 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/08/01 14:00 (ET) 2023/07/31 8:00 (ET) 2023/08/01 14:00 (ET) 2023/07/31 8:00 (ET)
NYMEX MRB 202309 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/09/01 14:00 (ET) 2023/08/31 8:00 (ET) 2023/09/01 14:00 (ET) 2023/08/31 8:00 (ET)
NYMEX MRB 202310 RBOB Gasoline Micro No 2 business days prior to cutoff 2023/10/01 14:00 (ET) 2023/09/28 8:00 (ET) 2023/10/01 14:00 (ET) 2023/09/28 8:00 (ET)
NYMEX NG 202212 Natural gas No 1 business day prior to cutoff 2022/11/28 14:00 (ET) 2022/11/28 8:00 (ET) 2022/11/28 14:00 (ET) 2022/11/28 8:00 (ET)
NYMEX NG 202211 Natural gas No 1 business day prior to cutoff 2022/10/27 14:00 (ET) 2022/10/27 8:00 (ET) 2022/10/27 14:00 (ET) 2022/10/27 8:00 (ET)
NYMEX NG 202309 Natural gas No 1 business day prior to cutoff 2023/08/29 14:00 (ET) 2023/08/29 8:00 (ET) 2023/08/29 14:00 (ET) 2023/08/29 8:00 (ET)
NYMEX NG 202305 Natural gas No 1 business day prior to cutoff 2023/04/26 14:00 (ET) 2023/04/26 8:00 (ET) 2023/04/26 14:00 (ET) 2023/04/26 8:00 (ET)
NYMEX NG 202308 Natural gas No 1 business day prior to cutoff 2023/07/27 14:00 (ET) 2023/07/27 8:00 (ET) 2023/07/27 14:00 (ET) 2023/07/27 8:00 (ET)
NYMEX NG 202304 Natural gas No 1 business day prior to cutoff 2023/03/29 14:00 (ET) 2023/03/29 8:00 (ET) 2023/03/29 14:00 (ET) 2023/03/29 8:00 (ET)
NYMEX NG 202301 Natural gas No 1 business day prior to cutoff 2022/12/28 14:00 (ET) 2022/12/28 8:00 (ET) 2022/12/28 14:00 (ET) 2022/12/28 8:00 (ET)
NYMEX NG 202307 Natural gas No 1 business day prior to cutoff 2023/06/28 14:00 (ET) 2023/06/28 8:00 (ET) 2023/06/28 14:00 (ET) 2023/06/28 8:00 (ET)
NYMEX NG 202306 Natural gas No 1 business day prior to cutoff 2023/05/26 14:00 (ET) 2023/05/26 8:00 (ET) 2023/05/26 14:00 (ET) 2023/05/26 8:00 (ET)
NYMEX NG 202302 Natural gas No 1 business day prior to cutoff 2023/01/27 14:00 (ET) 2023/01/27 8:00 (ET) 2023/01/27 14:00 (ET) 2023/01/27 8:00 (ET)
NYMEX NG 202303 Natural gas No 1 business day prior to cutoff 2023/02/24 14:00 (ET) 2023/02/24 8:00 (ET) 2023/02/24 14:00 (ET) 2023/02/24 8:00 (ET)
NYMEX NG 202310 Natural gas No 1 business day prior to cutoff 2023/09/27 14:00 (ET) 2023/09/27 8:00 (ET) 2023/09/27 14:00 (ET) 2023/09/27 8:00 (ET)
NYMEX NG Natural gas No 1 business day prior to cutoff // : (ET) // 8:00 (ET) // 14:00 (ET) // 8:00 (ET)
NYMEX PA Palladium No 2 business days prior to cutoff // : (ET) 2022/10/03 9:30 (ET) // : (ET) 2022/10/03 9:30 (ET)
NYMEX PA 202212 Palladium No 2 business days prior to cutoff 2022/11/29 16:00 (ET) 2022/11/28 9:30 (ET) 2022/11/29 16:00 (ET) 2022/11/28 9:30 (ET)
NYMEX PA 202303 Palladium No 2 business days prior to cutoff 2023/02/27 16:00 (ET) 2023/02/24 9:30 (ET) 2023/02/27 16:00 (ET) 2023/02/24 9:30 (ET)
NYMEX PA 202306 Palladium No 2 business days prior to cutoff 2023/05/30 16:00 (ET) 2023/05/29 9:30 (ET) 2023/05/30 16:00 (ET) 2023/05/29 9:30 (ET)
NYMEX PA 202309 Palladium No 2 business days prior to cutoff 2023/08/30 16:00 (ET) 2023/08/29 9:30 (ET) 2023/08/30 16:00 (ET) 2023/08/29 9:30 (ET)
NYMEX PL Platinum No 2 business days prior to cutoff // : (ET) 2022/10/03 9:30 (ET) // : (ET) 2022/10/03 9:30 (ET)
NYMEX PL 202210 Platinum No 2 business days prior to cutoff 2022/09/29 16:00 (ET) 2022/09/28 9:30 (ET) 2022/09/29 16:00 (ET) 2022/09/28 9:30 (ET)
NYMEX PL 202301 Platinum No 2 business days prior to cutoff 2022/12/29 16:00 (ET) 2022/12/28 9:30 (ET) 2022/12/29 16:00 (ET) 2022/12/28 9:30 (ET)
NYMEX PL 202304 Platinum No 2 business days prior to cutoff 2023/03/30 16:00 (ET) 2023/03/29 9:30 (ET) 2023/03/30 16:00 (ET) 2023/03/29 9:30 (ET)
NYMEX PL 202307 Platinum No 2 business days prior to cutoff 2023/06/29 16:00 (ET) 2023/06/28 9:30 (ET) 2023/06/29 16:00 (ET) 2023/06/28 9:30 (ET)
NYMEX QG 202211 Natural gas E-Mini No 2 business days prior to cutoff 2022/10/26 14:00 (ET) 2022/10/25 8:00 (ET) 2022/10/26 14:00 (ET) 2022/10/25 8:00 (ET)
NYMEX QG 202212 Natural gas E-Mini No 2 business days prior to cutoff 2022/11/25 14:00 (ET) 2022/11/24 8:00 (ET) 2022/11/25 14:00 (ET) 2022/11/24 8:00 (ET)
NYMEX QG 202301 Natural gas E-Mini No 2 business days prior to cutoff 2022/12/27 14:00 (ET) 2022/12/26 8:00 (ET) 2022/12/27 14:00 (ET) 2022/12/26 8:00 (ET)
NYMEX QG 202302 Natural gas E-Mini No 2 business days prior to cutoff 2023/01/26 14:00 (ET) 2023/01/25 8:00 (ET) 2023/01/26 14:00 (ET) 2023/01/25 8:00 (ET)
NYMEX QG 202303 Natural gas E-Mini No 2 business days prior to cutoff 2023/02/23 14:00 (ET) 2023/02/22 8:00 (ET) 2023/02/23 14:00 (ET) 2023/02/22 8:00 (ET)
NYMEX QG 202304 Natural gas E-Mini No 2 business days prior to cutoff 2023/03/28 14:00 (ET) 2023/03/27 8:00 (ET) 2023/03/28 14:00 (ET) 2023/03/27 8:00 (ET)
NYMEX QG 202305 Natural gas E-Mini No 2 business days prior to cutoff 2023/04/25 14:00 (ET) 2023/04/24 8:00 (ET) 2023/04/25 14:00 (ET) 2023/04/24 8:00 (ET)
NYMEX QG 202306 Natural gas E-Mini No 2 business days prior to cutoff 2023/05/25 14:00 (ET) 2023/05/24 8:00 (ET) 2023/05/25 14:00 (ET) 2023/05/24 8:00 (ET)
NYMEX QG 202307 Natural gas E-Mini No 2 business days prior to cutoff 2023/06/27 14:00 (ET) 2023/06/26 8:00 (ET) 2023/06/27 14:00 (ET) 2023/06/26 8:00 (ET)
NYMEX QG 202308 Natural gas E-Mini No 2 business days prior to cutoff 2023/07/26 14:00 (ET) 2023/07/25 8:00 (ET) 2023/07/26 14:00 (ET) 2023/07/25 8:00 (ET)
NYMEX QG 202309 Natural gas E-Mini No 2 business days prior to cutoff 2023/08/28 14:00 (ET) 2023/08/25 8:00 (ET) 2023/08/28 14:00 (ET) 2023/08/25 8:00 (ET)
NYMEX QG 202310 Natural gas E-Mini No 2 business days prior to cutoff 2023/09/26 14:00 (ET) 2023/09/25 8:00 (ET) 2023/09/26 14:00 (ET) 2023/09/25 8:00 (ET)
NYMEX QM 202211 Crude oil E-Mini No 2 business days prior to cutoff 2022/10/19 14:00 (ET) 2022/10/18 8:00 (ET) 2022/10/19 14:00 (ET) 2022/10/18 8:00 (ET)
NYMEX QM 202212 Crude oil E-Mini No 2 business days prior to cutoff 2022/11/18 14:00 (ET) 2022/11/17 8:00 (ET) 2022/11/18 14:00 (ET) 2022/11/17 8:00 (ET)
NYMEX QM 202301 Crude oil E-Mini No 2 business days prior to cutoff 2022/12/19 14:00 (ET) 2022/12/16 8:00 (ET) 2022/12/19 14:00 (ET) 2022/12/16 8:00 (ET)
NYMEX QM 202302 Crude oil E-Mini No 2 business days prior to cutoff 2023/01/19 14:00 (ET) 2023/01/18 8:00 (ET) 2023/01/19 14:00 (ET) 2023/01/18 8:00 (ET)
NYMEX QM 202303 Crude oil E-Mini No 2 business days prior to cutoff 2023/02/17 14:00 (ET) 2023/02/16 8:00 (ET) 2023/02/17 14:00 (ET) 2023/02/16 8:00 (ET)
NYMEX QM 202304 Crude oil E-Mini No 2 business days prior to cutoff 2023/03/20 14:00 (ET) 2023/03/17 8:00 (ET) 2023/03/20 14:00 (ET) 2023/03/17 8:00 (ET)
NYMEX QM 202305 Crude oil E-Mini No 2 business days prior to cutoff 2023/04/19 14:00 (ET) 2023/04/18 8:00 (ET) 2023/04/19 14:00 (ET) 2023/04/18 8:00 (ET)
NYMEX QM 202306 Crude oil E-Mini No 2 business days prior to cutoff 2023/05/19 14:00 (ET) 2023/05/18 8:00 (ET) 2023/05/19 14:00 (ET) 2023/05/18 8:00 (ET)
NYMEX QM 202307 Crude oil E-Mini No 2 business days prior to cutoff 2023/06/16 14:00 (ET) 2023/06/15 8:00 (ET) 2023/06/16 14:00 (ET) 2023/06/15 8:00 (ET)
NYMEX QM 202308 Crude oil E-Mini No 2 business days prior to cutoff 2023/07/19 14:00 (ET) 2023/07/18 8:00 (ET) 2023/07/19 14:00 (ET) 2023/07/18 8:00 (ET)
NYMEX QM 202309 Crude oil E-Mini No 2 business days prior to cutoff 2023/08/21 14:00 (ET) 2023/08/18 8:00 (ET) 2023/08/21 14:00 (ET) 2023/08/18 8:00 (ET)
NYMEX QM 202310 Crude oil E-Mini No 2 business days prior to cutoff 2023/09/19 14:00 (ET) 2023/09/18 8:00 (ET) 2023/09/19 14:00 (ET) 2023/09/18 8:00 (ET)
NYMEX RB 202301 RBOB Gasoline No 2 business days prior to cutoff 2022/12/30 14:00 (ET) 2022/12/29 8:00 (ET) 2022/12/30 14:00 (ET) 2022/12/29 8:00 (ET)
NYMEX RB 202211 RBOB Gasoline No 2 business days prior to cutoff 2022/10/31 14:00 (ET) 2022/10/28 8:00 (ET) 2022/10/31 14:00 (ET) 2022/10/28 8:00 (ET)
NYMEX RB 202212 RBOB Gasoline No 2 business days prior to cutoff 2022/11/30 14:00 (ET) 2022/11/29 8:00 (ET) 2022/11/30 14:00 (ET) 2022/11/29 8:00 (ET)
NYMEX RB RBOB Gasoline No 2 business days prior to cutoff // : (ET) 2022/10/03 8:00 (ET) // 14:00 (ET) 2022/10/03 8:00 (ET)
NYMEX RB 202302 RBOB Gasoline No 2 business days prior to cutoff 2023/01/31 14:00 (ET) 2023/01/30 8:00 (ET) 2023/01/31 14:00 (ET) 2023/01/30 8:00 (ET)
NYMEX RB 202303 RBOB Gasoline No 2 business days prior to cutoff 2023/02/28 14:00 (ET) 2023/02/27 8:00 (ET) 2023/02/28 14:00 (ET) 2023/02/27 8:00 (ET)
NYMEX RB 202304 RBOB Gasoline No 2 business days prior to cutoff 2023/03/31 14:00 (ET) 2023/03/30 8:00 (ET) 2023/03/31 14:00 (ET) 2023/03/30 8:00 (ET)
NYMEX RB 202305 RBOB Gasoline No 2 business days prior to cutoff 2023/04/28 14:00 (ET) 2023/04/27 8:00 (ET) 2023/04/28 14:00 (ET) 2023/04/27 8:00 (ET)
NYMEX RB 202306 RBOB Gasoline No 2 business days prior to cutoff 2023/05/31 14:00 (ET) 2023/05/30 8:00 (ET) 2023/05/31 14:00 (ET) 2023/05/30 8:00 (ET)
NYMEX RB 202307 RBOB Gasoline No 2 business days prior to cutoff 2023/06/30 14:00 (ET) 2023/06/29 8:00 (ET) 2023/06/30 14:00 (ET) 2023/06/29 8:00 (ET)
NYMEX RB 202308 RBOB Gasoline No 2 business days prior to cutoff 2023/07/31 14:00 (ET) 2023/07/28 8:00 (ET) 2023/07/31 14:00 (ET) 2023/07/28 8:00 (ET)
NYMEX RB 202309 RBOB Gasoline No 2 business days prior to cutoff 2023/08/31 14:00 (ET) 2023/08/30 8:00 (ET) 2023/08/31 14:00 (ET) 2023/08/30 8:00 (ET)
NYMEX RB 202310 RBOB Gasoline No 2 business days prior to cutoff 2023/09/29 14:00 (ET) 2023/09/28 8:00 (ET) 2023/09/29 14:00 (ET) 2023/09/28 8:00 (ET)
NYMEX SI 202212 Silver No 2 business days prior to cutoff 2022/11/29 16:00 (ET) 2022/11/28 8:25 (ET) 2022/12/28 13:25 (ET) 2022/12/27 8:25 (ET)
NYMEX SI 202307 Silver No 2 business days prior to cutoff 2023/06/29 16:00 (ET) 2023/06/28 8:25 (ET) 2023/07/27 13:25 (ET) 2023/07/26 8:25 (ET)
NYMEX SI 202301 Silver No 2 business days prior to cutoff 2022/12/29 16:00 (ET) 2022/12/28 8:25 (ET) 2023/01/27 13:25 (ET) 2023/01/26 8:25 (ET)
NYMEX SI 202303 Silver No 2 business days prior to cutoff 2023/02/27 16:00 (ET) 2023/02/24 8:25 (ET) 2023/03/29 13:25 (ET) 2023/03/28 8:25 (ET)
NYMEX SI 202305 Silver No 2 business days prior to cutoff 2023/04/27 16:00 (ET) 2023/04/26 8:25 (ET) 2023/05/26 13:25 (ET) 2023/05/25 8:25 (ET)
NYMEX SI 202309 Silver No 2 business days prior to cutoff 2023/08/30 16:00 (ET) 2023/08/29 8:25 (ET) 2023/09/27 13:25 (ET) 2023/09/26 8:25 (ET)
NYMEX SI 202210 Silver No 2 business days prior to cutoff 2022/09/29 16:00 (ET) 2022/09/28 8:25 (ET) 2022/10/27 13:25 (ET) 2022/10/26 8:25 (ET)
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.