Policies and Instructions
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 | 202309 | 10-year Micro Yield | No | 2 business days prior to cutoff | 2023/09/29 14:00 | 2023/09/28 7:20 | 2023/09/29 14:00 | 2023/09/28 7:20 |
| CBOT | 10Y | 202310 | 10-year Micro Yield | No | 2 business days prior to cutoff | 2023/10/31 14:00 | 2023/10/30 7:20 | 2023/10/31 14:00 | 2023/10/30 7:20 |
| CBOT | 2YY | 202309 | 2-year Micro Yield | No | 2 business days prior to cutoff | 2023/09/29 14:00 | 2023/09/28 7:20 | 2023/09/29 14:00 | 2023/09/28 7:20 |
| CBOT | 2YY | 202310 | 2-year Micro Yield | No | 2 business days prior to cutoff | 2023/10/31 14:00 | 2023/10/30 7:20 | 2023/10/31 14:00 | 2023/10/30 7:20 |
| CBOT | 30Y | 202309 | 30-year Micro Yield | No | 2 business days prior to cutoff | 2023/09/29 14:00 | 2023/09/28 7:20 | 2023/09/29 14:00 | 2023/09/28 7:20 |
| CBOT | 30Y | 202310 | 30-year Micro Yield | No | 2 business days prior to cutoff | 2023/10/31 14:00 | 2023/10/30 7:20 | 2023/10/31 14:00 | 2023/10/30 7:20 |
| CBOT | 5YY | 202309 | 5-year Micro Yield | No | 2 business days prior to cutoff | 2023/09/29 14:00 | 2023/09/28 7:20 | 2023/09/29 14:00 | 2023/09/28 7:20 |
| CBOT | 5YY | 202310 | 5-year Micro Yield | No | 2 business days prior to cutoff | 2023/10/31 14:00 | 2023/10/30 7:20 | 2023/10/31 14:00 | 2023/10/30 7:20 |
| 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 | EH | 202404 | Ethanol | No | 2 business days prior to cutoff | 2024/03/27 15:00 | 2024/03/26 8:30 | 2024/04/03 12:01 | 2024/04/02 8:30 |
| CBOT | EH | 202405 | Ethanol | No | 2 business days prior to cutoff | 2024/04/29 15:00 | 2024/04/26 8:30 | 2024/05/03 12:01 | 2024/05/02 8:30 |
| CBOT | EH | 202406 | Ethanol | No | 2 business days prior to cutoff | 2024/05/30 15:00 | 2024/05/29 8:30 | 2024/06/05 12:01 | 2024/06/04 8:30 |
| CBOT | EH | 202407 | Ethanol | No | 2 business days prior to cutoff | 2024/06/27 15:00 | 2024/06/26 8:30 | 2024/07/03 12:01 | 2024/07/02 8:30 |
| CBOT | EH | 202408 | Ethanol | No | 2 business days prior to cutoff | 2024/07/30 15:00 | 2024/07/29 8:30 | 2024/08/05 12:01 | 2024/08/02 8:30 |
| CBOT | EH | 202409 | Ethanol | No | 2 business days prior to cutoff | 2024/08/29 15:00 | 2024/08/28 8:30 | 2024/09/05 12:01 | 2024/09/04 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 | 202405 | Kansas City Wheat | No | 2 business days prior to cutoff | 2024/04/29 13:15 | 2024/04/26 8:30 | 2024/04/29 13:15 | 2024/04/26 8:30 |
| CBOT | KE | 202407 | Kansas City Wheat | No | 2 business days prior to cutoff | 2024/06/27 13:15 | 2024/06/26 8:30 | 2024/06/27 13:15 | 2024/06/26 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 | KE | 202409 | Kansas City Wheat | No | 2 business days prior to cutoff | 2024/08/29 13:15 | 2024/08/28 8:30 | 2024/08/29 13:15 | 2024/08/28 8:30 |
| 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 | TN | 202403 | 10-YR T-NOTES | No | 1 business day prior to cutoff | 2024/02/28 15:15 | 2024/02/28 7:20 | 2024/03/19 12:01 | 2024/03/19 7:20 |
| CBOT | TN | 202406 | 10-YR T-NOTES | No | 1 business day prior to cutoff | 2024/05/30 15:15 | 2024/05/30 7:20 | 2024/06/18 12:01 | 2024/06/18 7:20 |
| 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 | TWE | 202403 | 20-YR TREASURY | No | 2 hours prior to cutoff | 2024/02/28 15:15 | 2024/02/28 13:15 | 2024/03/19 12:01 | 2024/03/19 10:01 |
| CBOT | TWE | 202406 | 20-YR TREASURY | No | 2 hours prior to cutoff | 2024/05/30 15:15 | 2024/05/30 13:15 | 2024/06/18 12:01 | 2024/06/18 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 | UB | 202403 | Ultra T-BONDS | No | 2 hours prior to cutoff | 2024/02/28 15:15 | 2024/02/28 13:15 | 2024/03/19 12:01 | 2024/03/19 10:01 |
| CBOT | UB | 202406 | Ultra T-BONDS | No | 2 hours prior to cutoff | 2024/05/30 15:15 | 2024/05/30 13:15 | 2024/06/18 12:01 | 2024/06/18 10:01 |
| 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 | 202407 | MINI CORN FUTURES | No | 1 business day prior to cutoff | 2024/06/27 13:45 | 2024/06/27 8:30 | 2024/06/27 13:45 | 2024/06/27 8:30 |
| CBOT | XC | 202405 | MINI CORN FUTURES | No | 1 business day prior to cutoff | 2024/04/29 13:45 | 2024/04/29 8:30 | 2024/04/29 13:45 | 2024/04/29 8:30 |
| CBOT | XC | 202409 | MINI CORN FUTURES | No | 1 business day prior to cutoff | 2024/08/29 13:45 | 2024/08/29 8:30 | 2024/08/29 13:45 | 2024/08/29 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 | 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 | 202407 | MINI SOYBEAN FUTURES | No | 2 business days prior to cutoff | 2024/06/27 13:45 | 2024/06/26 8:30 | 2024/06/27 13:45 | 2024/06/26 8:30 |
| CBOT | XK | 202409 | MINI SOYBEAN FUTURES | No | 2 business days prior to cutoff | 2024/08/29 13:45 | 2024/08/28 8:30 | 2024/08/29 13:45 | 2024/08/28 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 | XK | 202408 | MINI SOYBEAN FUTURES | No | 2 business days prior to cutoff | 2024/07/30 13:45 | 2024/07/29 8:30 | 2024/07/30 13:45 | 2024/07/29 8:30 |
| CBOT | XK | 202405 | MINI SOYBEAN FUTURES | No | 2 business days prior to cutoff | 2024/04/29 13:45 | 2024/04/26 8:30 | 2024/04/29 13:45 | 2024/04/26 8:30 |
| CBOT | XW | 202407 | MINI WHEAT FUTURES | No | 1 business day prior to cutoff | 2024/06/27 13:45 | 2024/06/27 8:30 | 2024/06/27 13:45 | 2024/06/27 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 | 202405 | MINI WHEAT FUTURES | No | 1 business day prior to cutoff | 2024/04/29 13:45 | 2024/04/29 8:30 | 2024/04/29 13:45 | 2024/04/29 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 | XW | 202409 | MINI WHEAT FUTURES | No | 1 business day prior to cutoff | 2024/08/29 13:45 | 2024/08/29 8:30 | 2024/08/29 13:45 | 2024/08/29 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 | Z3N | 202403 | 3-YR TREAS. | No | 2 business days prior to cutoff | 2024/02/28 15:15 | 2024/02/27 8:30 | 2024/03/28 12:01 | 2024/03/27 8:30 |
| 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 | ZB | 202403 | 30-year T-BONDS | No | 2 hours prior to cutoff | 2024/02/28 15:15 | 2024/02/28 13:15 | 2024/03/19 12:01 | 2024/03/19 10:01 |
| CBOT | ZB | 202406 | 30-year T-BONDS | No | 2 hours prior to cutoff | 2024/05/30 15:15 | 2024/05/30 13:15 | 2024/06/18 12:01 | 2024/06/18 10:01 |
| 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 | 202407 | Corn futures | No | 1 business day prior to cutoff | 2024/06/27 13:20 | 2024/06/27 8:30 | 2024/06/27 13:20 | 2024/06/27 8:30 |
| CBOT | ZC | 202405 | Corn futures | No | 1 business day prior to cutoff | 2024/04/29 13:20 | 2024/04/29 8:30 | 2024/04/29 13:20 | 2024/04/29 8:30 |
| CBOT | ZC | 202409 | Corn futures | No | 1 business day prior to cutoff | 2024/08/29 13:20 | 2024/08/29 8:30 | 2024/08/29 13:20 | 2024/08/29 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 | 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 | ZF | 202403 | 5-YR TREAS. | No | 2 hours prior to cutoff | 2024/02/28 15:15 | 2024/02/28 13:15 | 2024/03/28 12:01 | 2024/03/28 10:01 |
| 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 | 202407 | SoyOil | No | 2 business days prior to cutoff | 2024/06/27 13:15 | 2024/06/26 8:30 | 2024/06/27 13:15 | 2024/06/26 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 | ZL | 202409 | SoyOil | No | 2 business days prior to cutoff | 2024/08/29 13:15 | 2024/08/28 8:30 | 2024/08/29 13:15 | 2024/08/28 8:30 |
| CBOT | ZL | 202408 | SoyOil | No | 2 business days prior to cutoff | 2024/07/30 13:15 | 2024/07/29 8:30 | 2024/07/30 13:15 | 2024/07/29 8:30 |
| CBOT | ZL | 202405 | SoyOil | No | 2 business days prior to cutoff | 2024/04/29 13:15 | 2024/04/26 8:30 | 2024/04/29 13:15 | 2024/04/26 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 | 202407 | SOYBEAN MEAL FUTURES | No | 2 business days prior to cutoff | 2024/06/27 13:15 | 2024/06/26 8:30 | 2024/06/27 13:15 | 2024/06/26 8:30 |
| CBOT | ZM | 202405 | SOYBEAN MEAL FUTURES | No | 2 business days prior to cutoff | 2024/04/29 13:15 | 2024/04/26 8:30 | 2024/04/29 13:15 | 2024/04/26 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 | 202408 | SOYBEAN MEAL FUTURES | No | 2 business days prior to cutoff | 2024/07/30 13:15 | 2024/07/29 8:30 | 2024/07/30 13:15 | 2024/07/29 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 | ZM | 202409 | SOYBEAN MEAL FUTURES | No | 2 business days prior to cutoff | 2024/08/29 13:15 | 2024/08/28 8:30 | 2024/08/29 13:15 | 2024/08/28 8:30 |
| 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 | ZN | 202403 | 10-YR TREAS. | No | 2 hours prior to cutoff | 2024/02/28 15:15 | 2024/02/28 13:15 | 2024/03/19 12:01 | 2024/03/19 10:01 |
| CBOT | ZN | 202406 | 10-YR TREAS. | No | 2 hours prior to cutoff | 2024/05/30 15:15 | 2024/05/30 13:15 | 2024/06/18 12:01 | 2024/06/18 10:01 |
| CBOT | ZO | 202407 | Oats | No | 2 business days prior to cutoff | 2024/06/27 13:15 | 2024/06/26 8:30 | 2024/06/27 13:15 | 2024/06/26 8:30 |
| CBOT | ZO | 202409 | Oats | No | 2 business days prior to cutoff | 2024/08/29 13:15 | 2024/08/28 8:30 | 2024/08/29 13:15 | 2024/08/28 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 | ZO | 202405 | Oats | No | 2 business days prior to cutoff | 2024/04/29 13:15 | 2024/04/26 8:30 | 2024/04/29 13:15 | 2024/04/26 8:30 |
| CBOT | ZR | 202311 | ROUGH RICE FUTURES | No | 2 business days prior to cutoff | 2023/10/30 13:15 | 2023/10/27 8:30 | 2023/10/30 13:15 | 2023/10/27 8:30 |
| CBOT | ZR | 202401 | ROUGH RICE 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 | ZR | 202403 | ROUGH RICE 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 | ZR | 202405 | ROUGH RICE FUTURES | No | 2 business days prior to cutoff | 2024/04/29 13:15 | 2024/04/26 8:30 | 2024/04/29 13:15 | 2024/04/26 8:30 |
| CBOT | ZR | 202407 | ROUGH RICE FUTURES | No | 2 business days prior to cutoff | 2024/06/27 13:15 | 2024/06/26 8:30 | 2024/06/27 13:15 | 2024/06/26 8:30 |
| CBOT | ZR | 202409 | ROUGH RICE FUTURES | No | 2 business days prior to cutoff | 2024/08/29 13:15 | 2024/08/28 8:30 | 2024/08/29 13:15 | 2024/08/28 8:30 |
| CBOT | ZS | 202311 | SOYBEAN FUTURES | No | 1 business day prior to cutoff | 2023/10/30 13:15 | 2023/10/30 8:30 | 2023/10/30 13:15 | 2023/10/30 8:30 |
| CBOT | ZS | 202407 | SOYBEAN FUTURES | No | 1 business day prior to cutoff | 2024/06/27 13:15 | 2024/06/27 8:30 | 2024/06/27 13:15 | 2024/06/27 8:30 |
| CBOT | ZS | 202401 | SOYBEAN FUTURES | No | 1 business day prior to cutoff | 2023/12/28 13:15 | 2023/12/28 8:30 | 2023/12/28 13:15 | 2023/12/28 8:30 |
| CBOT | ZS | 202405 | SOYBEAN FUTURES | No | 1 business day prior to cutoff | 2024/04/29 13:15 | 2024/04/29 8:30 | 2024/04/29 13:15 | 2024/04/29 8:30 |
| CBOT | ZS | 202403 | SOYBEAN FUTURES | No | 1 business day prior to cutoff | 2024/02/28 13:15 | 2024/02/28 8:30 | 2024/02/28 13:15 | 2024/02/28 8:30 |
Example:
Trader A is holding a long position in December 2012 Corn Futures (ZC).
Trader B is holding a short position in the same contract.
| 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 | Short Futures Cutoff 4 | Short Futures Liquidation |
|---|---|---|---|---|---|---|---|---|---|
| ECBOT | ZC | 201212 | CORN FUTURES | NO | 1 business day prior to cutoff | 20121129 13:15 (CT) |
20121129 9:30 (CT) |
20121214 12:00 (CT) |
20121214 9:30 (CT) |
Trader A would have to close the long position by the end of the regular trading session on 2012/11/28 (one business day prior to the long futures cutoff date of 2012/11/29). Open long positions would be subject to liquidation beginning 2012/11/29 09:30 CST.
Trader B would have to close the short position by the end of the regular trading session on 20121213 (one business day prior to the short futures cutoff date of 2012/12/14). Open short positions would be subject to liquidation beginning 2012/12/14 at 09:30 CST.