Futures Close Out

Policies and Instructions

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. In addition, we now allow physical delivery for ILS, ZAR, SEK, PLN, NOK FX futures.



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 202402 10-year Micro Yield No 2 business days prior to cutoff 2024/02/29 14:00 2024/02/28 7:20 2024/02/29 14:00 2024/02/28 7:20
CBOT 10Y 202403 10-year Micro Yield No 2 business days prior to cutoff 2024/03/28 14:00 2024/03/27 7:20 2024/03/28 14:00 2024/03/27 7:20
CBOT 2YY 202402 2-year Micro Yield No 2 business days prior to cutoff 2024/02/29 14:00 2024/02/28 7:20 2024/02/29 14:00 2024/02/28 7:20
CBOT 2YY 202403 2-year Micro Yield No 2 business days prior to cutoff 2024/03/28 14:00 2024/03/27 7:20 2024/03/28 14:00 2024/03/27 7:20
CBOT 30Y 202402 30-year Micro Yield No 2 business days prior to cutoff 2024/02/29 14:00 2024/02/28 7:20 2024/02/29 14:00 2024/02/28 7:20
CBOT 30Y 202403 30-year Micro Yield No 2 business days prior to cutoff 2024/03/28 14:00 2024/03/27 7:20 2024/03/28 14:00 2024/03/27 7:20
CBOT 5YY 202402 5-year Micro Yield No 2 business days prior to cutoff 2024/02/29 14:00 2024/02/28 7:20 2024/02/29 14:00 2024/02/28 7:20
CBOT 5YY 202403 5-year Micro Yield No 2 business days prior to cutoff 2024/03/28 14:00 2024/03/27 7:20 2024/03/28 14:00 2024/03/27 7:20
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 EH 202410 Ethanol No 2 business days prior to cutoff 2024/09/27 15:00 2024/09/26 8:30 2024/10/03 12:01 2024/10/02 8:30
CBOT EH 202411 Ethanol No 2 business days prior to cutoff 2024/10/30 15:00 2024/10/29 8:30 2024/11/05 12:01 2024/11/04 8:30
CBOT EH 202412 Ethanol No 2 business days prior to cutoff 2024/11/27 15:00 2024/11/26 8:30 2024/12/04 12:01 2024/12/03 8:30
CBOT EH 202501 Ethanol No 2 business days prior to cutoff 2024/12/30 15:00 2024/12/27 8:30 2025/01/06 12:01 2025/01/03 8:30
CBOT EH 202502 Ethanol No 2 business days prior to cutoff 2025/01/30 15:00 2025/01/29 8:30 2025/02/05 12:01 2025/02/04 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 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 KE 202412 Kansas City Wheat No 2 business days prior to cutoff 2024/11/27 13:15 2024/11/26 8:30 2024/11/27 13:15 2024/11/26 8:30
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 TN 202409 10-YR T-NOTES No 1 business day prior to cutoff 2024/08/29 15:15 2024/08/29 7:20 2024/09/19 12:01 2024/09/19 7:20
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 TWE 202409 20-YR TREASURY No 2 hours prior to cutoff 2024/08/29 15:15 2024/08/29 13:15 2024/09/19 12:01 2024/09/19 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 UB 202409 Ultra T-BONDS No 2 hours prior to cutoff 2024/08/29 15:15 2024/08/29 13:15 2024/09/19 12:01 2024/09/19 10:01
CBOT XC 202412 MINI CORN FUTURES No 1 business day prior to cutoff 2024/11/27 13:45 2024/11/27 8:30 2024/11/27 13:45 2024/11/27 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 202411 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2024/10/30 13:45 2024/10/29 8:30 2024/10/30 13:45 2024/10/29 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 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 XK 202501 MINI SOYBEAN FUTURES No 2 business days prior to cutoff 2024/12/30 13:45 2024/12/27 8:30 2024/12/30 13:45 2024/12/27 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 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 XW 202412 MINI WHEAT FUTURES No 1 business day prior to cutoff 2024/11/27 13:45 2024/11/27 8:30 2024/11/27 13:45 2024/11/27 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 Z3N 202406 3-YR TREAS. No 2 business days prior to cutoff 2024/05/30 15:15 2024/05/29 8:30 2024/06/28 12:01 2024/06/27 8:30
CBOT Z3N 202409 3-YR TREAS. No 2 business days prior to cutoff 2024/08/29 15:15 2024/08/28 8:30 2024/09/30 12:01 2024/09/27 8:30
CBOT ZB 202403 US Treasury Bond 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 US Treasury Bond 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 ZB 202409 US Treasury Bond No 2 hours prior to cutoff 2024/08/29 15:15 2024/08/29 13:15 2024/09/19 12:01 2024/09/19 10:01
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 202412 Corn futures No 1 business day prior to cutoff 2024/11/27 13:20 2024/11/27 8:30 2024/11/27 13:20 2024/11/27 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 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 ZF 202406 5-YR TREAS. No 2 hours prior to cutoff 2024/05/30 15:15 2024/05/30 13:15 2024/06/28 12:01 2024/06/28 10:01
CBOT ZF 202409 5-YR TREAS. No 2 hours prior to cutoff 2024/08/29 15:15 2024/08/29 13:15 2024/09/30 12:01 2024/09/30 10:01
CBOT ZL 202412 SoyOil No 2 business days prior to cutoff 2024/11/27 13:15 2024/11/26 8:30 2024/11/27 13:15 2024/11/26 8:30
CBOT ZL 202410 SoyOil No 2 business days prior to cutoff 2024/09/27 13:15 2024/09/26 8:30 2024/09/27 13:15 2024/09/26 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 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 ZL 202501 SoyOil No 2 business days prior to cutoff 2024/12/30 13:15 2024/12/27 8:30 2024/12/30 13:15 2024/12/27 8:30
CBOT ZM 202412 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2024/11/27 13:15 2024/11/26 8:30 2024/11/27 13:15 2024/11/26 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 202410 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2024/09/27 13:15 2024/09/26 8:30 2024/09/27 13:15 2024/09/26 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 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 ZM 202501 SOYBEAN MEAL FUTURES No 2 business days prior to cutoff 2024/12/30 13:15 2024/12/27 8:30 2024/12/30 13:15 2024/12/27 8:30
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 ZN 202409 10-YR TREAS. No 2 hours prior to cutoff 2024/08/29 15:15 2024/08/29 13:15 2024/09/19 12:01 2024/09/19 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 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 ZO 202412 Oats No 2 business days prior to cutoff 2024/11/27 13:15 2024/11/26 8:30 2024/11/27 13:15 2024/11/26 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 ZR 202411 ROUGH RICE FUTURES No 2 business days prior to cutoff 2024/10/30 13:15 2024/10/29 8:30 2024/10/30 13:15 2024/10/29 8:30
CBOT ZR 202501 ROUGH RICE FUTURES No 2 business days prior to cutoff 2024/12/30 13:15 2024/12/27 8:30 2024/12/30 13:15 2024/12/27 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 202411 SOYBEAN FUTURES No 1 business day prior to cutoff 2024/10/30 13:15 2024/10/30 8:30 2024/10/30 13:15 2024/10/30 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
CBOT ZS 202409 SOYBEAN FUTURES No 1 business day prior to cutoff 2024/08/29 13:15 2024/08/29 8:30 2024/08/29 13:15 2024/08/29 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.

Futures Physical Delivery Example


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.