Futures
and Futures Options Physical Delivery Liquidation Rules
For futures contracts
that are settled by actual physical delivery of the underlying
commodity (“physical delivery futures”), customers
may not make or receive delivery of the underlying commodity.
Certain currency futures are excepted from this rule (see table
below).
To avoid deliveries in expiring futures contracts, customers
must roll forward or close out positions prior to a “Close-Out
Deadline”. The standard Close-Out Deadline for holders
of long positions is the end of the fourth (4th) business day
prior to the exchange specified ‘First Notice Day’.
For holders of short positions, the standard Close-Out Deadline
is the end of trading on the fourth (4th) business day prior
to the exchange-specified last trade day. Certain contracts use
a different time ahead of the Close-Out deadline as specified
in the following table.
It is the Customer's responsibility to make itself aware of
the "Close-out Deadline". If a customer has not closed
out a position in a physical delivery futures contract by the "Close-Out
Deadline", IB may, without additional prior notification,
liquidate the customer’s position in the expiring futures
contract. Please note that liquidations will not otherwise impact
working orders; customers must ensure that open orders to close
positions are adjusted for the actual real-time position.
Important Note:
With respect to certain commodities and options, it is the industry standard
to refer to the expiration month of such commodities as the month following
the actual Expiration or Delivery Date for that product. The TWS may not
show the correct expiration or notice date information. For details, please click here. |
The following contracts are some of those with atypical dating: QM (Oil); QG
(Gas); most Government bond futures options including US and German.
| ZB, ZN, ZF (ECBOT) |
No |
2 hours before the end of open outcry trading
on the business day prior to First Notice Day (longs) or
Last Trading Day (shorts) |
| ZT (ECBOT) futures, Japanese Govt Bond
Futures (JGB) |
No |
End of second business day prior to the
First Position Day (longs) or Last Trading Day (shorts) |
| EUREXUS futures |
No |
End of business day prior to the First Position
Day (longs) or Last Trading Day (shorts) |
EUREXUS 2 yr Jumbo bond (FTN2)
and 3 yr bond (FTN3) futures
|
No |
End of the third business day prior to
the First Position Day (longs) or Last Trading Day (shorts) |
| IPE contracts (GAS,
NGS) |
No |
End of the third business day prior to
the First Position Day (longs) or day prior to Last Trading
Day (shorts) |
| GLOBEX LIVE CATTLE (LE) |
No |
End of the third business day prior to
the First Intent Day (longs) or Last Trading Day (shorts) |
GLOBEX NOK, SEK, PLZ, CZK, HUF
and correspondent Euro rates
|
No |
End of the fifth business day prior to
the Last Trading Day for both longs and shorts
|
| GBL, GBM, GBS (Eurex), CONF
(SOFFEX) |
No |
2 hours before the end of trading on
the last trading day |
| GLOBEX currency futures (EUR, GBP, CHF,
AUD, CAD, JPY, HKD) |
Yes* |
Not applicable* |
GLOBEX Ethanol futures (ET)
|
No
|
End of the fifth business day prior to
the First Position Day (longs) or Last Trading Day (shorts)
|
| All other contracts |
No |
End of the third business day prior to
the First Position Day (longs) or Last Trading Day (shorts) |
*As Cash and IRA accounts are restricted from holding foreign
currencies, the liquidation schedule outlined above for "All
other contracts" will also apply to Cash and IRA accounts
for these foreign currency products.
| OZB, OZN, OZF, OZT (ECBOT) |
No |
4 hours before the end of open outcry trading
on the business day prior to First Notice Day (longs) or
Last Trading Day (shorts) |
| All other contracts |
No |
End of the third business day prior to
the First Position Day (longs) or Last Trading Day (shorts) |
|
