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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
IPE WTI 202108 Light WTI Crude No 2 business days prior to cutoff 2021/07/19 19:00 (GMT) 2021/07/16 9:00 (GMT) 2021/07/19 19:00 (GMT) 2021/07/16 9:00 (GMT)
IPE WTI 202107 Light WTI Crude No 2 business days prior to cutoff 2021/06/21 19:00 (GMT) 2021/06/18 9:00 (GMT) 2021/06/21 19:00 (GMT) 2021/06/18 9:00 (GMT)
IPE WTI 202103 Light WTI Crude No 2 business days prior to cutoff 2021/02/19 19:00 (GMT) 2021/02/18 9:00 (GMT) 2021/02/19 19:00 (GMT) 2021/02/18 9:00 (GMT)
IPE WTI 202105 Light WTI Crude No 2 business days prior to cutoff 2021/04/19 19:00 (GMT) 2021/04/16 9:00 (GMT) 2021/04/19 19:00 (GMT) 2021/04/16 9:00 (GMT)
IPE WTI 202110 Light WTI Crude No 2 business days prior to cutoff 2021/09/20 19:00 (GMT) 2021/09/17 9:00 (GMT) 2021/09/20 19:00 (GMT) 2021/09/17 9:00 (GMT)
IPE WTI 202109 Light WTI Crude No 2 business days prior to cutoff 2021/08/19 19:00 (GMT) 2021/08/18 9:00 (GMT) 2021/08/19 19:00 (GMT) 2021/08/18 9:00 (GMT)
IPE WTI 202104 Light WTI Crude No 2 business days prior to cutoff 2021/03/19 19:00 (GMT) 2021/03/18 9:00 (GMT) 2021/03/19 19:00 (GMT) 2021/03/18 9:00 (GMT)
IPE WTI 202012 Light WTI Crude No 2 business days prior to cutoff 2020/11/19 19:00 (GMT) 2020/11/18 9:00 (GMT) 2020/11/19 19:00 (GMT) 2020/11/18 9:00 (GMT)
KSE 175 202009 USD/KRW No 2 business days prior to cutoff 2020/09/21 11:30 2020/09/18 09:00 2020/09/21 11:30 2020/09/18 09:00
KSE 175 202012 USD/KRW No 2 business days prior to cutoff 2020/12/21 11:30 2020/12/18 09:00 2020/12/21 11:30 2020/12/18 09:00
KSE 175 202103 USD/KRW No 2 business days prior to cutoff 2021/03/15 11:30 2021/03/12 09:00 2021/03/15 11:30 2021/03/12 09:00
KSE 175 202106 USD/KRW No 2 business days prior to cutoff 2021/06/21 11:30 2021/06/18 09:00 2021/06/21 11:30 2021/06/18 09:00
KSE 175 202109 USD/KRW No 2 business days prior to cutoff 2021/09/17 11:30 2021/09/16 09:00 2021/09/17 11:30 2021/09/16 09:00
KSE 175 202010 USD/KRW No 2 business days prior to cutoff 2020/10/19 11:30 2020/10/16 09:00 2020/10/19 11:30 2020/10/16 09:00
KSE 175 202011 USD/KRW No 2 business days prior to cutoff 2020/11/16 11:30 2020/11/13 09:00 2020/11/16 11:30 2020/11/13 09:00
KSE 175 202101 USD/KRW No 2 business days prior to cutoff 2021/01/18 11:30 2021/01/15 09:00 2021/01/18 11:30 2021/01/15 09:00
KSE 175 202102 USD/KRW No 2 business days prior to cutoff 2021/02/15 11:30 2021/02/12 09:00 2021/02/15 11:30 2021/02/12 09:00
KSE 175 202104 USD/KRW No 2 business days prior to cutoff 2021/04/19 11:30 2021/04/16 09:00 2021/04/19 11:30 2021/04/16 09:00
KSE 175 202105 USD/KRW No 2 business days prior to cutoff 2021/05/17 11:30 2021/05/14 09:00 2021/05/17 11:30 2021/05/14 09:00
KSE 175 202107 USD/KRW No 2 business days prior to cutoff 2021/07/19 11:30 2021/07/16 09:00 2021/07/19 11:30 2021/07/16 09:00
KSE 175 202108 USD/KRW No 2 business days prior to cutoff 2021/08/16 11:30 2021/08/13 09:00 2021/08/16 11:30 2021/08/13 09:00
LMEOTC AH 202010 Aluminum No 7 business days prior to cutoff 2020/10/21 00:00 2020/10/13 9:10 2020/10/21 17:00 2020/10/13 9:10
LMEOTC AH 202011 Aluminum No 7 business days prior to cutoff 2020/11/18 00:00 2020/11/10 9:10 2020/11/18 17:00 2020/11/10 9:10
LMEOTC AH 202012 Aluminum No 7 business days prior to cutoff 2020/12/16 00:00 2020/12/08 9:10 2020/12/16 17:00 2020/12/08 9:10
LMEOTC AH 202101 Aluminum No 7 business days prior to cutoff 2021/01/20 00:00 2021/01/12 9:10 2021/01/20 17:00 2021/01/12 9:10
LMEOTC AH 202102 Aluminum No 7 business days prior to cutoff 2021/02/17 00:00 2021/02/09 9:10 2021/02/17 17:00 2021/02/09 9:10
LMEOTC AH 202103 Aluminum No 7 business days prior to cutoff 2021/03/17 00:00 2021/03/09 9:10 2021/03/17 17:00 2021/03/09 9:10
LMEOTC AH 202104 Aluminum No 7 business days prior to cutoff 2021/04/21 00:00 2021/04/13 9:10 2021/04/21 17:00 2021/04/13 9:10
LMEOTC AH 202105 Aluminum No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC AH 202106 Aluminum No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC AH 202107 Aluminum No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC AH 202108 Aluminum No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC AH 202109 Aluminum No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC CA 202010 Copper No 7 business days prior to cutoff 2020/10/21 00:00 2020/10/13 9:10 2020/10/21 17:00 2020/10/13 9:10
LMEOTC CA 202011 Copper No 7 business days prior to cutoff 2020/11/18 00:00 2020/11/10 9:10 2020/11/18 17:00 2020/11/10 9:10
LMEOTC CA 202012 Copper No 7 business days prior to cutoff 2020/12/16 00:00 2020/12/08 9:10 2020/12/16 17:00 2020/12/08 9:10
LMEOTC CA 202101 Copper No 7 business days prior to cutoff 2021/01/20 00:00 2021/01/12 9:10 2021/01/20 17:00 2021/01/12 9:10
LMEOTC CA 202102 Copper No 7 business days prior to cutoff 2021/02/17 00:00 2021/02/09 9:10 2021/02/17 17:00 2021/02/09 9:10
LMEOTC CA 202103 Copper No 7 business days prior to cutoff 2021/03/17 00:00 2021/03/09 9:10 2021/03/17 17:00 2021/03/09 9:10
LMEOTC CA 202104 Copper No 7 business days prior to cutoff 2021/04/21 00:00 2021/04/13 9:10 2021/04/21 17:00 2021/04/13 9:10
LMEOTC CA 202105 Copper No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC CA 202106 Copper No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC CA 202107 Copper No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC CA 202108 Copper No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC CA 202109 Copper No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC NI 202010 Nickel No 7 business days prior to cutoff 2020/10/21 00:00 2020/10/13 9:10 2020/10/21 17:00 2020/10/13 9:10
LMEOTC NI 202011 Nickel No 7 business days prior to cutoff 2020/11/18 00:00 2020/11/10 9:10 2020/11/18 17:00 2020/11/10 9:10
LMEOTC NI 202012 Nickel No 7 business days prior to cutoff 2020/12/16 00:00 2020/12/08 9:10 2020/12/16 17:00 2020/12/08 9:10
LMEOTC NI 202101 Nickel No 7 business days prior to cutoff 2021/01/20 00:00 2021/01/12 9:10 2021/01/20 17:00 2021/01/12 9:10
LMEOTC NI 202102 Nickel No 7 business days prior to cutoff 2021/02/17 00:00 2021/02/09 9:10 2021/02/17 17:00 2021/02/09 9:10
LMEOTC NI 202103 Nickel No 7 business days prior to cutoff 2021/03/17 00:00 2021/03/09 9:10 2021/03/17 17:00 2021/03/09 9:10
LMEOTC NI 202104 Nickel No 7 business days prior to cutoff 2021/04/21 00:00 2021/04/13 9:10 2021/04/21 17:00 2021/04/13 9:10
LMEOTC NI 202105 Nickel No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC NI 202106 Nickel No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC NI 202107 Nickel No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC NI 202108 Nickel No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC NI 202109 Nickel No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC PB 202010 Lead No 7 business days prior to cutoff 2020/10/21 00:00 2020/10/13 9:10 2020/10/21 17:00 2020/10/13 9:10
LMEOTC PB 202011 Lead No 7 business days prior to cutoff 2020/11/18 00:00 2020/11/10 9:10 2020/11/18 17:00 2020/11/10 9:10
LMEOTC PB 202012 Lead No 7 business days prior to cutoff 2020/12/16 00:00 2020/12/08 9:10 2020/12/16 17:00 2020/12/08 9:10
LMEOTC PB 202101 Lead No 7 business days prior to cutoff 2021/01/20 00:00 2021/01/12 9:10 2021/01/20 17:00 2021/01/12 9:10
LMEOTC PB 202102 Lead No 7 business days prior to cutoff 2021/02/17 00:00 2021/02/09 9:10 2021/02/17 17:00 2021/02/09 9:10
LMEOTC PB 202103 Lead No 7 business days prior to cutoff 2021/03/17 00:00 2021/03/09 9:10 2021/03/17 17:00 2021/03/09 9:10
LMEOTC PB 202104 Lead No 7 business days prior to cutoff 2021/04/21 00:00 2021/04/13 9:10 2021/04/21 17:00 2021/04/13 9:10
LMEOTC PB 202105 Lead No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC PB 202106 Lead No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC PB 202107 Lead No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC PB 202108 Lead No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC PB 202109 Lead No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC SN 202010 Tin No 7 business days prior to cutoff 2020/10/21 00:00 2020/10/13 9:10 2020/10/21 17:00 2020/10/13 9:10
LMEOTC SN 202011 Tin No 7 business days prior to cutoff 2020/11/18 00:00 2020/11/10 9:10 2020/11/18 17:00 2020/11/10 9:10
LMEOTC SN 202012 Tin No 7 business days prior to cutoff 2020/12/16 00:00 2020/12/08 9:10 2020/12/16 17:00 2020/12/08 9:10
LMEOTC SN 202101 Tin No 7 business days prior to cutoff 2021/01/20 00:00 2021/01/12 9:10 2021/01/20 17:00 2021/01/12 9:10
LMEOTC SN 202102 Tin No 7 business days prior to cutoff 2021/02/17 00:00 2021/02/09 9:10 2021/02/17 17:00 2021/02/09 9:10
LMEOTC SN 202103 Tin No 7 business days prior to cutoff 2021/03/17 00:00 2021/03/09 9:10 2021/03/17 17:00 2021/03/09 9:10
LMEOTC SN 202104 Tin No 7 business days prior to cutoff 2021/04/21 00:00 2021/04/13 9:10 2021/04/21 17:00 2021/04/13 9:10
LMEOTC SN 202105 Tin No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC SN 202106 Tin No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC SN 202107 Tin No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC SN 202108 Tin No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC SN 202109 Tin No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
LMEOTC ZS 202010 Zinc No 7 business days prior to cutoff 2020/10/21 00:00 2020/10/13 9:10 2020/10/21 17:00 2020/10/13 9:10
LMEOTC ZS 202011 Zinc No 7 business days prior to cutoff 2020/11/18 00:00 2020/11/10 9:10 2020/11/18 17:00 2020/11/10 9:10
LMEOTC ZS 202012 Zinc No 7 business days prior to cutoff 2020/12/16 00:00 2020/12/08 9:10 2020/12/16 17:00 2020/12/08 9:10
LMEOTC ZS 202101 Zinc No 7 business days prior to cutoff 2021/01/20 00:00 2021/01/12 9:10 2021/01/20 17:00 2021/01/12 9:10
LMEOTC ZS 202102 Zinc No 7 business days prior to cutoff 2021/02/17 00:00 2021/02/09 9:10 2021/02/17 17:00 2021/02/09 9:10
LMEOTC ZS 202103 Zinc No 7 business days prior to cutoff 2021/03/17 00:00 2021/03/09 9:10 2021/03/17 17:00 2021/03/09 9:10
LMEOTC ZS 202104 Zinc No 7 business days prior to cutoff 2021/04/21 00:00 2021/04/13 9:10 2021/04/21 17:00 2021/04/13 9:10
LMEOTC ZS 202105 Zinc No 7 business days prior to cutoff 2021/05/19 00:00 2021/05/11 9:10 2021/05/19 17:00 2021/05/11 9:10
LMEOTC ZS 202106 Zinc No 7 business days prior to cutoff 2021/06/16 00:00 2021/06/08 9:10 2021/06/16 17:00 2021/06/08 9:10
LMEOTC ZS 202107 Zinc No 7 business days prior to cutoff 2021/07/21 00:00 2021/07/13 9:10 2021/07/21 17:00 2021/07/13 9:10
LMEOTC ZS 202108 Zinc No 7 business days prior to cutoff 2021/08/18 00:00 2021/08/10 9:10 2021/08/18 17:00 2021/08/10 9:10
LMEOTC ZS 202109 Zinc No 7 business days prior to cutoff 2021/09/15 00:00 2021/09/07 9:10 2021/09/15 17:00 2021/09/07 9:10
MATIF EBM 202012 Milling Wheat No 2 business days prior to cutoff 2020/12/03 17:30 (CET) 2020/12/02 10:45 (CET) 2020/12/03 17:30 (CET) 2020/12/02 10:45 (CET)
MATIF EBM 202103 Milling Wheat No 2 business days prior to cutoff 2021/03/03 17:30 (CET) 2021/03/02 10:45 (CET) 2021/03/03 17:30 (CET) 2021/03/02 10:45 (CET)
MATIF EBM 202105 Milling Wheat No 2 business days prior to cutoff 2021/05/03 17:30 (CET) 2021/04/30 10:45 (CET) 2021/05/03 17:30 (CET) 2021/04/30 10:45 (CET)
MATIF EBM 202109 Milling Wheat No 2 business days prior to cutoff 2021/09/03 17:30 (CET) 2021/09/02 10:45 (CET) 2021/09/03 17:30 (CET) 2021/09/02 10:45 (CET)
MATIF ECO 202011 Rapeseed No 2 business days prior to cutoff 2020/10/30 17:30 (CET) 2020/10/29 10:45 (CET) 2020/10/30 17:30 (CET) 2020/10/29 10:45 (CET)
MATIF ECO 202102 Rapeseed No 2 business days prior to cutoff 2021/01/29 17:30 (CET) 2021/01/28 10:45 (CET) 2021/01/29 17:30 (CET) 2021/01/28 10:45 (CET)
MATIF ECO 202105 Rapeseed No 2 business days prior to cutoff 2021/04/30 17:30 (CET) 2021/04/29 10:45 (CET) 2021/04/30 17:30 (CET) 2021/04/29 10:45 (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.