First Notice Day vs Last Trading Day: Build a Futures Deadline Checklist

Four dates can describe four different events

Last trading day identifies when a specific contract stops trading. First notice day concerns when delivery assignment notices begin for applicable contracts. Final settlement determines the contractual ending value, while delivery dates govern completion of the delivery process. CME's product-calendar definitions separate these fields rather than treating “expiry” as one universal timestamp.

Which fields apply depends on the product. Cash settlement and physical delivery have different mechanics, described in the settlement guide. Even within physically delivered products, notice and position procedures can vary.

A fictional schedule shows the ordering problem

Imagine a contract with the following published dates and an account whose broker does not permit delivery. Day numbers here are illustrative labels, not dates for a real market.

Hypothetical contract and account deadlines

Event	Example timing	Why it matters
Broker deadline	Day 10, specified local time	Account must satisfy its earlier holding rule
First notice day	Day 11	Delivery notices can begin under product rules
Last trading day	Day 18	Trading in the expiring contract ends
Final delivery date	Day 22	Delivery process reaches its final scheduled date

A trader who plans to act on Day 17 because “the contract still trades” has ignored the earlier account restriction. The relevant action plan must account for every applicable rule, not just choose the latest date in the table.

This distinction is observable in actual broker policies. For example, NinjaTrader publishes position-management and expiration requirements that can precede an exchange deadline. That policy is an example, not a rule for all brokers or a compatibility statement about TradeCopier.

Build a contract-specific worksheet

Record exchange, exact product, month, full year, settlement method, last-trade timestamp, notice or position dates and broker cutoff. Keep the timezone beside each timestamp. Check current exchange notices for holiday changes and the account's current policy for earlier restrictions.

Resolve ambiguous month labels using the month-code reference. The named month is not sufficient to calculate the deadline, and an old example calendar should not be reused for a later year.

Verify the action, not just the intention

Rolling normally involves offsetting an expiring position and establishing another maturity if continued exposure is intended. It is not a renaming operation. Check both fills, both quantities and any remaining pending orders. A failed closing leg can leave two positions instead of the intended one.

For copied accounts, each destination needs its own accepted instrument and account deadline. The source account's successful roll cannot establish that every destination has completed it. The calendar-spread reference explains why different maturities can remain separate exposures even when their underlying market is the same.

Keep confirmation records with the dated worksheet. A reminder is useful, but final position evidence is what shows whether the expiration exposure has actually been removed.