First Notice Day vs Last Trading Day in Futures
First notice day can arrive before trading ends, so check both dates before holding a deliverable futures contract.
First notice day and last trading day mark different risks in a futures contract's final weeks. The last trading day is when exchange trading in that contract month stops. First notice day is the first date on which a holder can be notified of a delivery assignment for a deliverable contract. One date does not reliably stand in for the other, and either may arrive first depending on the product rules.
Last trading day ends trading; first notice day starts assignment risk
CME Group defines the last trade date as the date on which a contract ceases trading. Its product calendar defines the first notice date as the first date users can be notified that they have been assigned a delivery. Those definitions describe separate events. A trader may still see an expiring contract trading after delivery notices have begun, or trading may stop before the delivery process finishes.
That distinction matters only where the contract has a delivery mechanism. CME explains that futures can settle through physical delivery of an underlying asset or financially against an index or benchmark. A cash-settled contract may have a last trade date and final settlement date without a first notice date. Do not add a notice-day rule to a product merely because another futures contract has one.
| Date | What it tells you | What it does not tell you |
|---|---|---|
| First notice day | The first date on which delivery assignment notices can be issued for a deliverable contract | The final session when the contract can be traded |
| Last trading day | The date on which trading in that contract month ceases | The first or last date of the delivery process |
| Final settlement date | When the final settlement price is determined | Whether the contract is physically or cash settled by itself |
The exchange calendar, not a universal formula, sets the order
Contract calendars differ across asset classes and even among products in the same asset class. CME's Treasury delivery lesson shows why assumptions are risky: a short position can elect to deliver before the last trading day, while the assigned long position is passive in the clearing process. The lesson also describes intention day, notice day and delivery day as separate stages.
The lesson notes different trading cutoffs for Treasury contracts. Some note and bond contracts stop trading several business days before month-end, while shorter-dated notes stop on the last business day. The point is not to memorise that example and apply it everywhere. It is to open the calendar and rules for the exact product and contract month.
Use the exchange's expiration calendar or the product's Calendar tab. CME's calendar can be filtered by product name or code and by event type, including first and last trade, settlement, notice and delivery dates. A generic “expiry date” displayed by a charting platform may omit the event that actually matters to your position.
Check the contract month before the first relevant cutoff
- Confirm the exact symbol and month. A continuous front-month chart is not the legal contract specification. Identify the listed contract you actually hold.
- Identify the settlement method. Read the product specification or rulebook to determine whether settlement is physical, financial or subject to another delivery process.
- Record every applicable date. Note first notice, last notice, last trade, final settlement, first delivery and last delivery dates where the exchange publishes them.
- Check the times and time zone. A date without the exchange cutoff time can be too vague for an exit plan.
- Read your broker or programme rule. An intermediary may prohibit positions in expiring contracts or require an earlier close. The exchange calendar is necessary, but it does not override the agreement governing your account.
- Plan the roll or exit. If you do not intend to participate in settlement or delivery, choose a deadline that leaves room for rejected orders, reduced liquidity or an account-specific cutoff.
This is a process check, not a recommendation to hold or close any particular contract. The companion guide to futures contract expiration explains the broader choice between offsetting, rolling and settling. The guide to the futures settlement price separates the exchange's daily mark from the last traded price.
A simulated prop account can impose its own earlier deadline
Most futures prop programmes do not arrange physical delivery for participants. That does not make contract deadlines irrelevant. A programme may disable an expiring symbol, force liquidation, migrate traders to a later month or define a separate “do not trade” window. Those are programme rules, not exchange definitions.
Read the current agreement and platform notice for the firm you use. Do not infer permission from the fact that the exchange still lists the contract, and do not infer an exchange deadline from a prop firm's internal cutoff. If a rule says positions must be flat before a named time, keep that time separate from first notice day and last trading day in your checklist.
Dates also change with the contract month and holiday calendar. Save the source and the date you checked it. A screenshot or copied date from a prior expiry is not a substitute for the current product calendar.
Questions
Is first notice day the same as expiration?
No. First notice day begins the window in which delivery assignment notices can be issued for an applicable deliverable contract. Trading and delivery may continue under the product's separate schedule.
Can first notice day come before the last trading day?
Yes. CME's Treasury delivery material explains that delivery can be elected before the last trading day. The exact sequence depends on the contract rules.
Do cash-settled futures have a first notice day?
A first notice date relates to delivery assignment. Cash-settled contracts generally use final settlement rather than physical delivery, so check the product calendar instead of assuming a notice date applies.
Which date should a futures trader use to exit?
Use the earliest deadline that applies to the exact contract and account: the exchange schedule, broker cutoff or programme rule. Add a practical buffer if you do not intend to settle or take delivery.
Where can I find the official dates?
Use the exchange's product calendar, product specification and rulebook for the exact contract month. CME's expiration calendar can filter by product, code and event type.
Sources
- CME Group: About Listings and Product Calendar Fields
- CME Group: Expiration Calendar
- CME Group: Treasury Futures Delivery Process
Official CME explanatory pages checked October 26, 2026. Contract-specific dates must be rechecked for the listed month.