Futures First Notice Day vs. Last Trading Day Explained
Learn how first notice day, last trading day, last notice day, delivery, cash settlement, broker cutoffs, and contract month rules differ for futures positions
Direct answer
First notice day is the earliest date on which delivery can be assigned for a physically delivered futures contract, while last trading day is the final session in which that expiring contract trades on the exchange. They are separate dates and neither is a universal “expiry” rule for every future. Cash-settled and physically delivered contracts, as well as different products within each group, use their own calendars, notices, settlement methods, and broker cutoffs. A trader who wants no delivery exposure must verify the exact contract timeline and close or roll before the relevant operational deadline.
Four dates can matter around one contract month
First notice day can begin the delivery-assignment process for an eligible physical-delivery contract. Last trading day ends exchange trading in the expiring contract. Last notice day and last delivery day can occur later, depending on the product's delivery procedure.
These dates are not interchangeable. A contract can stop trading before all delivery steps are complete, and some products have no physical delivery at all. Do not use an option expiration calendar or a different futures product as a shortcut.
The contract specification, exchange calendar, and broker's stated cutoff are the authoritative checks for an actual position.
Physical delivery and cash settlement end differently
In a physically delivered contract, an open long can be assigned to take delivery and an open short can be required to make delivery under the contract's process. The deliverable may be a commodity, receipt, certificate, or another defined instrument rather than a box arriving at a home address.
Cash-settled futures instead credit or debit an account according to their final settlement rule. Cash settlement does not mean the final trading time, final value calculation, or broker handling is identical across products.
Futures versus forwards explains why standardized settlement and clearing matter; the individual contract tells you which end-of-life process applies.
Broker cutoffs can be earlier than exchange dates
A broker may require customers to close or roll well before first notice day or last trading day. It can also restrict opening positions, issue notices, or liquidate under its customer agreement and risk procedures.
That means “I can still see a quote” is not proof that a retail account can retain the contract. Review notices early, especially if a holiday, thin liquidity, or a calendar spread affects the exit.
To roll, offset the expiring month and establish exposure in a deferred month. Futures calendar spreads show why the two months can have different prices; rolling is a transaction, not an automatic extension.
Use a written deadline checklist
Record symbol, contract month, settlement type, first notice day, last trading day and time, broker cutoff, last notice or delivery dates where relevant, contract multiplier, and the intended close or roll order. Confirm whether positions are long or short and whether related options can create a futures position.
Keep enough liquidity for daily mark-to-market through the planned exit. Futures margin and leverage explains why a small margin balance does not remove the cash risk while waiting to close.
Common questions
Is first notice day the last day I can trade a futures contract?
No. It is a delivery-process date for applicable physical contracts. Last trading day is the final exchange trading session, and the order of dates depends on the product.
Can I hold a cash-settled future until last trading day?
The contract may permit it, but check its settlement rule and your broker's deadline. A cash-settled contract still has product-specific hours and final-value mechanics.
Does rolling avoid all delivery risk automatically?
Only if the expiring leg is actually offset before the relevant deadline. Verify fills, remaining quantity, and the deferred contract's own rules.