First Notice Day
The first date on which a futures contract seller can issue a delivery notice for physical settlement; long holders must exit before this date.
First notice day (FND) is the first date the holder of a short futures position in a physically delivered contract can serve notice of intent to deliver the underlying commodity. Long holders who do not want delivery must exit their positions before FND.
For CL (WTI crude), FND falls on the third business day before the 25th calendar day of the month preceding the delivery month. For GC (gold), FND is the second-to-last business day of the month prior to the contract month.
FND is earlier than the last trading day — missing it can result in forced delivery of physical commodities, an outcome most retail traders want to avoid entirely.
Related Terms
Basis Convergence
The tendency of a futures price and its underlying spot price to meet as expiration nears, forcing the basis to zero at settlement.
IntermediateCL (Crude Oil Futures)
NYMEX futures on West Texas Intermediate crude oil. 1,000 barrels per contract, $0.01/barrel tick, physically delivered at Cushing, Oklahoma.
IntermediateExpiration
The date on which a futures contract reaches the end of its life and is either cash-settled or triggers physical delivery.
BeginnerGC (Gold Futures)
COMEX gold futures. 100 troy ounces per contract, $0.10/oz tick ($10/tick). Physically deliverable at approved COMEX vaults.
IntermediateLast Trading Day
The final session in which a futures contract can be traded before it expires and moves to settlement or delivery.
BeginnerRollover
Closing a near-expiry futures position and simultaneously reopening it in the next contract month to maintain exposure without taking delivery.
Intermediate