Last Trading Day
The final session in which a futures contract can be traded before it expires and moves to settlement or delivery.
Last trading day (LTD) is the final day on which a futures contract can be bought or sold on the exchange. After LTD, no new trades are accepted; any remaining open positions proceed to settlement.
For cash-settled equity futures (ES, NQ, YM, RTY), LTD is typically the Thursday before the third Friday of the contract month. For physically delivered commodity contracts, LTD is before FND to allow for the delivery logistics.
Traders who have not rolled or closed by LTD will be subject to automatic settlement — cash or physical — which may differ from the market price at which they would have chosen to exit.
Related Terms
Cash Settlement
A settlement method where no physical asset changes hands at expiration — the contract settles to a final index or reference price in cash.
BeginnerExpiration
The date on which a futures contract reaches the end of its life and is either cash-settled or triggers physical delivery.
BeginnerFirst 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.
IntermediatePhysical Delivery
Settlement method where the seller of a futures contract must deliver the actual underlying commodity to the buyer at expiration.
IntermediateRollover
Closing a near-expiry futures position and simultaneously reopening it in the next contract month to maintain exposure without taking delivery.
Intermediate