First Notice Date (FND) VS. Last Trade Date (LTD), what’s the difference?

Published November 22nd, 2019 by Thetafuturesadmin

Below are the CME’s definitions. 

  • First Notice Date: The first date that users will get notified that they have been assigned a delivery.

  • Last Trade Date: The date on which the contract will cease trading.

However, when it comes to trading these two dates need to be considered especially if the product you’re trading has a deliverable settlement.

An instrument that is deliverable has a First Notice Date that comes prior to the Last Trade Date. To avoid delivery, traders tend to roll their contracts to the next front-month or exit their positions at a minimum of two business days prior to the First Notice Date.  

When trading cash-settled instruments, you will typically want to roll or exit positions prior to the Last Trade Date. Many times, traders begin rolling to the next front-month (or closing positions) as volume and open interest dissipates as the Last Trade Date approaches knowing that trading will cease on that contract. Positions that are held into the Last Trade Date will be settled on that day’s settlement price.

If you are unsure of how to look these dates up or have any questions, please contact info@thetafutures.comor call 1-424-257-8290 for assistance.


Definition Source:


DISCLAIMER: There is a substantial risk of loss in trading commodity futures and options products. Losses in excess of your initial investment may occur. Past performance is not necessarily indicative of future results. Please contact your account representative with concerns or questions.

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