Futures and Futures Options Physical Delivery Liquidation Rules

For futures contracts that are settled by actual physical delivery of the underlying commodity (“physical delivery futures”), customers may not make or receive delivery of the underlying commodity. Certain currency futures are excepted from this rule (see table below).

To avoid deliveries in expiring futures contracts, customers must roll forward or close out positions prior to a “Close-Out Deadline”. The standard Close-Out Deadline for holders of long positions is the end of the fourth (4th) business day prior to the exchange specified ‘First Notice Day’. For holders of short positions, the standard Close-Out Deadline is the end of trading on the fourth (4th) business day prior to the exchange-specified last trade day. Certain contracts use a different time ahead of the Close-Out deadline as specified in the following table.

It is the Customer's responsibility to make itself aware of the "Close-out Deadline". If a customer has not closed out a position in a physical delivery futures contract by the "Close-Out Deadline", Tradex may, without additional prior notification, liquidate the customer’s position in the expiring futures contract. Please note that liquidations will not otherwise impact working orders; customers must ensure that open orders to close positions are adjusted for the actual real-time position.

The following contracts are some of those with atypical dating: QM (Oil); QG (Gas); most Government bond futures options including US and German.

Summary of Physical Delivery Futures Policies

Global
Contract Delivery Permitted Close-Out Deadline ZB, ZN, ZF (ECBOT) No 2 hours before the end of open outcry trading on the business day prior to First Notice Day (longs) or Last Trading Day (shorts) ZT (ECBOT) futures, Japanese Govt Bond Futures (JGB) No End of second business day prior to the First Position Day (longs) or Last Trading Day (shorts) EUREXUS futures No End of business day prior to the First Position Day (longs) or Last Trading Day (shorts) EUREXUS 2 yr Jumbo bond (FTN2) and 3 yr bond (FTN3) futures No End of the third business day prior to the First Position Day (longs) or Last Trading Day (shorts) IPE contracts (GAS, NGS) No End of the third business day prior to the First Position Day (longs) or day prior to Last Trading Day (shorts) GLOBEX LIVE CATTLE (LE) No End of the third business day prior to the First Intent Day (longs) or Last Trading Day (shorts) GLOBEX NOK, SEK, PLZ, CZK, ILS, KRW and HUF, and correspondent Euro rates No End of the fifth business day prior to the Last Trading Day for both longs and shorts GBL, GBM, GBS (Eurex), CONF (SOFFEX) No 2 hours before the end of trading on the last trading day GLOBEX currency futures (EUR, GBP, CHF, AUD, CAD, JPY, HKD) Yes* Not applicable* GLOBEX Ethanol futures (ET) No End of the fifth business day prior to the First Position Day (longs) or Last Trading Day (shorts) All other contracts No End of the third business day prior to the First Position Day (longs) or Last Trading Day (shorts)

*Cash accounts are restricted from holding foreign currencies, the liquidation schedule outlined above for "All other contracts" will also apply to Cash accounts for these foreign currency products.

Summary of Physical Delivery Futures Options Policies

Global
Contract Delivery Permitted Close-Out Deadline OZB, OZN, OZF, OZT (ECBOT)                                                No 4 hours before the end of open outcry trading on the business day prior to First Notice Day (longs) or Last Trading Day (shorts) All other contracts No End of the third business day prior to the First Position Day (longs) or Last Trading Day (shorts)