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First notice day

The first day a holder of a long physically deliverable futures position can be told to take delivery; brokers require exits before it.

For deliverable contracts such as cl and gc, first notice day comes before the last trading day. Most brokers force retail traders to close or roll a day or two ahead, or they liquidate the position for you.

Cash-settled index futures have no delivery and no first notice day.

Example: crude's first notice is typically a few days before the 25th of the month before delivery. A trader long the front month must roll by then or be closed out at the broker's discretion.

Related: settlement, roll, contract-month, cl

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