Futures Rollover Announcement Across Global Markets | February 2026

Executive summary

February is a “high-intensity” rollover month in several structural ways that matter for operations and risk. First, many physically delivered energy contracts that deliver in March stop trading in February, so energy rolling is often a February activity even when the contract month is March (e.g., NYMEX WTI and Henry Hub).  Second, for deliverable U.S. Treasury futures (March/June/September/December delivery cycle), the bulk of open interest historically rolls in the last ~10 business days before the delivery month begins—that frequently means mid-to-late February for the March cycle (CME’s own example cites Feb 2016).  Third, several large cash-settled contracts have February expiries (e.g., cash-settled livestock, monthly crypto expiries, some Asian index futures, and volatility futures). 

A consolidated February 2026 “action calendar” is provided below for major benchmarks across asset classes and exchanges, including: NYMEX WTI Mar-26 (CLH26) last trade Feb 20, Henry Hub NGH26 last trade Feb 25, COMEX Feb-26 Gold (GCG26) last trade Feb 25 with first notice Jan 30 and last notice Feb 26, CME FX Feb serials (e.g., 6E/6J) last trade Feb 13, HKEX Feb-26 Hang Seng Index futures last trading day Feb 26 and final settlement Feb 27, and ICE Brent Apr-26 expiry Feb 27 with final settlement Mar 2. 

Operationally, the dominant failure modes around February rollovers are: (a) inadvertent entry into delivery/notice (especially metals/energy) and broker-driven liquidations before exchange deadlines, (b) liquidity air-pockets if rolling too late in the expiring contract, and (c) basis and spread slippage when calendar spreads become “the” liquidity venue. CME explicitly recommends calendar spreads to mitigate leg risk (“doubling execution risk” if you leg the roll).  Broker policies can be more conservative than exchange rules; for example, IBKR states a standard close-out deadline of 2 business days before First Notice Day for longs and 2 business days before the last trade day for shorts for many physically delivered contracts. 

Finally, February has recurring calendar frictions: in the U.S., Presidents Day (shown as an exchange holiday on Cboe’s 2026 settlement calendar) can compress “business-day-counted” roll windows; in Asia, local holiday announcements can revise trading/settlement calendars (HKEX explicitly notes this possibility for some products). 

Scope, definitions, and methodology

Market scope and what “February rollovers” means in this report

This report focuses on rollovers that operationally occur in February 2026 (the current month given the stated date 2026‑02‑26) across a representative set of major benchmark futures and major exchanges, including CME Group (NYMEX/COMEX/CBOT/CME), Intercontinental Exchange, Hong Kong Exchanges and Clearing, Cboe Global Markets, and selective coverage of major Asian and China-linked venues (with data-gap flags where primary calendars are not readily machine-verifiable). 

Because “all contracts on all exchanges” is not operationally realistic in a single document, the calendar is built around high-liquidity benchmarks per asset class and products whose key dates fall in February (last trade, first notice, final settlement). Where an exchange uses quarterly cycles whose roll occurs in February, even though expiry is in March (notably deliverable U.S. Treasuries), the report treats that as a February rollover and includes the relevant February “gating dates” (e.g., first notice day definition and the observed roll window). 

Key date definitions used by exchanges and brokers

“Last trading day” (LTD), “First notice day” (FND), “First position day” (FPD), delivery periods, and “final settlement day” differ by product design (physical vs. cash-settled) and by exchange. CME’s delivery education materials emphasize the operational importance of FPD/FND as the point where a long that “does not wish to risk taking delivery” must be out.  For broker operations, IBKR’s close-out/physical delivery liquidation rules are a practical overlay that often requires being flat before exchange deadlines. 

How the “typical rollover window” is determined here

The report expresses “typical rollover window” as a risk-managed convention rather than an exchange mandate: a window in which liquidity is usually adequate, and delivery/notice risk is avoided. For Treasury futures specifically, CME’s Pace of the Roll guide states that while the roll can theoretically happen any time, in recent history the majority of open interest rolls during the last 10 business days before the contract month begins.  For many physically delivered commodities, the empirical pattern is that the expiring month can become structurally illiquid near the end; the CFTC’s 2020 WTI report is a useful stress-case illustration showing large fractions of positions exiting well before the penultimate day and most volume concentrated in later months by the final day. 

Consolidated February 2026 rollover calendar

Consolidated calendar by exchange and asset class

Dates are shown as calendar dates; time-of-day cutoffs and session-specific rules should be checked in the relevant contract specs and exchange calendars (many products have early closed on LTD). 

• CME (NYMEX) – Energy – WTI Light Sweet Crude Oil Futures (CL):

The key February contract/month driving rollover is Mar-26 (CLH26). The last trading day is 2026-02-20, and the final settlement/expiry is also 2026-02-20 (9). The first notice day is 2026-02-24, per CME calendar fields (9). A typical rollover window used by risk desks is T-10 to T-3 business days before LTD; desks generally avoid holding into late-stage liquidity decay and prefer calendar spread execution (2).

• CME (NYMEX) – Energy – Henry Hub Natural Gas Futures (NG):

The key February contract/month driving rollover is Mar-26 (NGH26). The last trading day is 2026-02-25, and the final settlement/expiry is also 2026-02-25 (10). The first notice day is 2026-02-26, per CME calendar fields (11). Risk desks often roll T-10 to T-2 business days before LTD, concentrating the roll as spread liquidity peaks and avoiding reliance on “last day” liquidity (2).

• CME (COMEX) – Metals – Gold Futures (GC):

Because physical delivery mechanics apply, the key February contract is Feb-26 (GCG26). The last trading day is 2026-02-25, and the final settlement/expiry is also 2026-02-25 (12). The first notice day is 2026-01-30 (13). Risk desks typically roll or close before FND, usually with a broker buffer—for example, IBKR’s standard approach of 2 business days before FND for longs (4).

• CME (CME) – FX – Euro FX Futures (6E):

The key February contract is the Feb-26 serial (6EG26). The last trading day is 2026-02-13, and the final settlement/expiry is also 2026-02-13 (14). There is no first notice day, since the contract is cash-settled. The typical approach is to roll to the next liquid month—often the next IMM/quarterly contract—using calendar spreads, since liquidity is usually concentrated in the quarterly expiries (15).

• CME (CME) – FX – Japanese Yen Futures (6J):

The key February contract is the Feb-26 serial (6JG26). The last trading day is 2026-02-13, and the final settlement/expiry is also 2026-02-13 (16). There is no first notice day. The standard approach is the same as other major FX contracts: roll to the next liquid contract month, while treating serial-month liquidity as potentially thin (15).

• CME (CME) – Interest Rates – 30-Day Federal Funds Futures (ZQ):

The key February contract is Feb-26 (ZQG26). The last trading day is the last business day of February 2026, and final settlement occurs on the first business day after LTD (17). There is no first notice day. Risk desks usually roll as liquidity migrates—often late in the month—and before broker risk controls, aligning execution with month-end operational cutoffs (17).

• CME (CBOT) – Interest Rates – Deliverable U.S. Treasury futures (e.g., 2Y/5Y/10Y/30Y):

The key cycle is the Mar-26 delivery cycle, although the roll happens in February. The last trading day is product-dependent and is not inherently a February expiry, and the final settlement/expiry is also product-dependent (2). The first notice day for the March delivery month is the last business day of February (2). CME notes that the majority of open interest rolls in the last 10 business days before the delivery month begins, which means mid-to-late February for the March cycle (2).

• CME (CME) – Commodities – Lean Hog Futures (HE):

The key February contract is Feb-26 (HEG26). The last trading day is the 10th business day of the contract month (18). The contract uses cash-final settlement based on an index released after termination, with the calendar showing the settlement date (19). There is no first notice day. Risk desks generally roll before the 10th business day, avoid holding into thin expiry-week liquidity, and validate the timing of the index-based final cash settlement (19).

• CME (CME) – Commodities – Live Cattle Futures (LE):

The key February contract is Feb-26 (LEG26). The last trading day is the last business day of the contract month (20). Final settlement uses VWAP around the close per CME methodology (21). There is no first notice day. The usual practice is to roll ahead of month-end and into peak spread liquidity, while confirming how the settlement methodology may affect TAS/spread execution (21).

• CME (CME) – Crypto – Bitcoin Futures (BTC):

The key February contract is Feb-26 (BTCG26). The last trading day is 2026-02-27 and, the final settlement/expiry is also 2026-02-27 (22). There is no first notice day. Risk desks generally roll to the next month or quarterly contract, depending on liquidity, while managing weekend and crypto spot-market discontinuities against the listed expiry (23).

• ICE Futures Europe – Energy – Brent Crude Futures:

This contract is deliverable via EFP / with an option to cash settle, and the key rollover month is Apr-26 (Brent Apr26). The last trading day is 2026-02-27 and the final settlement/expiry is 2026-03-02 (24). The first notice day is 2026-02-27, as listed on the ICE expiry table (24). The normal approach is to roll well before expiry to maintain continuous exposure, preferably using calendar spreads and closely monitoring exchange/clearing expiry constraints (24).

• HKEX (HKCC) – Equities/Index – Hang Seng Index Futures (HSI):

The key February contract is Feb-26. The last trading day is 2026-02-26, and the final settlement/expiry is 2026-02-27 (25). There is no first notice day. Desks typically roll before the contract month’s second-last trading day, moving into the next month where liquidity is more concentrated (8).

• Cboe Futures (CFE) – Equities/Index (Volatility) – VIX / VXM monthly futures:

The key February contract is Feb-26. The last trading day is typically the business day before, final settlement (subject to confirmation in CFE specs), and the final settlement is 2026-02-18 (5). There is no first notice day. Risk desks typically roll into the next contract ahead of settlement week, treating settlement as a major liquidity inflection point and avoiding last-day execution (5).

• DCE – Commodities – Iron Ore futures (I):

This contract follows a delivery-month rule, so February handling depends on the China trading calendar. The last trading day is the 10th trading day of the delivery month (26), and final settlement/expiry occurs on the 3rd trading day after the last trading day (26). The delivery/notice regime is product-specific. The standard approach is to roll before the delivery-month window and ahead of major exchange margin/position changes, noting that the primary February 2026 dates require the official China holiday/trading calendar for precision (26).

February 2026 rollover “gating date” table

This table links what the date means to what the desk should do, emphasizing delivery and broker-closeout controls.

First position / first notice regime begins (deliverables):

• Operationally, this means you can become exposed to delivery or notice obligations, depending on the specific product rules and your broker’s policies. A robust desk action across markets is to define a roll-by deadline earlier than the exchange’s FND/FPD—for example, using the broker’s deadline plus an internal buffer—and to disable opening new positions in the expiring month for most accounts.

Roll window where liquidity transfers:

• Operationally, this is the phase when calendar spread liquidity usually improves, while outright liquidity in the expiring contract may start to degrade. A robust desk action is to prefer calendar spreads executed as a single order rather than legging, and, if position size is meaningful, to schedule staged execution such as VWAP or TWAP.

Last trading day (LTD):

• Operationally, this is the point at which the contract ceases trading under the product’s rules, and liquidity may become unreliable as market participants exit. A robust desk action is to apply a hard cutoff: the position should be fully rolled or closed before the end-of-day cutoff, and ideally even earlier to comply with broker-specific rules.

Final settlement/expiry:

• Operationally, this is when the cash settlement or final settlement process occurs, and P&L is effectively crystallized. A robust desk action is to perform a full reconciliation of positions, settlement prices, realized basis, hedge accounting, and client statements.

Operational guidance for traders and risk managers

Execution mechanics that reduce operational risk

CME’s roll guidance for Treasury futures explicitly contrasts legging vs. calendar spread execution, noting legging “doubles the execution risk” and exposes you to market risk between legs; calendar spreads mitigate that by combining buy/sell into one transaction.  This logic generalizes well beyond Treasuries: for WTI/NG, many participants roll via front/next calendar spreads; for equity/FX, exchange tools and roll analyzers similarly emphasize the spread instrument as the roll venue. 

Broker/clearing overlays and close-out risk

Broker constraints can be stricter than exchange rules. IBKR’s physical delivery liquidation rules state a standard policy: longs must be out by the end of the 2nd business day before exchange FND, and shorts by the end of trading on the 2nd business day before exchange LTD (where applicable).  IBKR’s Futures Close-Out Policy further explains that the broker may liquidate positions during a close-out period preceding expiration for physically delivered contracts that it does not allow clients to deliver. 

Operational implication: your internal “roll-by” deadline should be computed as:

• min(exchange schedule constraints, broker close-out constraints) – internal buffer,
• and should be implemented in order management systems as hard trading permissions (e.g., reject new opens in expiring month; only allow offsetting trades).

Margin, liquidity, basis, and hedging controls specific to roll events

Rollover is not only a calendar action; it is a basis trade. CME’s roll materials highlight that mispricing in calendar spreads matters for both basis traders and hedgers, and that the roll also signals “optimal liquidity period” to move exposure.  Risk managers should therefore treat the roll as a change in basis exposure and liquidity regime:

• Margin and concentration: deliverable and expiring contracts can face tighter limits and policy constraints (e.g., ICE publishes expiry/delivery limit policy documents; such documents are part of the operational environment even if margin numbers are product-specific). 
• Liquidity stress: regulators’ analysis of WTI trading (April 2020) documents that by the final day, the vast majority of volume can migrate to later months, and large fractions of positions are closed out before penultimate day—an empirical warning against “last-day rolling.” 
• Settlement mechanics: livestock and some indices have settlement based on specific index/VWAP rules; CME publishes explicit final settlement methodology for live cattle and lean hogs, which can affect “TAS/close” execution and hedge effectiveness. 

Liquidity, market impact, and February rollover patterns

A practical February pattern for deliverable U.S. Treasury futures

CME’s Pace of the Roll guide states that, while roll timing has no exact definition, in recent history, the majority of the open interest rolls during the last 10 business days before the contract month begins.  For the March delivery cycle, that window typically sits in mid-to-late February, and the guide also highlights that some Treasury products can trade until the last business day of the delivery month while others cease earlier (7 business days preceding the last business day). 

This is important in February because it concentrates: (a) execution volume in calendar spreads, (b) financing/basis analysis (implied repo), and (c) operational delivery avoidance ahead of first notice day (defined as the last business day of the month before the contract month). 

Open interest “where the risk moved” snapshots around late February 2026

The CME Daily Bulletin (Energy Futures Products) provides an official snapshot of open interest and volume by contract month and emphasizes that volume/open-interest changes can be affected by privately negotiated transactions, prior-day cleared trades, deliveries, and cash settlements. 

WTI crude (CL) snapshot (late Feb 2026): in the bulletin, the expiring March 2026 contract is effectively “dead” while open interest concentrates in April/May/June, consistent with the roll being substantially complete by that point. 

Henry Hub NG snapshot (Feb 25, 2026, bulletin): March 2026 still shows residual open interest while April dominates—consistent with Feb 25 being the March NG last trade date (i.e., still in the final roll/expiry phase). 

A compact text “chart” (scaled) illustrating the shape of open interest concentration (not a full time series):

• WTI CL open interest (example snapshot): Apr ≫ May > Jun > Jul … 
• NG open interest (Feb 25 snapshot excerpt): Apr (very large), Mar (residual) 
• COMEX Gold open interest (Feb 25 bulletin): Apr dominates; Feb delivery month is minimal (delivery/notice risk, but low liquidity) 

Bid/ask spreads, volume shifts, and why “late rolling” is structurally risky

While bid/ask and order-book depth are product- and venue-specific, the directionality is consistent across the stress literature: as contracts approach expiry—especially deliverable ones—liquidity can migrate to later months, leaving the expiring month vulnerable to adverse execution. The CFTC’s WTI report (April 2020) documents that over the first three weeks before the penultimate trading day, large percentages of both commercial and non-commercial positions exit, and that on the final day, a very large share of volume occurred in later months. 

Even outside stress events, CME’s own roll tooling is designed to show the day-by-day migration of open interest during roll periods and compare current rolls against historical averages (previous 20 rolls). The mere existence and design of this tool reflect that roll dynamics are sufficiently regular and important to systematize. 

Automation rules and advisory checklist

Concise rollover checklist for traders and risk managers

A checklist that is robust across most futures markets:

1. Identify whether the contract is deliverable vs cash-settled, then pull the exchange’s key dates (LTD/FND/FPD/final settlement) and your broker’s close-out schedule. 
2. Compute a roll-by deadline that is earlier than the tightest constraint (broker or exchange), with a buffer for time zone cutoffs and holidays. 
3. Determine the target contract (next month or next quarter) and the preferred execution venue (calendar spread vs legged). 
4. Pre-trade checks: margin headroom, position limits around expiry, and hedging/basis impact. 
5. Execute primarily with calendar spreads (or exchange-approved EFRP/block mechanisms where appropriate). 
6. Post-trade reconciliation: confirm net exposure, settlement conventions, and update downstream risk, accounting, and client reporting. 

Suggested automated rollover rules

These rules are intentionally “defensive” and should be tuned per product liquidity:

• Rule A: Delivery-avoidance hard stop (deliverables).

Reject new opens and require flat/rolled positions by (broker close-out deadline) or (FND − 2 business days) for longs, whichever is earlier; for shorts, use (LTD − 2 business days) as a baseline. 

• Rule B: Exchange standard roll date (where published).

For CME equity indices, CME states the roll date is the Monday before the third Friday of the expiration month; use that as the default schedule unless liquidity signals justify earlier rolling. 

• Rule C: Open-interest migration trigger (liquidity-based).

Begin rolling when the deferred contract’s open interest share exceeds a threshold (e.g., 50%) or when spreads show persistent better depth—conceptually aligned with CME’s pace-of-roll framing of open interest migration. 

• Rule D: “No last-day rolling” safety constraint.

Block roll initiation inside a minimum window (e.g., T‑1 for cash-settled, T‑3 for deliverables), motivated by evidence that liquidity can migrate away from the expiring contract near the end. 

Assumptions, regional considerations, data gaps, and primary-source link index

Key assumptions and interpretation choices

• The report treats “February rollovers” as rollovers whose operational key dates occur in February 2026, not “contracts with February delivery month” globally; this aligns with how major deliverable cycles (Treasuries, energy) and many monthly contracts behave operationally. 
• “Typical rollover window” is a market convention and risk-control construct, not always an exchange rule—except where explicitly published (e.g., CME equity index roll date guidance). 
• When a primary source gives final settlement but not the last trading day (e.g., Cboe’s settlement calendar), the last trading day is treated as “typically the prior business day” and flagged for verification against the full contract specs. 

Regional/time zone and holiday considerations affecting February 2026 rollovers

• U.S. holiday compression: Cboe’s 2026 settlement calendar marks an exchange holiday on Feb 16, 2026, which compresses business-day-counted schedules and can shift “last N business days” roll windows. 
• Asia holiday revisions: HKEX explicitly notes that some last trading day/final settlement schedules may be revised subject to official public holiday announcements (e.g., Singapore or Mainland China holidays for certain index products). 
• Timezone coordination: operational “day boundaries” differ (e.g., HKEX products trade into T+1 sessions; HSI expiring month closes at 4:00 pm on the last trading day). 

Data gaps and limitations

• A fully enumerated, contract-by-contract February calendar for Eurex, LME, ASX, B3, MOEX, and all major China venues would require a larger primary-calendar ingestion pipeline and, for some venues, authenticated or locale-specific sources. This report includes representative benchmarks and provides primary sources, plus a method to scale.
• For DCE, we provide the official rule for Iron Ore futures last trading day and last delivery day, but computing the exact February 2026 date requires the official DCE 2026 trading calendar and holiday schedule in a machine-verifiable form.