Contract expiry and rollovers

A futures contract is an agreement to trade something at a set date. When that date approaches, market activity moves to the next contract month. Instruments based on futures follow the same cycle: the old contract ends and a new one takes its place as a separate symbol.

The process, step by step

1. The calendar is published. All upcoming expiry dates are listed on the Expiry page, so you can check the schedule for every futures based instrument at any time.
2. You are notified ahead of each expiry.
3. The halt day. The old contract goes close only, so no new positions can be opened in it. Trading on the new contract begins at the same time, so you can open a position on it immediately.
4. The expiry date. Any position still open on the old contract is closed automatically, and the old symbol stops existing.

What you should do

• Check the Expiry page regularly for the instruments you trade. All dates, halt days and details are published there.
• Decide before the expiry date. To stay in the market, close your position on the old contract and reopen on the new one once its trading begins on the halt day.
• Mind your price levels. The new contract usually trades at a different price from the old one. Set fresh stop loss, take profit and pending order levels based on the new contract's price rather than carrying old ones over.
• Do not leave it to the last moment. Positions still open on the expiry date are closed automatically at whatever the market price is then.