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What Is a “First Notice Day” in Futures Trading?

The first notice day is the first day on which the clearing house may issue a delivery notice to a short position holder in a physically-settled futures contract. It marks the beginning of the delivery period.

Any trader who is still short on this day is obligated to accept the delivery notice and proceed with the physical delivery process. Traders not wishing to deliver must close out their position before this date.

How Does a Clearing House Facilitate the Assignment Process?
What Is the Function of a Clearing House in Futures Trading?
How Does the “Last Trading Day” Relate to the Start of the Delivery Process for a Futures Contract?
How Does a Clearing House Mitigate Counterparty Risk in Futures Trading?