How are expiring futures contracts handled?

If you trade futures, it is your responsibility to be aware of when futures contracts stop trading, and -- if you want to keep a position open -- you need to roll into the next contract. Collective2 emulates the behavior of several discount brokers: we will not call you on the telephone to warn you that a futures contract in your account is about to be "delivered." Instead, we will unceremoniously close out your position, at the market, approximately 48 hrs before the last trading day of the contract. Thus, we strongly encourage you to gracefully exit any positions in expiring contracts at least a week before the last trading day.

Future contracts that expire within 48 hours will not go through as a new trade.