Please, could somebody explain this for me. IB's policy is not to allow trading on physically-settled products beyond FND. Their explanation to me is as follows: "The first day on which a notice of intent to deliver a commodity in fulfillment of a futures contract can be made by the clearinghouse to a buyer." What this means is that this is the first date a buyer of a commodity can be called upon to take delivery of the future. We do not accept physical delivery so to avoid this possibility you are not allowed to be long a commodity contract past the first notice date. If I was long (say) CL on FND+1, does that mean that I could be called upon (in theory) to take delivery by a seller of CL and that I would have no choice in the matter? As far as I am aware, most traders don't roll over their positions until close to contract expiry. And we know that the volume of oil represented by CL longs each month is far far in excess of deliverable physical product, hence they are rolled over in the week before expiry. Furthermore "According to a recent survey by Futures Industry Association, approximately 3% of all transactions are actually settled by a customer making or taking delivery of physical commodities." I wouldn't mind but this policy of IB's (to not allow trading in physically settled futures past FND) forces me onto the next contract month *before there is any liquidity in that contract month*. Do all brokers do this? Thanks in advance.