I was stupid enough not to notice that today was the last trading day for the QG March 2007 contract. (It's this special situation that QG has its last trading day always four business days before the beginning of the contract month..). Delivery type for this contract is financial / cash. So, now I'm still short QG and I wonder what exactly will happen to my IB account next week on the final settlement day. Do I have to expect any problems or will they just do a normal cash settlement as if I had sold the contracts on a usual trading day? Any help with this is appreciated!
you will get closed out at the settlement price. so, it's basically like you made the trade. When any futures contract "settles", basically all open positions are matched and processed at that one price.
Thanks for the answer, that's what I had assumed. Just wanted to make sure that I don't have to take any action.
or even worse end up with a bunch of gold bullion delivered to your house actually, that wouldn't be too bad. except ya gotta pay for it
No harm, no foul. The metals and energies all have different termination of trading days, so actually it's easy to slip up on an individual date for any given contract. Here's a schedule to give you a heads regarding future Termination of Trading dates for QG. http://www.nymex.com/QG_term.aspx Good trading, Jimmy Jam
BTW, why has QG volume plunged? Its barely breaking 5K in volume. It use to be much better than that. Does anybody know why? tks