Futures mechanics
What is the Last Trading Day (LTD) and what structural adjustments occur during its final hour?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
Last Trading Day is the final day a futures contract can be traded before expiration, often marked by thinning liquidity and final settlement.
How it works
Exchanges often adjust trading hours, settlement procedures, and liquidity provisions that final session, increasing volatility near the close.
An example
ES's final settlement uses a special opening quotation on its Last Trading Day.
Risk & limitations
Thin liquidity near Last Trading Day can cause unusually wide price swings.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.