Futures Markets Holidays Explained

Futures markets holidays can be a bit confusing, but don't worry, I'm here to break it down for you.

Exchanges like the Chicago Mercantile Exchange (CME) and the Intercontinental Exchange (ICE) have specific holiday schedules that affect trading hours and availability.

These holidays are typically observed by the exchanges and can vary from year to year, so it's essential to check the schedule in advance.

The CME, for example, has a list of 11 holidays that include New Year's Day, Memorial Day, and Independence Day.

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The CME Protocol is a set of rules that govern how futures markets operate on holidays. It's essential to understand this protocol to avoid any rule violations.

If your data provider follows the CME Protocol, you can expect them to combine multiple calendar days into one trading day on recognized holidays with shortened trading hours. For example, if a holiday falls on a Monday with reduced trading hours, the exchange may consider all profits and losses from Sunday's opening to Tuesday's close as one trading day.

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To determine if your trading platform or data provider follows the CME Protocol, check the table below.

If your platform does not follow the CME Protocol, each trading day, including holidays with shorter trading hours, is counted separately.

ICE Markets will close on various holidays throughout the year, including New Year's Day, Good Friday, and Christmas.

The specific holidays and closing times vary depending on the market, with some closing at 1:30 p.m. and others closing at 1:00 p.m. on December 24, 2024.

Here is a list of holidays for ICE Markets:

For ICE markets, administrators, and clearing houses, holiday trading hours can be a bit tricky to navigate. Holiday trading hours for specific contracts or benchmarks are sometimes announced close to the holiday itself.

You can find a list of holiday trading hours across all ICE markets, administrators, and clearing houses in the tables provided. However, some markets may not have their holiday hours listed in these tables.

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ICE Clearing Houses publish their holiday hours in the Notices/Circulars/Regulation section of each individual clearing house. This is where you'll find the most up-to-date information on holiday hours for each clearing house.

Here's a quick rundown of the holiday hours for ICE's clearing houses:

Holidays can be a bit of a challenge for traders and investors, especially if they're not aware of the specific rules and regulations surrounding market closures.

ICE Clearing Houses have published holiday hours in their respective notices and circulars sections.

You can find the holiday hours for ICE Clear U.S. by checking their notices section, while ICE Clear Europe's holiday hours can be found in their circulars section.

ICE Clear Netherlands' holiday hours are also listed in their circulars section, and ICE Clear Credit's holiday hours can be found in the same section.

The same goes for ICE Clear Singapore, where you can find their holiday hours in the circulars section, and ICE NGX, which lists their holiday hours in the ICE NGX Resources section.

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Globex Trading Hours and Holiday Schedules are also available, and starting from the 2025 calendar year, the CME Group will be providing downloadable holiday calendars for Globex.

Some holidays are specific to certain markets, such as Interest Rate Derivatives and Equity, Currency, ETF, Index Derivatives, Share Futures, and BTC.

Here are the specific holidays for 2025:

Futures markets observe various holidays throughout the year, and it's essential to be aware of these dates to avoid any potential issues with your trades.

The CME Group, for instance, observes several holidays, including New Year's Day, Chinese New Year, and Christmas Day. These holidays are typically closed, but some may have early closings or special trading hours.

The trading hours for the CME Group's Globex platform vary depending on the time of year. During the summer months, the platform is open from March 9 to November 1, while during the winter months, it's open from November 2 to March 8.

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The EBS Market on CME Globex has specific rules for trading hours, particularly for Spot instruments and NDF instruments. For example, good for session orders remain working for Spot instruments, but are eliminated for NDF instruments due to daily close.

The CME Group provides downloadable holiday calendars for Globex, which can be accessed by selecting a specific date and viewing the trading hours for various products. This can be a useful tool for traders to stay informed about upcoming holidays and adjust their trading strategies accordingly.

Here is a list of holidays observed by the CME Group in 2025 and 2026, including the dates and trading hours:

Please note that these holidays and trading hours are subject to change, and it's always a good idea to double-check with the CME Group for the most up-to-date information.

The EBS Market on CME Globex has some specific rules to keep in mind. Trade Date Roll occurs on Tuesday through Thursday for Spot instruments, but eliminates Good for Session orders for NDF instruments due to daily close.

If you're placing orders on Monday or Friday, be aware that Good for Session orders will be eliminated.

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As the futures market holidays approach, interest rates are something to keep in mind. The Federal Reserve sets short-term interest rates, which are currently at a target range of 1.50% to 1.75%.

The interest rate on the 3-month Treasury bill is also a good indicator of market sentiment. It's currently around 1.60%, reflecting the low interest rate environment.

In the context of futures markets, interest rates can affect the value of contracts.

Inflation can be a major concern for savers, especially when interest rates are low.

Low interest rates can lead to a decrease in purchasing power over time.

The Federal Reserve's dual mandate includes controlling inflation and promoting maximum employment.

They use monetary policy tools to achieve this.

A 1% increase in interest rates can save someone $1,000 over the course of a year, assuming a $100,000 savings account.

This highlights the importance of interest rates for savers.

The 10-year Treasury note is often used as a benchmark for interest rates.

It's influenced by inflation expectations and the overall state of the economy.

A 2% interest rate on a savings account can earn you $2,000 per year on a $100,000 deposit.

This is a clear example of how interest rates can impact your finances.

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Interest Rate Derivatives are a type of financial instrument used to manage interest rate risk. They can be traded on various exchanges, including the Montréal Exchange, Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, AlphaX US, and Shorcan.

Interest Rate Futures, such as COA - One Month CORRA Futures and CRA - Three Month CORRA Futures, have a daily settlement time of 3:00 PM ET. This is also true for other futures products like CGZ - Two Year Government Bond Futures and CGB - Ten Year Government Bond Futures.

Options on futures products, such as OGZ - Options on Two Year Canada Bond Futures and OGB - Options on Ten Year Canada Bond Futures, also settle at 3:00 PM ET. This consistency in settlement times helps traders and investors plan their activities.

On early closing days, Interest Rate Futures settle at 1 PM ET, which is a change from the usual 3:00 PM ET settlement time. This is essential to note for traders who need to adjust their strategies accordingly.

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Here is a list of some Interest Rate Derivatives that are traded on the mentioned exchanges: