delivery month

For futures contracts specifying physical delivery, the delivery month is the month in which the seller must deliver, and the buyer must accept and pay for, the underlying.{{cite web|title=A Guide to the Language of the Futures Industry|url=https://cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm|website=U.S. Commodities Futures Trading Commission|publisher=U.S. Government|accessdate=16 July 2015|ref=Glossary}} For contracts specifying cash settlement, the delivery month is the month of a final mark-to-market. The exact dates of acceptable delivery vary considerably and will be specified by the exchange in the futures contract specifications.{{cite book |last1=Gupta |first1=S.L. |title=FINANCIAL DERIVATIVES: THEORY, CONCEPTS AND PROBLEMS |date=2005 |publisher=PHI Learning Pvt. Ltd. |isbn=978-81-203-2863-1 |pages=46 |url=https://books.google.com/books?id=xBJCKQzvfFAC&q=delivery+month+contracts+futures+derivatives&pg=PA46 |accessdate=16 July 2015}}

For most futures contracts, at any given time, one contract will typically be traded much more actively than others. This is called variously the front month or the top step contract.

Financial contracts traded on US futures exchanges (such as bonds, short-term interest rates, foreign exchange, and US stock indexes) typically expire quarterly, specifically in March, June, September, and December. However, for financial contracts traded on non-US futures exchanges, the expiration schedule may not follow a quarterly pattern.