first position day

First Notice Day

The first day on which a clearing house may inform an investor that it intends to make delivery of a commodity that the investor previously bought in a futures contract. The date is governed by the rules of different exchanges and clearing houses, but may also be stated in the futures contract itself. It also occurs in the delivery month in which the contract expires.

first position day

The initial day on which the investor who is short a commodity futures contract may notify the clearing corporation of an intention to deliver the commodity. The first position day occurs two business days before the first date on which delivery may be made. Compare position day.
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