> For the complete documentation index, see [llms.txt](https://docs.force.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.force.xyz/resources/session-calendar.md).

# Session Calendar

All times are New York time.

## A normal week

|                 |                                                                      |
| --------------- | -------------------------------------------------------------------- |
| **Cash**        | Monday to Friday, roughly 8am to 3pm                                 |
| **Extended**    | Sunday 6pm to Friday 5pm, outside cash hours, less a daily break     |
| **Daily break** | 5pm to 6pm, Monday to Thursday: futures maintenance, priced Internal |
| **Weekend**     | Friday 5pm to Sunday 6pm: priced Internal throughout                 |

Out of the 168 hours in a week, roughly 35 are Cash, 80 are Extended, and 53 are Internal.

## Holiday closures

Two calendars matter and they do not agree, which is the point of this table.

* The **bond market** follows the US bond-market holiday calendar. On those days there is no cash session at all.
* The **futures market** follows the exchange calendar, which closes on fewer days and often runs a shortened session rather than closing outright.

The practical consequence: on **Columbus Day and Veterans Day** the bond market is closed while futures trade a full session, so the market runs in Extended all day. On most other holidays futures run a shortened session, typically halting at 1pm and reopening at 6pm.

| Holiday                    | Cash       | Futures                                  |
| -------------------------- | ---------- | ---------------------------------------- |
| New Year's Day             | Closed     | Evening reopen only                      |
| Martin Luther King Jr. Day | Closed     | Shortened                                |
| Presidents Day             | Closed     | Shortened                                |
| Good Friday                | Closed     | Shortened, or fully closed in some years |
| Memorial Day               | Closed     | Shortened                                |
| Juneteenth                 | Closed     | Shortened                                |
| Independence Day           | Closed     | Shortened                                |
| Labor Day                  | Closed     | Shortened                                |
| **Columbus Day**           | **Closed** | **Full session**                         |
| **Veterans Day**           | **Closed** | **Full session**                         |
| Thanksgiving               | Closed     | Halts 1pm, evening reopen                |
| Christmas Day              | Closed     | Evening reopen only                      |

The bond market also closes early, at about 2pm, on the days before several of these holidays, and on the day after Thanksgiving and Christmas Eve. Futures close early on some of the same days, typically at 1:15pm.

None of this needs handling by a trader. The oracle selects its session on feed freshness rather than on a calendar, so a market that is unexpectedly closed simply falls to the next session.

## The futures roll

The Extended session prices from the front Treasury futures contract, on the quarterly March, June, September and December cycle. The front contract switches automatically as the market's own volume moves to the next month.

**The roll falls two business days before the last business day of the month preceding the delivery month**, equivalently one business day before the exchange's first position day. Business days exclude market holidays, which is why the date moves around Thanksgiving and Memorial Day.

| Roll date   |     | Contract               |
| ----------- | --- | ---------------------- |
| 27 Aug 2026 | Thu | Sep 2026 becomes front |
| 25 Nov 2026 | Wed | Dec 2026 becomes front |
| 24 Feb 2027 | Wed | Mar 2027 becomes front |
| 26 May 2027 | Wed | Jun 2027 becomes front |
| 27 Aug 2027 | Fri | Sep 2027 becomes front |
| 26 Nov 2027 | Fri | Dec 2027 becomes front |
| 25 Feb 2028 | Fri | Mar 2028 becomes front |
| 26 May 2028 | Fri | Jun 2028 becomes front |
| 29 Aug 2028 | Tue | Sep 2028 becomes front |

The incoming contract prices at a slightly different level from the outgoing one. The basis absorbs that: it is a running average of the distance between the futures-implied yield and cash, so it re-measures against the new contract during the next cash session. See [FORCE-US10Y](/asset-directory/force-us10y.md).


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