The trading period immediately preceding the delivery period for physically delivered derivatives contracts, cash settled swaps and futures contracts.
• The term “spot month” does not necessarily refer to a calendar month of time. Rather, it is the trading period immediately preceding the delivery/settlement period for physically-delivered futures contracts/cash settled swaps and futures contracts. For example, it may include the delivery period while the futures contract is available for trading (i.e., the contract‟s last trading day has not occurred but delivery is permissible.) The length of this period may vary depending upon the contract terms