The table below shows the timeline for delivery, as well as example dates for the May 2025 delivery cycle. For more information, see Understanding 30-Year UMBS TBA Futures and its Delivery Process.

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No. The delivery may be effected by one of the following delivery entities:

1. The client’s CBOT clearing member, provided that they are a full FICC MBSD member.
2. A full FICC MBSD clearing member that is an affiliate of the client’s CBOT clearing member (e.g., a prime brokerage arm that is affiliated with the CBOT clearing member).
3. The client, provided they are a full FUCC MBSD member.
4. The client, through a full FICC MBSD member that is either the same entity as, or an affiliate of, the CBOT clearing member carrying the account that will make or take delivery.

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A CME Clearing member must send a completed delivery notification form for review and approval. The form is required to be approved prior to participating in delivery and only needs to be completed once. It is recommended that the form is submitted at least two weeks’ prior to expiration. To obtain a copy of the form, send an email to clearinghousedelivteam@cmegroup.com.

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Any entity intending to go through the delivery process must have a full FICC MBSD membership. A list of full FICC MBSD members can be found on the FICC website.

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While the majority of expiring TBA futures open interest is rolled to the next contract month, some participants take their positions into delivery for various reasons. The percentage of open interest that goes to delivery can vary from month to month. Deliveries totaled 2,131 contracts in May 2025, representing 29% of average daily open interest over the 10 trading days leading up to the last trade date. However, deliveries were only 360 contracts in the February 2025 cycle (6% of average daily open interest).

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The CBOT delivery reports indicate which FCMs have facilitated deliveries in the past and whether those have been on behalf of house or client accounts. Since TBA futures launched, we have seen four FCMs facilitate deliveries on behalf of client accounts and five FCMs facilitate deliveries on behalf of house accounts.

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No. From the Exchange’s perspective, even clients that are not set up to make/take delivery are able to trade the product. In fact, there are many active market participants that are not set up to make/take delivery that trade regularly and simply roll or close-out their futures positions prior to expiry. However, it is worth noting that during the last three trading days in an expiring contract, CME Clearing requires clearing members to provide an inventory of long and short TBA futures positions that intend to go to delivery. Clearing members must also demonstrate that the futures account owner intending to make or take delivery has the ability to do so. This process helps to mitigate the risk of delivery failure.

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There has never been a delivery failure in the history of CME Group exchanges. We guarantee financial performance of the trades, as explained in 101 Overview: Delivery:

• If a clearing member fails to fulfill a delivery obligation, whether it is making the delivery or taking the delivery, the Clearing House is responsible for covering the replacement cost.
• The obligations of the Clearing House relating to an event where a clearing member fails to perform delivery obligations are specified in Chapter 7 of the CME Group Exchange Rulebooks. Under these rules, CME Clearing is responsible for the financial performance (i.e., replacement cost) with respect to the delivery but CME Clearing is not obligated to make or accept physical delivery of the actual underlying commodity. 
• The replacement cost amount is determined by the Clearing House and should not exceed the difference between the delivery price of the underlying commodity and the reasonable market price of such commodity at the point in time delivery was required, according to CME Group Exchange Rules.

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