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30-Day Federal Funds
Product Snapshot: 30-Day Fed Funds Futures
30-Day Fed Funds futures track the effective overnight Federal Funds Rate for a specific month. The Fed funds rate is the rate that banks charge each other for loans of reserves that are held at the Fed.
This product provides a way to:
- Hedge short-term/money market instruments
- Express a view on the direction of the Federal Open Market Committee (FOMC) policy
- Trade the Fed Funds curve, Fed Funds strips or the spread against LIBOR or Eurodollar Futures
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View free real-time quotes on a variety of electronically traded CME Group products
New Market Maker Programs for Interest Rates Products
With the migration of CBOT products to CME Globex on January 27, 2008, CME Group is pleased to announce new electronic market maker programs for 30-Day Fed Funds and CBOT Interest Rate Swap futures, and U.S. Treasury and 30-Day Fed Funds options.
Tick Changes Pending for U.S. Treasury Products and Block Trading Approved for CBOT Interest Rate Products
Beginning March 3, 2008 CME Group will reduce the minimum tick size for three of its most actively traded U.S. Treasury contracts.
New Liquidity Link II Program for CBOT Interest Rate Products
CME Group has announced technology and product enhancements designed to create a more liquid and efficient marketplace.
| Trade Unit | $5 million | ||
| Settle Method | Cash Settled | ||
| Point (Tick) Size | $20.835 per 1/2 of one basis point ( 1/2 of 1/100 of one percent of $5 million on a 30-day basis rounded up to the nearest cent) | ||
| Strike Price Interval | Integral multiples of 6.25 (0.0625) basis points and 12.5 (1.1250) basis points. At the commencement of trading, the followin gstrikes in multiples of 6.25 basis ppoints shall be listed: one with a strike price closest to the previous day's settlement price of the underlying 30-Day Fed Fund Futures contract and the next the next ten (10 consecutive higher and the next ten (10) consecutive lower prices closest to the previous day's settlement price. If a previous day's settlement price is midway between two strike prices the losetst price shall be the larger of the two. In addition, the following strike prices in multiples of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices above and below the 6.25 basis point band. | ||
| Strike | |||
| Limits/Price Banding | N/A | ||
| Minimum Fluctuation |
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| Trading Hours | Sunday/Friday 5:30 p.m.-4:00 p.m. CT; Shutdown period from 4:00 p.m. to 5:00 p.m. nightly | ||
| Listed | |||
| Product Codes | Clearing: 41 Open Outcry: FF Globex: ZQ | ||
| Minimum Block Size | |||
| Product Calendar | First 24 calendar months View current product listings |
| Trade Unit | $5 million | ||
| Settle Method | Cash Settled | ||
| Point (Tick) Size | $20.835 per 1/2 of one basis point ( 1/2 of 1/100 of one percent of $5 million on a 30-day basis rounded up to the nearest cent) | ||
| Strike Price Interval | Integral multiples of 6.25 (0.0625) basis points and 12.5 (1.1250) basis points. At the commencement of trading, the followin gstrikes in multiples of 6.25 basis ppoints shall be listed: one with a strike price closest to the previous day's settlement price of the underlying 30-Day Fed Fund Futures contract and the next the next ten (10 consecutive higher and the next ten (10) consecutive lower prices closest to the previous day's settlement price. If a previous day's settlement price is midway between two strike prices the losetst price shall be the larger of the two. In addition, the following strike prices in multiples of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices above and below the 6.25 basis point band. | ||
| Strike | |||
| Limits/Price Banding | N/A | ||
| Minimum Fluctuation |
|
||
| Trading Hours | Open Outcry: 7:20 a.m. to 2:00 p.m. CT, Monday - Friday | ||
| Listed | |||
| Product Codes | Clearing: 41 Open Outcry: FF Globex: ZQ | ||
| Minimum Block Size | |||
| Product Calendar | First 24 calendar months View current product listings |
New Market Maker Programs for Interest Rates Products
With the migration of CBOT products to CME Globex on January 27, 2008, CME Group is pleased to announce new electronic market maker programs for 30-Day Fed Funds and CBOT Interest Rate Swap futures, and U.S. Treasury and 30-Day Fed Funds options.
Tick Changes Pending for U.S. Treasury Products and Block Trading Approved for CBOT Interest Rate Products
Beginning March 3, 2008 CME Group will reduce the minimum tick size for three of its most actively traded U.S. Treasury contracts.
New Liquidity Link II Program for CBOT Interest Rate Products
CME Group has announced technology and product enhancements designed to create a more liquid and efficient marketplace.
| Contract Month | Product Code | First Trade Date | Last Trade Date | Settlement Date | |
| MAY08 | 41K08 | 06/01/2006 |  |
05/30/2008 | 06/02/2008 |
| JUN08 | 41M08 | 07/03/2006 | |
06/30/2008 | 07/01/2008 |
| JUL08 | 41N08 | 08/01/2006 | |
07/31/2008 | 08/01/2008 |
| AUG08 | 41Q08 | 09/01/2006 | |
08/29/2008 | 09/02/2008 |
| SEP08 | 41U08 | 10/02/2006 | |
09/30/2008 | 10/01/2008 |
| OCT08 | 41V08 | 11/01/2006 | |
10/31/2008 | 11/03/2008 |
| NOV08 | 41X08 | 12/01/2006 | |
11/28/2008 | 12/01/2008 |
| DEC08 | 41Z08 | 01/02/2007 | |
12/31/2008 | 01/02/2009 |
| JAN09 | 41F09 | 02/01/2007 | |
01/30/2009 | 02/02/2009 |
| FEB09 | 41G09 | 03/01/2007 | |
02/27/2009 | 03/02/2009 |
| MAR09 | 41H09 | 04/02/2007 | |
03/31/2009 | 04/01/2009 |
| APR09 | 41J09 | 05/01/2007 | |
04/30/2009 | 05/01/2009 |
| MAY09 | 41K09 | 06/01/2007 | |
05/29/2009 | 06/01/2009 |
| JUN09 | 41M09 | 07/02/2007 | |
06/30/2009 | 07/01/2009 |
| JUL09 | 41N09 | 08/01/2007 | |
07/31/2009 | 08/03/2009 |
| AUG09 | 41Q09 | 09/04/2007 | |
08/31/2009 | 09/01/2009 |
| SEP09 | 41U09 | 10/01/2007 | |
09/30/2009 | 10/01/2009 |
| OCT09 | 41V09 | 11/01/2007 | |
10/30/2009 | 11/02/2009 |
| NOV09 | 41X09 | 12/03/2007 | |
11/30/2009 | 12/01/2009 |
| DEC09 | 41Z09 | 01/02/2008 | |
12/31/2009 | 01/04/2010 |
| JAN10 | 41F10 | 02/01/2008 | |
01/29/2010 | 02/01/2010 |
| FEB10 | 41G10 | 03/03/2008 | |
02/26/2010 | 03/01/2010 |
| MAR10 | 41H10 | 04/01/2008 | |
03/31/2010 | 04/01/2010 |
| APR10 | 41J10 | 05/01/2008 | |
04/30/2010 | 05/03/2010 |
| Contract Month | Product Code | First Trade Date | Last Trade Date> | Settlement Date | |
| MAY10 | 41K10 | 06/02/2008 | |
05/28/2010 | 06/01/2010 |
New Market Maker Programs for Interest Rates Products
With the migration of CBOT products to CME Globex on January 27, 2008, CME Group is pleased to announce new electronic market maker programs for 30-Day Fed Funds and CBOT Interest Rate Swap futures, and U.S. Treasury and 30-Day Fed Funds options.
Tick Changes Pending for U.S. Treasury Products and Block Trading Approved for CBOT Interest Rate Products
Beginning March 3, 2008 CME Group will reduce the minimum tick size for three of its most actively traded U.S. Treasury contracts.
New Liquidity Link II Program for CBOT Interest Rate Products
CME Group has announced technology and product enhancements designed to create a more liquid and efficient marketplace.