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30-Day Federal Funds Futures
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30-Day Fed Funds Futures
Underlying Unit Interest on Fed Funds having a face value of $5,000,000 for one month calculated on a 30-day basis at a rate equal to the average overnight Fed Funds rate for the contract month.
Price Quote 100 minus the average daily Fed Funds overnight rate for the delivery month (e.g., a 7.25 percent rate equals 92.75).
Tick Size
(minimum fluctuation)		 Nearest expiring contract month: One-quarter of one basis point (0.0025), or $10.4175 per contract (1/4 of 1/100 of one percent of $5 million on a 30-day basis, rounded up to the nearest cent per contract). All other contract months: One-half of one basis point (0.005), or $20.835 per contract.
Contract Months First 36 calendar months.
Last Trading Day Last business day of the delivery month. Trading in expiring contracts closes at 4:00 p.m. on the last trading day.
Final Settlement Expiring contracts are cash settled against the average daily Fed Funds overnight rate for the delivery month, rounded to the nearest one-tenth of one basis point. Final settlement occurs on the first business day following the last trading day. The daily Fed Funds overnight rate is calculated and reported by the Federal Reserve Bank of New York.
Settlement Procedure Daily Fed Funds Settlement Procedures (PDF)
Position Limits Current Position Limits
Block Minimum Block Trading Minimums
All or None Minimum All or None Minimums
Rulebook Chapter CBOT Chapter 22
Trading Hours
(All times listed are Central Time)		 OPEN OUTCRY
MON - FRI: 7:20 a.m. - 2:00 p.m.
CME GLOBEX
SUN - FRI: 5:00 p.m. - 4:00 p.m.
Ticker Symbol OPEN OUTCRY
FF
CME GLOBEX
ZQ
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.