|Contract 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 daily Fed Funds effective rate for the delivery month|
|Price Quotation||100 minus the average daily Fed Funds overnight rate for the delivery month (e.g., a 7.25 percent rate equals 92.75).|
|Trading Hours||SUN - FRI: 5:00 p.m. - 4:00 p.m.|
|Minimum Price Fluctuation||
Nearest expiring contract month(s):
One quarter (1/4) of one interest rate basis point = 0.0025 price points = $10.4175 per contract.
Each expiring contract month begins trading in 0.0025-point price increments at 5:00 pm Chicago time on the Sunday first preceding the first business day of the contract month.
All other contract months:
One half (1/2) of one interest rate basis point = 0.005 price points = $20.835 per contract.
|Product Code||CME Globex: ZQCME ClearPort: 41Clearing: 41|
|Listed Contracts||First 36 calendar months|
|Settlement Method||Financially Settled|
|Termination Of Trading||The last day of trading in an expiring futures contract shall be the last Business Day of such contract’s delivery month. Trading in expiring futures shall terminate at the close of the Trading Day on the last day of trading.|
|Settlement Procedures||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.
|Position Limits||CBOT Position Limits|
|Exchange Rulebook||CBOT 22|
|Block Minimum||Block Minimum Thresholds|
|Price Limit Or Circuit||Price Limits|
|All Or None Minimum||All or None Minimums|
|Vendor Codes||Quote Vendor Symbols Listing|
Daily Reports and Settlements