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30 Day Federal Funds Futures Contract Specs

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: 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.
Product Code CME Globex: ZQ
CME ClearPort: 41
Clearing: 41
Listed Contracts First 36 calendar months
Settlement Method Financially Settled
Termination Of Trading Last business day of the delivery month. Trading in expiring contracts closes at 4:00 p.m. on the last trading day.
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.

Fed Funds Settlement Procedures
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