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10-Year T-Note Futures Contract Specs

Underlying Unit One U.S. Treasury note having a face value at maturity of $100,000.
Deliverable Grades U.S. Treasury notes with a remaining term to maturity of at least six and a half years, but not more than 10 years, from the first day of the delivery month. The invoice price equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered note ($1 par value) to yield 6 percent.
Price Quote Points ($1,000) and halves of 1/32 of a point. For example, 126-16 represents 126 16/32 and 126-165 represents 126 16.5/32. Par is on the basis of 100 points.
Tick Size
(minimum fluctuation)
One-half of one thirty-second (1/32) of one point ($15.625, rounded up to the nearest cent per contract), except for intermonth spreads, where the minimum price fluctuation shall be one-quarter of one thirty-second of one point ($7.8125 per contract).
Contract Months The first five consecutive contracts in the March, June, September, and December quarterly cycle.
Last Trading Day Seventh business day preceding the last business day of the delivery month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day.
Last Delivery Day Last business day of the delivery month.
Delivery Method Federal Reserve book-entry wire-transfer system.
Settlement Procedure Daily Treasury Settlement Procedures (PDF)
Final Treasury Settlement Procedures (PDF)
Position Limits Current Position Limits
Block Minimum Block Trade Minimums
All or None Minimum All or None Minimums
Rulebook Chapter CBOT Chapter 19
Trading Hours
(All times listed are Central Time)
CME Globex SUN - FRI: 5:00 p.m. - 4:00 p.m.
Open Outcry MON - FRI: 7:20 a.m. - 2:00 p.m.
Ticker Symbol CME Globex ZN
Open Outcry TY
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.

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