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13-week T-bill Options
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Type
 
13-Week U.S. Treasury Bill Options
Underlying Unit One 13-Week U.S. Treasury Bill futures contract of a specified delivery month.
Tick Size
(minimum fluctuation)		 One-half of one basis point (0.005), or $12.50 per contract.
Strike Prices Strike prices will be listed in increments of 12.5 basis points (0.125) and 25 basis points (0.25). For serials and quarterlies, the following strike prices in increments of 25 basis ponts will be listed: the at-the-money strike price closest to the current futures price plus the next six consecutive higher and the next six consecutive lower strike prices. In addition, when quarterly options are the nearest expiring option, the following strike prices in increments of 12.5 basis points shall be listed: the at-the-money strike price closest to the current futures price plus the next consecutive higher and the next consecutive lower strike prices.
Contract Months Three serial expirations plus four quarterly expirations in the March, June, September, and December quarterly cycle. Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period.
Last Trading Day Expiring serials shall terminate at 2:00 p.m. on the Friday preceding the third Wednesday of the contract month. Expiring quarterlies shall terminate at 12:00 p.m. on the business day of the 91-day U.S. Treasury bill auction in the week of the third Wednesday of the delivery month.
Exercise American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 7:00 p.m. Options that expire in-the-money after the close on the last day of trading are automatically exercised, unless specific instructions are given to CME Clearing by 7:00 p.m.
Expiration Unexercised options shall expire at 7:00 p.m. on the last trading day.
Position Limits Current Position Limits
Block Minimum Block Trade Minimums
All or None Minimum Not available
Rulebook Chapter CBOT Chapter 451A
Trading Hours
(All times listed are Central Time)		 OPEN OUTCRY MON - FRI: 7:20 a.m. - 2:00 p.m.
CME GLOBEX Not available. Traded exclusively via open outcry.
Ticker Symbol OPEN OUTCRY Calls: CQ  Puts: PQ.
CME GLOBEX Not available. Traded exclusively via open outcry.
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.