Asset Class Navigation

U.S. Treasury Bond Futures Contract Specs

Underlying Unit One U.S. Treasury bond having a face value at maturity of $100,000.
Deliverable Grades U.S. Treasury bonds that, if callable, are not callable for at least 15 years from the first day of the delivery month or, if not callable, have a remaining term to maturity of at least 15 years from the first day of the delivery month. Note: Beginning with the March 2011 expiry, the deliverable grade for T-Bond futures will be bonds with remaining maturity of at least 15 years, but less than 25 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 bond ($1 par value) to yield 6 percent. 
Price Quote Points ($1,000) and 1/32 of a point. For example, 134-16 represents 134 16/32. Par is on the basis of 100 points.
Tick Size
(minimum fluctuation)
One thirty-second (1/32) of one point ($31.25), 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 three 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 18
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 US
CME GLOBEX ZB
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.

Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

Idea Exchange

Idea Exchange is your direct link to the product managers, marketers, and the development teams who create cmegroup.com and will allow you to review functionality, participate in focus and provide feedback on upcoming Web initiatives

Idea Exchange - Join Our User Focus Program

Contact Us

CME Group/Chicago HQ:
Local: +1 312 930 1000
Toll Free: +1 866 716 7274

Global Customer Contacts

More CME Group Direct Lines
Phone list by department

Global Partnerships

Global

Global Offices Contact Information

 
Calgary Houston Chicago New York Washington São Paulo Belfast London Singapore Hong Kong Seoul Tokyo Beijing

© 2014 CME Group Inc. All rights reserved.

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.