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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.