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U.S. Treasury Bond Futures Contract Specs

Price Quotation 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.
Trading Hours SUN - FRI: 5:00 p.m. - 4:00 p.m.
Minimum Price 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).
Product Code CME Globex: ZB
CME ClearPort: 17
Clearing: 17
Listed Contracts The first three consecutive contracts in the March, June, September, and December quarterly cycle.
Settlement Method Deliverable
Termination Of Trading 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.
Settlement Procedures Treasury Settlement Procedures 
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 18
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
Delivery Procedure Federal Reserve book-entry wire-transfer system.
Last Delivery Date Last business day of the delivery month.
Grade And Quality U.S. Treasury bonds that have remaining term to maturity of at least 15 years and less than 25 years from the first day of the futures delivery month.*  The delivery invoice amount 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.

*For more information, please refer to T-Bond Basket Gap Decision.