Customer Service
info@cmegroup.com
800-331-3332 or 312-930-2316
5-Year U.S. Treasury Note
Product Snapshot: 5-Year U.S. Treasury Note Options
This product is based on the 5-Year U.S. Treasury Note, a negotiable debt obligation issued by the U.S. government and backed by its full faith and credit.
5-Year U.S. Treasury Note Options provide a way to:
- Hedge interest rate risk with limited downside risk and maximum upside potential
- Express a view on the direction of interest rates at the mid-point of the yield curve
- Manage your delta risk by trading the liquid markets of the underlying futures contracts
- Execute a wide range of trading strategies including:
- Yield curve trades against other Treasury futures
- Spread trades against other CME Group Interest Rate products
Things to know:
- Trading takes place:
- On the CME Group trading floor during open outcry trading hours
- Electronically on the CME Globex platform
- Virtually around the clock, around the world
- Complete price transparency and anonymity
- CME Clearing matches and settles all trades and guarantees counterparty credtworthiness
View free real-time quotes on a variety of electronically traded CME Group products
Four Important New Publications for Interest Rate Customers
View and download them here.
- An Efficient Approach to Mortgage Pipeline Risk Management
- Protecting Funding Margins with Binary Options on the Target Federal Funds Rate
- Liability Driven Investing: Challenges and Opportunities
- The Evolution of Alpha Transport Strategies into Fixed Income
To request a print version, please call Customer Service at 1-800-331-3332 or 312-930-2316.
New Market Maker Programs for Interest Rates Products
Get complete details on our market maker programs for trading options on U.S. Treasuries, 30-Day Fed Funds and Eurodollars
Tick Changes Pending for U.S. Treasury Products and Block Trading Approved for CBOT Interest Rate Products
Beginning March 3, 2008 CME Group will reduce the minimum tick size for three of its most actively traded U.S. Treasury contracts.
| Trade Unit | One CBOT 5-Year U.S. Treasury Note futures contract of a specified delivery month. | ||
| Settle Method | Delivery | ||
| Point Size | 1/2 0f 1/64 of a point ($7.8125/contract)rounded up to the nearest cent/contract | ||
| Strike Price Interval | One-half point ($500/contract) to bracket the current 5-Year T-note futures price. | ||
| Strike | |||
| Limits/Price Banding | No limits | ||
| Tick Size (Minimum Fluctuation) |
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| Trading Hours | Sunday/Friday 5:30 p.m.-4:00 p.m. CT; Shutdown period from 4:00 p.m. to 5:00 p.m. nightly Trading in expiring contracts closes at the same time as the underlying futures contract (2:00 pm, Central Time) on the last trading day. | ||
| Listed | All listed intervals | ||
| Product Codes | Clearing: 25 Open Outcry: FL/FP Globex: OZF | ||
| Minimum Block Size | |||
| Product Calendar | First three consecutive contract months (two serial expirations and one quarterly expiration) plus the next four months in the quarterly cycle (Mar, June, Sep, Dec). Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period. View current product listings |
| Trade Unit | One CBOT 5-Year U.S. Treasury Note futures contract of a specified delivery month. | ||
| Settle Method | Delivery | ||
| Point (Tick) Size | 1/2 0f 1/64 of a point ($7.8125/contract)rounded up to the nearest cent/contract | ||
| Strike Price Interval | One-half point ($500/contract) to bracket the current 5-Year T-note futures price. | ||
| Strike | |||
| Limits/Price Banding | No limits | ||
| Minimum Fluctuation |
|
||
| Trading Hours | Open Outcry: 7:20 a.m. to 2:00 p.m. CT, Monday - Friday Trading in expiring contracts closes at the same time as the underlying futures contract (2:00 pm, Central Time) on the last trading day. | ||
| Listed | All listed intervals | ||
| Product Codes | Clearing: 25 Open Outcry: FL/FP Globex: OZF | ||
| Minimum Block Size | |||
| Product Calendar | First three consecutive contract months (two serial expirations and one quarterly expiration) plus the next four months in the quarterly cycle (Mar, June, Sep, Dec). Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period. View current product listings |
Four Important New Publications for Interest Rate Customers
View and download them here.
- An Efficient Approach to Mortgage Pipeline Risk Management
- Protecting Funding Margins with Binary Options on the Target Federal Funds Rate
- Liability Driven Investing: Challenges and Opportunities
- The Evolution of Alpha Transport Strategies into Fixed Income
To request a print version, please call Customer Service at 1-800-331-3332 or 312-930-2316.
New Market Maker Programs for Interest Rates Products
Get complete details on our market maker programs for trading options on U.S. Treasuries, 30-Day Fed Funds and Eurodollars
Tick Changes Pending for U.S. Treasury Products and Block Trading Approved for CBOT Interest Rate Products
Beginning March 3, 2008 CME Group will reduce the minimum tick size for three of its most actively traded U.S. Treasury contracts.
| Contract Month | Product Code | First Trade Date | Last Trade Date | Settlement Date | |
| AUG08 | 25Q08 | 04/28/2008 |  |
07/25/2008 | 07/25/2008 |
| SEP08 | 25U08 | 01/09/2008 | |
08/22/2008 | 08/22/2008 |
| OCT08 | 25V08 | 06/23/2008 | |
09/26/2008 | 09/26/2008 |
| DEC08 | 25Z08 | 01/09/2008 | |
11/21/2008 | 11/21/2008 |
| MAR09 | 25H09 | 01/09/2008 | |
02/20/2009 | 02/20/2009 |
| JUN09 | 25M09 | 04/01/2008 | |
05/22/2009 | 05/22/2009 |
| SEP09 | 25U09 | 07/01/2008 | |
08/21/2009 | 08/21/2009 |
| Contract Month | Product Code | First Trade Date | Last Trade Date> | Settlement Date | |
| NOV08 | 25X08 | 07/28/2008 | |
10/24/2008 | 10/24/2008 |
Four Important New Publications for Interest Rate Customers
View and download them here.
- An Efficient Approach to Mortgage Pipeline Risk Management
- Protecting Funding Margins with Binary Options on the Target Federal Funds Rate
- Liability Driven Investing: Challenges and Opportunities
- The Evolution of Alpha Transport Strategies into Fixed Income
To request a print version, please call Customer Service at 1-800-331-3332 or 312-930-2316.
New Market Maker Programs for Interest Rates Products
Get complete details on our market maker programs for trading options on U.S. Treasuries, 30-Day Fed Funds and Eurodollars
Tick Changes Pending for U.S. Treasury Products and Block Trading Approved for CBOT Interest Rate Products
Beginning March 3, 2008 CME Group will reduce the minimum tick size for three of its most actively traded U.S. Treasury contracts.