Asset Class Navigation

5-Year T-Note Futures Contract Specs

Underlying Unit One U.S. Treasury note having a face value at maturity of $100,000.
Deliverable Grades U.S. Treasury notes with an original term to maturity of not more than five years and three months and a remaining term to maturity of not less than four years and two months as of 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 note ($1 par value) to yield 6 percent.
Price Quote Points ($1,000) and quarters of 1/32 of a point. For example, 119-16 represents 119 16/32, 119-162 represents 119 16.25/32, 119-165 represents 119 16.5/32, and 119-167 represents 119 16.75/32. Par is on the basis of 100 points.
Tick Size
(minimum fluctuation)
One-quarter of one thirty-second (1/32) of one point ($7.8125, rounded to the nearest cent per contract), including intermonth spreads.
Contract Months The first five consecutive contracts in the March, June, September, and December quarterly cycle.
Last Trading Day Last business day of the calendar month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day.
Last Delivery Day Third business day following the last trading day.
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 20
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 FV
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.