5-Year T-Note Futures Contract Specs

Price Quotation	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.
Trading Hours	SUN - FRI: 5:00 p.m. - 4:00 p.m.
Minimum Price Fluctuation	One-quarter of one thirty-second (1/32) of one point ($7.8125, rounded to the nearest cent per contract), including intermonth spreads.
Product Code	CME Globex: ZF CME ClearPort: 25 Clearing: 25
Listed Contracts	The first three consecutive contracts in the March, June, September, and December quarterly cycle.
Settlement Method	Deliverable
Termination Of Trading	Last business day of the calendar 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 20
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	Third business day following the last trading day.
Grade And Quality	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.

Welcome to U.S. Treasury Futures

Whether you are a new trader looking to get started in futures, or an experienced trader looking for a more efficient way to trade the U.S. government bond market, look no further than U.S. Treasury futures.

Discover Treasury futures

Quick Links

Stay Informed

Rates Recap

CME Group Interest Rates

Tools

Trading Resources

Product Information

View All IR Product Information

Send Us Feedback

Who We Are

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.