Ultra 10-Year Futures and Options

Strikingly Powerful Tools for Trading 10-Year Treasury Exposure

Start trading Ultra 10-Year Treasury Note futures (TN) and options (OTN) today for maximum flexibility and opportunity in CME Group's deep and liquid Treasury markets. With over 400 unique customers trading, Ultra 10 futures and options provide a more precise and efficient way to trade 10-Year Treasury exposure.

Ultra 10 Liquidity Update

  • Open interest reached a record 393K contract on May 25
  • Average daily volume of 103K YTD, +53% vs. 2016 ADV
  • 198K contracts traded on June 14 (FOMC), the 2nd highest non-roll volume ever
  • Average book depth has grown over 60% vs Q1, with deep liquidity at the top of book and over $100M notional at the top 3 levels
  • Average top of book spread is 0.6/32nd (0.162 bps), the tightest bid/ask spread (in basis points) of all the Treasury futures

Ultra 10 futures block fee reduced

  • Effective July 1, the all-in rate for block transactions on Ultra 10 futures will be reduced to match the all-in rate for pit transactions
  • The new Ultra10 futures discount applies to blocks only and not to EFRPs
  • This program is already in effect for Ultra 10 options, for both blocks and EOOs
  • Both discounts run through December 31, 2017

Ultra 10 Products and Specifications

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
TN TN - TN Ultra 10-Year U.S. Treasury Note Futures US Treasury CBOT 111,862 386,862
TN OTN TN TN Ultra 10-Year U.S. Treasury Note Options US Treasury CBOT 9 123
TN1 TN1 TN1 TN1 Ultra 10-Year U.S. Treasury Note Weekly Options Wk 1 US Treasury CBOT 0 0
TN3 TN3 TN3 TN3 Ultra 10-Year U.S. Treasury Note Weekly Options Wk 3 US Treasury CBOT 0 0
TN2 TN2 TN2 TN2 Ultra 10-Year U.S. Treasury Note Weekly Options Wk 2 US Treasury CBOT 0 0
TN4 TN4 TN4 TN4 Ultra 10-Year U.S. Treasury Note Weekly Options Wk 4 US Treasury CBOT 0 0
Trade Date: 27 Jun 2017 | FINAL

Key Benefits

  • Deliverable basket is original issue 10-Year U.S Treasury Notes, with remaining terms to maturity at delivery of at least 9 years, 5 months and not more than 10 years 
  • Highly complementary to existing benchmarks, enabling new spread and curve trading opportunities 
  • Automatic margin offsets versus existing interest rate products, and eligibility for portfolio margining with CME-cleared interest rate swaps 
  • Weekly, monthly and quarterly options available on a liquid futures contract with more than 350,000 in open interest
  • Market makers providing electronic markets

Watch our Interest Rates product team discuss the new Ultra 10 futures and options.

Quote Vendor Symbol Guide

CME Symbol Futures TN Options OTN
Bloomberg UXY UXY
ThomsonReuters** 0#1TN:  0#1TN+
TT TN OTN
CQG TNA TNA
SunGard TN OTN
Fidessa TN OTN
ION (Pats & FFastFill) TN OTN
Broadway Technology TN OTN
DTN @TN @TN
Celoxica TN OTN
Object Trading TN OTN
ORC & Tbricks TN OTN
Rithmic TN OTN
REDI TN OTN

**Codes for Thomson Reuters:

  • Composite Futures (Globex plus blocks) - 0#TN:
  • Globex Futures - 0#1TN:
  • Globex Options - 0#1TN+
  • Pit Options - 0#2TN+

Resources

Featured Information

Contact Us

For questions or information about the new Ultra 10-Year contracts:

Interest Rates Team

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Tools

View important information surrounding Ultra-10 Year products:
Margin Information
Position Limits