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Ultra U.S. Treasury Bond Futures Contract Specs

Underlying Unit One U.S. Treasury bond having a face value at maturity of $100,000.
Deliverable Grades U.S. Treasury bonds with remaining term to maturity of not less than 25 years from the first day of the futures contract 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 bond ($1 par value) to yield 6 percent.
Price Quote Points ($1,000 per contract) and 32nds of one point ($31.25 per contract). For example, 91-16 equals 91-16/32, 91-17 equals 91-17/32, and 91-18 equals 91-18/32.
Tick Size (minimum fluctuation) One 32nd of one point ($31.25 per contract), except for intermonth spreads for which the minimum price increment is one quarter of one thirty-second of one point ($7.8125)
Contract Months The first three consecutive contracts in the March, June, September, and December quarterly cycle.
Last Trading Day 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.
Last Delivery Day Last business day of the delivery month.
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 40
Trading Hours CME Globex (Electronic Platform) SUN-FRI: 5:00 p.m. - 4:00 p.m.
Open Outcry (Trading Floor) MON-FRI: 7:20 a.m. - 2:00 p.m.
Product Ticker Symbols CME Globex (Electronic Platform) UB
Open Outcry (Trading Floor) UL
Clearing Code UBE
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.

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