Contract Unit $4,167 x Contract IMM Index
Price Quotation Contract IMM Index = 100 minus R

R = arithmetic average of daily effective federal funds rates during contract month. 

E.g., a price quote of 92.75 signifies an average daily rate of 7.25 percent per annum.
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m.ET (5:00 p.m. - 4:00 p.m. CT).  Monday - Thursday 5:00 p.m. - 6:00 p.m. ET (4:00 p.m. - 5:00 p.m. CT) daily maintenance period.
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation 1/2 of one basis point (0.005) = $20.835

Beginning at 5:00 p.m. CT on the Sunday preceding the first business day of the spot month: 1/4 of one basis point (0.0025) = $10.4175
Product Code CME Globex: ZQ
CME ClearPort: 41
Clearing: 41
Listed Contracts Monthly contracts listed for 60 consecutive months
Settlement Method Financially Settled
Termination Of Trading Trading terminates on the last business day of the contract month.
Settlement Procedures Expiring contracts are cash settled against the average daily Fed Funds overnight rate for the delivery month, rounded to the nearest one-tenth of one basis point. Final settlement occurs on the first business day following the last trading day. The daily Fed Funds overnight rate is calculated and reported by the Federal Reserve Bank of New York.

Settlement Procedures
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 22
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

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