10-Year T-Note Options Contract Specs

Contract Unit	Face value at maturity of $100,000
Minimum Price Fluctuation	1/64 of a point ($15.625/contract), rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, in $1.00 increments per option contract.
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	CME Globex:	SUN-FRI: 5:00 p.m. - 4:00 p.m.
	Open Outcry:	MON - FRI: 7:20 a.m. - 2:00 p.m.
Product Code	CME Globex: OZN CME ClearPort: 21 Open Outcry: Put: TP Call: TC Clearing: 21
Listed Contracts	At least four consecutive contract months (three serial expirations and one quarterly expiration) plus the next two months in the March, June, September, and December quarterly cycle. Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period.
Termination Of Trading	Mid-Curve	The last Friday which precedes by at least two business days the last business day of the month preceding the option month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
	Default:	Unexercised options shall expire at 7:00 p.m. on the last trading day.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 19A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point for the nearest monthly (serial or quarterly) expiration. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next one hundred (100) consecutive higher and the next one hundred (100) consecutive lower strike prices. For all other months, Strike prices will be listed in increments of one-half of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next fifty consecutive higher and the next fifty consecutive lower strike prices.
Exercise Style	American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. Options that expire in-the-money after the close on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing by 6:00 p.m.
Settlement Method	Deliverable
Underlying	10-Year T-Note Futures

Minimum Price Fluctuation	1/64th of a point ($15.625 per contract), rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, in $1.00 increments per option contract.
Trading Hours	CME Globex:	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
	Open Outcry:	MON - FRI: 7:20 a.m. - 2:00 p.m.
	CME ClearPort:	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: ZN1,ZN2,ZN3,ZN4,ZN5 CME ClearPort: TY1,TY2,TY3,TY4,TY5 Open Outcry: TY1,TY2,TY3,TY4,TY5 Clearing: TY1,TY2,TY3,TY4,TY5
Termination Of Trading	Default:	Week 1 - 1st Friday of the month Week 2 - 2nd Friday of the month Week 3 - 3rd Friday of the month Week 4 - 4th Friday of the month Week 5 - 5th Friday of the month Unexercised options shall expire at 7:00 p.m. CT on the last trading day
	Mid-Curve	A given Friday that is not also the last trading day of a monthly serial or quarterly Treasury option. If such a Friday is the last trading day of a monthly serial or quarterly Treasury option, there will be no Weekly Treasury option listed for trading for that expiration date.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 19A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point for all weekly expirations. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next one hundred (100) consecutive higher and the next one hundred (100) consecutive lower strike prices.
Exercise Style	American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m., CT. Options that expire in-the-money on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing.
Settlement Method	Deliverable
Underlying	10-Year T-Note Futures

Contract Unit	One (1) Long-Term U.S. Treasury Note Future (TY).
Minimum Price Fluctuation	1/64th of a point ($15.625 per contract), rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, in $1.00 increments per option contract.
Trading Hours	CME Globex:	Sunday - Wednesday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	Open Outcry:	Mon - Fri: 7:20 a.m. - 2:00 p.m. CT
	CME ClearPort:	Sunday - Wednesday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code	CME Globex: WY1,WY2,WY3,WY4,WY5 CME ClearPort: WY1,WY2,WY3,WY4,WY5 Open Outcry: WY1,WY2,WY3,WY4,WY5 Clearing: WY1,WY2,WY3,WY4,WY5
Listed Contracts	Nearest 2 Weeklies
Termination Of Trading	Week 1 - 1st Wednesday of the month Week 2 - 2nd Wednesday of the month Week 3 - 3rd Wednesday of the month Week 4 - 4th Wednesday of the month Week 5 - 5th Wednesday of the month For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which such option is designated to expire. If such Wednesday is not a business day, then the last day of trading in such option shall be the first business day preceding such Wednesday. On its last day of trading, trading in such option shall terminate at 2:00 p.m. CT.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 19A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next one hundred consecutive higher and the next one hundred consecutive lower strike prices.
Exercise Style	American Style: The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. CT. Following termination of trading, options that expire in?the?money are automatically exercised into underlying futures, with no allowance for contrary instruction. Automatic exercise is determined in relation to the daily settlement price of the option’s underlying futures contract.
Settlement Method	Deliverable
Underlying	10-Year T-Note Futures

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