10-YEAR T-NOTE OPTIONS - CONTRACT SPECS

Contract Unit	1 futures contract with face value at maturity of $100,000
Minimum Price Fluctuation	Outright:	1/64 of one point (0.015625) = $15.625
	CAB	$1.00 increments from $1.00 - $15.00
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	CME Globex:	Sunday - Friday: 5:00 p.m. - 4:00 p.m. CT
	Open Outcry:	Monday - Friday: 7:20 a.m. - 2:00 p.m. CT
	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
Product Code	CME Globex: OZN CME ClearPort: 21 Open Outcry: Put: TP Call: TC Clearing: 21
Listed Contracts	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 quarters and 3 serial contracts
Termination Of Trading	Trading terminates on the Friday before the 2nd last business day of the month prior to the contract month. If this is not a business day, trading terminates on the prior business 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 fifty (50) consecutive higher and the next fifty (50) 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.
Exercise Procedure	Serials exercise into the first nearby quarterly futures contract Quarterlies exercise into the corresponding quarterly futures contracts
Settlement Method	Deliverable
Underlying	Long-Term U.S. Treasury Note Futures

Contract Unit	1 futures contract with face value at maturity of $100,000
Minimum Price Fluctuation	Outright:	1/64th of a point (0.015625) = $15.625
	CAB	$1.00 increments from $1.00 - $15.00
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	CME Globex:	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	Open Outcry:	MON - FRI: 7:20 a.m. - 2:00 p.m.
	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
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
Listed Contracts	Weekly contracts listed for 3 consecutive weeks
Termination Of Trading	Trading terminates on Friday of the contract week.
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 fifty (50) consecutive higher and the next fifty (50) 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	Long-Term U.S. Treasury Note Futures

Contract Unit	1 futures contract with face value at maturity of $100,000
Minimum Price Fluctuation	Outright:	1/64th of a point (0.015625) = $15.625
	CAB	$1.00 increments from $1.00 - $15.00
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	CME Globex:	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	Open Outcry:	Mon - Fri: 7:20 a.m. - 2:00 p.m. CT
	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
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	Weekly contracts listed for 2 consecutive weeks
Termination Of Trading	Trading terminates on Wednesday of the contract week.
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 fifty (50) consecutive higher and the next fifty (50) 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	Long-Term U.S. Treasury Note Futures

Gain an in-depth view into world's most secure and liquid government debt market.

View futures vs. cash yields
Track Treasury auctions back to 1980
View past and projected coupon issuance by tenor
Chart the Fed's balance sheet composition
View and analyze economic reports

Get started

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

- - - Options Observer – Eurodollar Mid-Curve options spring to life
  - - Options Observer – Eurodollar Mid-Curve options spring to life
    - Explore the building activity in 2- and 3-Year Eurodollar Mid-Curve options, including a detailed vi...
- - - Ultra 10-Year Note futures: A $100B Market
  - - Ultra 10-Year Note futures: A $100B Market
    - The Ultra 10-Year Note futures contract is one of the most successful product launches in CME Group’...
- - - Treasury Curve Trading ‒ 2020 Trends and Highlights
  - - Treasury Curve Trading ‒ 2020 Trends and Highlights
    - As an efficient tool for executing yield curve trades, Treasury Inter-Commodity Spreads (ICS) have s...

Quick Links

Stay Informed

Rates Recap

CME Group Interest Rates

Tools

Trading Resources

Product Information

View All IR Product Information

Want to trade this product?

Find a broker

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.

Markets Home

Market Data Home

Services Home

Education Home