10-Year T-Note Futures Contract Specs

Contract Unit	Face value at maturity of $100,000
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation	Outrights: One-half of one thirty-second (1/32) of one point = $15.625 Spreads: One-quarter of one thirty-second (1/32) of one point = $7.8125
Product Code	CME Globex: ZN CME ClearPort: 21 Clearing: 21
Listed Contracts	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 consecutive quarters
Settlement Method	Deliverable
Termination Of Trading	Trading terminates on the 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.
Settlement Procedures	Treasury Settlement Procedures
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT Chapter 19
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
Delivery Procedure	Federal Reserve book-entry wire-transfer system.
Last Delivery Date	Last business day of the delivery month.
Grade And Quality	U.S. Treasury notes with a remaining term to maturity of at least six and a half years, but not more than 10 years, from the first day of the 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 note ($1 par value) to yield 6 percent.

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

Quick Links

Stay Informed

Rates Recap

CME Group Interest Rates

Tools

Trading Resources

Product Information

View All IR Product Information

Send Us Feedback

Who We Are

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.

Contact Us

View All

CME Group / Chicago HQ

Phone: +1 312 930 1000

Toll Free (US Only): +1 866 716 7274

Margin Services