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 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 a 15-minute maintenance window Monday - Thursday from 5:45 p.m. to 6:00 p.m. CT
Minimum Price Fluctuation Outrights: 1/2 of 1/32 of one point (0.015625) = $15.625
Spreads: 1/4 of 1/32 of one point (0.0078125) = $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 at 12:01 p.m. on the seventh business day prior to the last business day of the contract month.
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.

 

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

Want to trade this product? 

Find a broker