2-Year T-Note Futures Contract Specs

Contract Unit	Face value at maturity of $200,000
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	SUN - FRI: 5:00 p.m. - 4:00 p.m.
Minimum Price Fluctuation	One-quarter of one thirty-second (1/32) of one point ($15.625, rounded to the nearest cent per contract), including intermonth spreads.
Product Code	CME Globex: ZT CME ClearPort: 26 Clearing: 26
Listed Contracts	The first three consecutive contracts in the March, June, September, and December quarterly cycle.
Settlement Method	Deliverable
Termination Of Trading	Last business day of the calendar 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 21
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	Third business day following the last trading day.
Grade And Quality	U.S. Treasury notes with an original term to maturity of not more than five years and three months and a remaining term to maturity of not less than one year and nine months from the first day of the delivery month and a remaining term to maturity of not more than two years from the last 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.

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