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3-Year T-Note Futures Contract Specs

    Effective for trade date Monday, July 13, 2020, CBOT will amend the Price Increments, Contract Grade, and CME Globex Trade Matching Algorithms for the 3-Year U.S. Treasury Note Futures contract, pending regulatory review. Read the SER >

Contract Unit Face value at maturity of $200,000
Trading Hours 5:00 p.m. – 4:00 p.m., CT, Sunday – Friday
Minimum Price Fluctuation One-eighths (1/8) of one thirty-seconds (1/32) of a point...or 1/256.). In dollar terms the minimum tick dollar value would be $7.8125 (or $2000 * 0.00390625
Product Code CME Globex: Z3N
CME ClearPort: 3YR
Clearing: 3YR
Listed Contracts Three consecutive expiries in the March, June, September, and December quarterly cycle.
Settlement Method Deliverable
Termination Of Trading The last business day of the contract expiry month. Trading in expiring contracts closes at 12:01 p.m., Central Time (CT), on the last trading day.
Settlement Procedures Treasury Settlement Procedures
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 39
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 that have an original maturity of not more than 5 years and 3 months and a remaining maturity of not less than 2 years and 9 months from the first day of the delivery month but not more than 3 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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