U.S. Treasury Bond 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	SUN - FRI: 5:00 p.m. - 4:00 p.m.
Minimum Price Fluctuation	One thirty-second (1/32) of one point ($31.25), except for intermonth spreads, where the minimum price fluctuation shall be one-quarter of one thirty-second of one point ($7.8125 per contract).
Product Code	CME Globex: ZB CME ClearPort: 17 Clearing: 17
Listed Contracts	The first three consecutive contracts in the March, June, September, and December quarterly cycle.
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 18
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 bonds that have remaining term to maturity of at least 15 years and less than 25 years from the first day of the futures delivery month.* The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. *For more information, please refer to T-Bond Basket Gap Decision.

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