Enhancements to 3-Year Treasury Note futures

Effective July 13, 2020

Reduced tick size: 1/8 of 1/32 for outrights and spreads
New matching algorithm: 100% FIFO for outrights; 20% FIFO/80% pro-rata for calendar spreads
Aging 7-year notes added: with 2-years, 9 months–3 years remaining term-to-maturity

5-Year T-Note Options Contract Specs

Contract Unit	Face value at maturity of $100,000
Minimum Price Fluctuation	One-half of 1/64 of a point = $7.8125 Variable CAB at $1.00 increments from $1.00 - $7.00
Price Quotation	Points and fractions of points with par on the basis of 100 points
Trading Hours	CME Globex:	Sunday - Friday: 5:00 p.m. - 4:00 p.m. CT
	Open Outcry:	Monday - Friday: 7:20 a.m. - 2:00 p.m. CT
Product Code	CME Globex: OZF CME ClearPort: 25 Open Outcry: Put: FP Call: FL Clearing: 25
Listed Contracts	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 quarters and 3 serial contracts Serials exercise into the first nearby quarterly futures contract Quarterlies exercise into the corresponding futures contracts
Termination Of Trading	Trading terminates on the Friday before the 2nd last business day of the month prior to the contract month. If this is not a business day, trading terminates on the prior business day.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT Chapter 20A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next twenty four (24) consecutive higher and the next twenty four (24) consecutive lower strike prices.
Exercise Style	American-style. The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. Options that expire in-the-money after the close on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing by 6:00 p.m.
Settlement Method	Deliverable
Underlying	5-Year T-Note Futures

Contract Unit	One 5-Year T-Note Futures contract
Minimum Price Fluctuation	One-half of 1/64th of a point rounded to the nearest cent per contract = $7.8125. CAB: $1.00 to $7.00 in $1.00 increments
Trading Hours	CME Globex:	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)
	Open Outcry:	MON - FRI: 7:20 a.m. - 2:00 p.m.
	CME ClearPort:	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)
Product Code	CME Globex: ZF1,ZF2,ZF3,ZF4,ZF5 CME ClearPort: FV1,FV2,FV3,FV4,FV5 Open Outcry: FV1,FV2,FV3,FV4,FV5 Clearing: FV1,FV2,FV3,FV4,FV5
Listed Contracts	Weekly contracts listed for 3 consecutive weeks. No weekly contract listed the week of the monthly, quarterly or serial option expiration.
Termination Of Trading	Trading terminates on Friday of the contract week.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 20A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next twenty four (24) consecutive higher and the next twenty four (24) consecutive lower strike prices.
Exercise Style	American
Settlement Method	Deliverable
Underlying	5-Year T-Note Futures

Contract Unit	One (1) Medium-Term U.S. Treasury Note Future (FV).
Minimum Price Fluctuation	One-half of 1/64th of a point ($7.8125) rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $7.00, in $1.00 increments per option contract.
Trading Hours	CME Globex:	Sunday - Wednesday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	Open Outcry:	Mon - Fri: 7:20 a.m. - 2:00 p.m. CT
	CME ClearPort:	Sunday - Wednesday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code	CME Globex: WF1,WF2,WF3,WF4,WF5 CME ClearPort: WF1,WF2,WF3,WF4,WF5 Open Outcry: WF1,WF2,WF3,WF4,WF5 Clearing: WF1,WF2,WF3,WF4,WF5
Listed Contracts	Nearest 2 Weeklies
Termination Of Trading	Week 1 - 1st Wednesday of the month Week 2 - 2nd Wednesday of the month Week 3 - 3rd Wednesday of the month Week 4 - 4th Wednesday of the month Week 5 - 5th Wednesday of the month For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which such option is designated to expire. If such Wednesday is not a business day, then the last day of trading in such option shall be the first business day preceding such Wednesday. On its last day of trading, trading in such option shall terminate at 2:00 p.m. CT.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 20A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one price point. The minimum strike price range will include the strike price closest to the current underlying futures contract settlement price (at-the-money price) plus the next twenty four (24) consecutive higher and the next twenty four (24) consecutive lower strike prices.
Exercise Style	American Style: The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. CT. Following termination of trading, options that expire in?the?money are automatically exercised into underlying futures, with no allowance for contrary instruction. Automatic exercise is determined in relation to the daily settlement price of the option’s underlying futures contract.
Settlement Method	Deliverable
Underlying	5-Year T-Note Futures

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- - - 2020 SOFR Ecosystem Mid-Year Recap
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