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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/contract), 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.
Price Quotation Points and fractions of points with par on the basis of 100 points
Trading Hours CME Globex: SUN-FRI: 5:00 p.m. - 4:00 p.m.
Open Outcry: MON - FRI: 7:20 a.m. - 2:00 p.m.
Product Code CME Globex: OZF
CME ClearPort: 25
Open Outcry: Put: FP Call: FL
Clearing: 25
Listed Contracts At least four consecutive contract months (three serial expirations and one quarterly expiration) plus the next two months in the March, June, September, and December quarterly cycle. Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period.
Termination Of Trading Mid-Curve The last Friday which precedes by at least two business days the last business day of the month preceding the option month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Default: Unexercised options shall expire at 7:00 p.m. on the last trading 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

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