5-Year T-Note Weekly 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 thirty consecutive higher and the next thirty 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

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 - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/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. Chicago Time/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
Termination Of Trading	Default:	Week 1 - 1st Friday of the month Week 2 - 2nd Friday of the month Week 3 - 3rd Friday of the month Week 4 - 4th Friday of the month Week 5 - 5th Friday of the month Unexercised options shall expire at 7:00 p.m. CT on the last trading day
	Mid-Curve	A given Friday that is not also the last trading day of a monthly serial or quarterly Treasury option. If such a Friday is the last trading day of a monthly serial or quarterly Treasury option, there will be no Weekly Treasury option listed for trading for that expiration date.
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	one-half of one point
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. Options that expire in-the-money on the last trading day are automatically exercised, unless specific instructions are given to CME Clearing.
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 thirty consecutive higher and the next thirty 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

Welcome to U.S. Treasury Futures

Whether you are a new trader looking to get started in futures, or an experienced trader looking for a more efficient way to trade the U.S. government bond market, look no further than U.S. Treasury futures.

Discover Treasury futures

Quick Links

Stay Informed

Rates Recap

CME Group Interest Rates

Tools

Trading Resources

Product Information

View All IR Product Information

Send Us Feedback

Who We Are

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.