Ultra 10-Year U.S. Treasury Note Options Contract Specs

Contract Unit	Face value at maturity of $100,000
Minimum Price Fluctuation	1/64 of a point ($15.625/contract or 0.015625), rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, 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:	Sunday - Friday 6:00 p.m. - 5:00 p.m. New York time/ET (5:00 p.m. - 4:00 p.m. Chicago Time/CT). Monday - Thursday 5:00 p.m. - 6:00 p.m. New York Time/ET (4:00 p.m. - 5:00 p.m. Chicago Time/CT) daily maintenance period.
	CME ClearPort:	Sunday - Friday 6:00 p.m. - 5:00 p.m. New York time/ET (5:00 p.m. - 4:00 p.m. Chicago Time/CT). Monday - Thursday 5:00 p.m. - 6:00 p.m. New York Time/ET (4:00 p.m. - 5:00 p.m. Chicago Time/CT) daily maintenance period.
	Open Outcry:	Mon-Fri: 7:20 a.m. - 2:00 p.m. CT
Product Code	CME Globex: OTN CME ClearPort: TN Open Outcry: OTN Clearing: TN
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.
Termination Of Trading	Trading terminates on the last Friday, which precedes by at least two business days, the last business day of the month preceding the option contract month
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 26A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point for the nearest monthly (serial or quarterly) expiration. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next one hundred (100) consecutive higher and the next one hundred (100) consecutive lower strike prices. For all other months, Strike prices will be listed in increments of one-half 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 fifty consecutive higher and the next fifty consecutive lower strike prices.
Exercise Style	American
Settlement Method	Deliverable
Underlying	Ultra 10-Year U.S. Treasury Note Futures

Minimum Price Fluctuation	1/64 of a point ($15.625/contract or 0.015625), rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, in $1.00 increments per option contract.
Price Quotation	U. S. Dollars and Cents per Point
Trading Hours	CME Globex:	Sunday - Friday 5:00 p.m. – 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	CME ClearPort:	Sunday - Friday 5:00 p.m. – 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
	Open Outcry:	Mon - Fri: 7:20 a.m. - 2:00 p.m. CT
Product Code	CME Globex: TN1,TN2,TN3,TN4,TN5 CME ClearPort: TN1,TN2,TN3,TN4,TN5 Open Outcry: TN1,TN2,TN3,TN4,TN5 Clearing: TN1,TN2,TN3,TN4,TN5
Listed Contracts	Contracts listed for the nearest 3 weeklies
Termination Of Trading	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
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 26A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike prices will be listed in increments of one-quarter of one point for all weekly expirations. The minimum strike price range will include the at-the-money strike price closest to the current futures price plus the next one hundred (100) consecutive higher and the next one hundred (100) consecutive lower strike prices.
Exercise Style	American
Settlement Method	Deliverable
Underlying	Ultra 10-Year U.S. Treasury Note Futures

Contract Unit	One (1) 10-Year U.S. Treasury Note Future (TN).
Minimum Price Fluctuation	1/64th of a point ($15.625 per contract), rounded to the nearest cent/contract. For cabinet transactions only, minimum tick sizes range from $1.00 to $15.00, 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)
	Default:	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: WX1,WX2,WX3,WX4,WX5 CME ClearPort: WX1,WX2,WX3,WX4,WX5 Open Outcry: WX1,WX2,WX3,WX4,WX5 Clearing: WX1,WX2,WX3,WX4,WX5
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 26A
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 one hundred consecutive higher and the next one hundred 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	Ultra 10-Year U.S. Treasury 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.