Ultra 10-Year Futures and Options

Strikingly Powerful Tools for Trading 10-Year Treasury Exposure

Ultra 10 futures (TN) continue to grow, with 450 total participants now benefiting from a more efficient, off-balance-sheet, and precise way to trade 10-year Treasury exposure.

Quarterly Product Update

Ultra 10-Year Futures

Product	Last	Change	Chart	Globex Vol

Ultra 10 2-Year Anniversary Milestones

Most successful launch in our 170 years with 47 million contracts traded
Record average daily volume of 141K in Q4 2107
Record open interest of 530K ($53B notional) on 12/5/17
Record 86 large OI holders as of 12/19/17, up from 52 at the start of 2017
Avg top of book depth of 170 contracts in Q4 2017, from 94 in Q1 2017
Block fee reduced for futures and options to match the all-in rate for pit transactions through January 31, 2019

Ultra 10 Products and Specifications

Clearing	CME Globex	Floor	CME ClearPort	Product Name	Subgroup	Exchange	Volume	Open Interest
TN	TN	-	TN	Ultra 10-Year U.S. Treasury Note Futures	US Treasury	CBOT	184,335	610,533
TN1	TN1	TN1	TN1	Ultra 10-Year U.S. Treasury Note Weekly Options Wk 1	US Treasury	CBOT	0	0
TN3	TN3	TN3	TN3	Ultra 10-Year U.S. Treasury Note Weekly Options Wk 3	US Treasury	CBOT	0	0
TN	OTN	TN	TN	Ultra 10-Year U.S. Treasury Note Options	US Treasury	CBOT	0	0
TN2	TN2	TN2	TN2	Ultra 10-Year U.S. Treasury Note Weekly Options Wk 2	US Treasury	CBOT	0	0
TN4	TN4	TN4	TN4	Ultra 10-Year U.S. Treasury Note Weekly Options Wk 4	US Treasury	CBOT	0	0

Trade Date: 20 Sep 2018 | PRELIMINARY

Key Benefits

Deliverable basket is original issue 10-Year U.S Treasury Notes, with remaining terms to maturity at delivery of at least 9 years, 5 months and not more than 10 years
Highly complementary to existing benchmarks, enabling new spread and curve trading opportunities
Automatic margin offsets versus existing interest rate products, and eligibility for portfolio margining with CME-cleared interest rate swaps
Weekly, monthly and quarterly options available on a highly liquid futures contract
Market makers providing electronic markets

Watch our Interest Rates product team discuss the new Ultra 10 futures and options.

Quote Vendor Symbol Guide

CME Symbol	Futures TN	Options OTN
Bloomberg	UXY	UXY
ThomsonReuters**	0#1TN:	0#1TN+
TT	TN	OTN
CQG	TNA	TNA
SunGard	TN	OTN
Fidessa	TN	OTN
ION (Pats & FFastFill)	TN	OTN
Broadway Technology	TN	OTN
DTN	@TN	@TN
Celoxica	TN	OTN
Object Trading	TN	OTN
ORC & Tbricks	TN	OTN
Rithmic	TN	OTN
REDI	TN	OTN

**Codes for Thomson Reuters:

Composite Futures (Globex plus blocks) - 0#TN:
Globex Futures - 0#1TN:
Globex Options - 0#1TN+
Pit Options - 0#2TN+

Resources

Ultra 10-Year Block Liquidity Providers

Treasury Intercommodity Spreads (ICS)

Introduction to Ultra 10-Year Futures

Ultra 10 Synthetic Price History

Committed Cross

Treasury Analytics

Featured Information

- Read more
- Rates Recap
- The monthly Rates Recap provides market participants with the latest news and events happening in the Interest Rates market.

- Read more
- Product Overview
- Learn more about CME Group’s new Treasury future and options offering, Ultra 10-Year U.S. Treasuries, including product specifications and more.

Contact Us

For questions or information about the new Ultra 10-Year contracts:

Interest Rates Team

To stay up-to-date with clearing and regulatory advisories:

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Tools

View important information surrounding Ultra-10 Year products:
Margin Information
Position Limits

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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.