Ultra 10-Year Futures and Options

Quarterly Product Update

Ultra 10-Year Note futures provide a more efficient, off-balance-sheet, and precise way to trade 10-year Treasury exposure.

Product Last Change Chart Globex Vol

Ultra 10 at a Glance

  • Launched in 2016 to address marketplace demand for a futures contract more closely tied to the 10-year maturity point on the Treasury yield curve
  • Most successful launch in CME Group’s history, with 95 million contracts traded in the first three years
  • Deliverable basket is original issue 10-Year U.S Treasury Notes, with remaining terms to maturity at delivery between 9 years 5 months and 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

Introduction to Ultra 10-Year Futures

Liquidity Enhancements to Ultra 10 Options

  • Screen Liquidity: Top market makers are now focused on providing liquidity in Ultra 10 options during all trading hours across weeklies, monthlies, and quarterlies
  • Reduced Block Thresholds: 1400 contracts during RTH, 750 during ETH, 350 during ATH
  • Block fee reduced to match the all-in rate for pit transactions
  • Highly liquid underlying: Ultra 10 futures average 187K in daily volume (2018 YTD through November), with open interest reaching a record of 740K on Nov 26, 2018

View Block Market Makers

Vendor Codes

  Quarterly/Serial Friday Weekly  Wednesday Weekly
CME OTN TN1-5 WX1-5
Bloomberg UXY UXW UXTA Comdty
Thomson Reuters 0#1TN+ 0#TNW+ 0#WXW+

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 413,248 728,644
TN OTN OTN TN Ultra 10-Year U.S. Treasury Note Options US Treasury CBOT 50 50
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
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: 22 Feb 2019 | PRELIMINARY

Quote Vendor Symbol Guide

  Futures Options
Quarterly/Serial Friday Weekly  Wednesday Weekly
CME Globex
TN OTN TN1-5 WX1-5
Bloomberg UXY UXY UXW UXTA Comdty
Thomson Reuters** 0#1TN:  0#1TN+ 0#TNW+ 0#WXW+
TT TN OTN TN1-5 WX1-5
CQG TNA TNA TNA1-5  WXA1-5 
SunGard TN OTN TN1-5 WX1-5
Fidessa TN OTN TN1-5 WX1-5
Vela (Options City) TN OTN TN1-5 WX1-5
ION (Pats & FFastFill) TN OTN TN1-5 WX1-5
Broadway Technology TN OTN    
DTN @TN @TN @TN1-@TN5 @WX1-@WX5
Celoxica TN OTN    
Object Trading TN OTN TN1-5 WX1-5
ORC & Tbricks TN OTN TN1-5 WX1-5
Rithmic TN OTN TN1-5 WX1-5
REDI TN OTN TNI Not supported
Rival TN OTN TN1-5 WX1-5

**Codes for Thomson Reuters:

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

Related Information

Contact Us

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

Interest Rates Team

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