Enhancements to 3-Year Treasury Note futures

Effective July 13, 2020

Reduced tick size: 1/8 of 1/32 for outrights and spreads
New matching algorithm: 100% FIFO for outrights; 20% FIFO/80% pro-rata for calendar spreads
Aging 7-year notes added: with 2-years, 9 months–3 years remaining term-to-maturity

Ultra U.S. Treasury Bond Options Contract Specs

Contract Unit	Face value at maturity of $100,000
Minimum Price Fluctuation	Outrights: 1/64 of a point = $15.625, rounded up to the nearest cent. CAB: $1.00 to $15.00 in $1.00 increments
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. CT
	Open Outcry:	MON - FRI: 7:20 a.m. - 2:00 p.m. CT
Product Code	CME Globex: OUB CME ClearPort: UBE Open Outcry: OUL Clearing: UBE
Listed Contracts	Monthly contracts listed for 3 serial months and quarterly contracts listed for 3 quarters
Termination Of Trading	Trading terminates on the Friday before 2nd last business day of the month prior to contract month
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 40A
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-half 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 forty (40) consecutive higher and the next forty (40) consecutive lower strike prices. For all other months, strike prices will be listed in increments 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 (30) consecutive higher and the next thirty (30) 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	Ultra U.S. Treasury Bond Futures

Minimum Price Fluctuation	1/64th of a point ($15.625)
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: UB1,UB2,UB3,UB4,UB5 CME ClearPort: UL1,UL2,UL3,UL4,UL5 Open Outcry: UL1,UL2,UL3,UL4,UL5 Clearing: UL1,UL2,UL3,UL4,UL5
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 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.
	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 40A
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-half 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 forty (40) consecutive higher and the next forty (40) 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. 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	Ultra U.S. Treasury Bond Futures

Contract Unit	One (1) Long-Term U.S. Treasury Bond Future (UB).
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)
	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: WU1,WU2,WU3,WU4,WU5 CME ClearPort: WU1,WU2,WU3,WU4,WU5 Open Outcry: WU1,WU2,WU3,WU4,WU5 Clearing: WU1,WU2,WU3,WU4,WU5
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 40A
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-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 sixty consecutive higher and the next sixty 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 U.S. Treasury Bond Futures

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