U.S. Treasury 10-Year Note Futures & Options

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10-Year U.S. Treasury Note Futures (T Note)

One U.S. Treasury note having a face value at maturity of $100,000.

U.S. Treasury notes with a remaining term to maturity of at least six and a half years, but not more than 10 years, from the first day of the delivery month. The invoice price equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered note ($1 par value) to yield 6 percent.

Price Quote Points ($1,000) and halves of 1/32 of a point. For example, 126-16 represents 126 16/32 and 126-165 represents 126 16.5/32. Par is on the basis of 100 points.

Tick Size
(minimum fluctuation)

One-half of one thirty-second (1/32) of one point ($15.625, rounded up to the nearest cent per contract), except for intermonth spreads, where the minimum price fluctuation shall be one-quarter of one thirty-second of one point ($7.8125 per contract).

Contract Months The first five consecutive contracts in the March, June, September, and December quarterly cycle.

Last Trading Day Seventh business day preceding the last business day of the delivery month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day.

Last Delivery Day Last business day of the delivery month.

Delivery Method Federal Reserve book-entry wire-transfer system.

Settlement Procedure Daily Treasury Settlement Procedures (PDF)

Final Treasury Settlement Procedures (PDF)

Position Limits Current Position Limits

Block Minimum Block Trade Minimums

All or None Minimum All or None Minimums

Rulebook Chapter CBOT Chapter 19

Trading Hours
(All times listed are Central Time)

OPEN OUTCRY MON - FRI: 7:20 a.m. - 2:00 p.m.
CME GLOBEX SUN - FRI: 5:00 p.m. - 4:00 p.m.

Ticker Symbol

CME GLOBEX ZB

10-Year U.S. Treasury Note Options

One 10-Year U.S. Treasury Note futures contract of a specified delivery month.

Tick Size
(minimum fluctuation)

1/64 of a point ($15.625/contract), rounded up 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.

Strike Prices 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.

Contract Months The first three consecutive contract months (two serial expirations and one quarterly expiration) plus the next four 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.

Last Trading Day 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.

Exercise 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.

Expiration Unexercised options shall expire at 7:00 p.m. on the last trading day.

Position Limits None

Block Minimum Block Trade Minimums

All or None Minimum All or None Minimums

Rulebook Chapter CBOT Chapter 19A

Trading Hours
(All times listed are Central Time)

OPEN OUTCRY MON - FRI: 7:20 a.m. - 2:00 p.m.
CME GLOBEX SUN-FRI: 5:00 p.m. - 4:00 p.m.

Ticker Symbol

CME GLOBEX OZN

Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.

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