Trading Unit One CBOT 10-Year U.S. Treasury Note futures contract (of a specified delivery month) having a face value at maturity of $100,000 or multiple thereof  
Tick Size

1/64 of a point ($15.625/contract) rounded up to the nearest cent/contract Strike Prices 1 point ($1,000/contract) to bracket the current T-note futures price. If 10-year T-note futures are at 92-00, strike prices may be set at 89, 90, 91, 92, 93, 94, 95, etc.  
Daily Price Limit

3 points ($3,000/contract) above or below the previous days settlement premium (expandable to 4 1/2 points). Limits are lifted on the last trading day.  
Contract Months

The front month of the current quarter plus the next three contracts of the regular quarterly cycle (Mar, Jun, Sep, Dec). If the front month is a quarterly contract month, no monthly contract will be listed. The monthly options contract exercises i nto the current quarterly futures contract. For example, a July T-note option will exercise into a September futures position.  
Last Trading Day

Options cease trading in the month prior to the delivery month of the underlying futures contract. For example, the last trading day for December 1995 T-note options is November 17, 1995. Options cease trading at noon on the last Friday preceding b y at least five business days the last business day of the month preceding the option contract month.  
Exercise

The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of Trade Clearing Corporation by 6:00 p.m. Chicago time. Options that expire in-the-money are automatically exercised into a position, unless specific instructions are given to the Board of Trade Clearing Corporation.  
Expiration

Unexercised options expire at 10:00 a.m. Chicago time on the first Saturday following the last day of trading.  
Trading Hours

7:20 a.m. – 2:00 p.m. Chicago time, Mon-Fri. Project AŽ Afternoon session hours are 2:30 – 4:30 p.m. Chicago time, Mon-Thu and the Project AŽ Overnight* session hours are from 5:55 p.m. – 6:45 a.m., Sun-Thu. Trading in expiring contracts closes at noon on the last trading day.  
Ticker Symbols

TC for calls/TP for puts

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