Trading Unit One U.S. Treasury note having a face value at maturity of $100,000 or multiple thereof  
Deliverable Grades

U.S. Treasury notes that have an original maturity of not more than 5 years and 3 months and a remaining maturity of not less than 4 years and 3 months as of the first day of the delivery month. The 5-year Treasury note issued after the last trading day of the contract month will not be eligible for delivery into that month’s contract. 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 8 percent.  
Price Quote

Points ($1,000) and one half of 1/32 of a point; i.e., 84-16 equals 84 16/32, 84-165 equals 84 16.5/32  
Tick Size

One half of 1/32 of a point ($15.625/contract) rounded up to the nearest cent/contract; par is on the basis of 100 points  
Daily Price Limit

3 points ($3,000/contract) above or below the previous day’s settlement price (expandable to 4 1/2 points). Limits are lifted the second business day preceding the first day of the delivery month.  
Contract Months

Mar, Jun, Sep, Dec  
Delivery Method

Federal Reserve book-entry wire-transfer system  
Last Trading Day

Seventh business day preceding the last business day of the delivery month  
Last Delivery Day

Last business day of the delivery month  
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 Symbol

FV
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