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US TREASURY BOND OPTIONS

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Trading Unit One CBOT U.S. Treasury Bond 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 strikes ($1,000) for the nearby contract month in a band consisting of the at-the-money, 4 above, and 4 below. 2-point strikes ($2,000) are listed outside this band. Back months are also listed in 2-point strike price intervals.
Daily Price Limit 3 points ($3,000/contract) above or below the previous day’s 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 quarterly cycle (Mar, Jun, Sep, Dec). If the front month is a quarterly contract month, no monthly contract will be listed. The monthly option contract exercises into the current quarterly futures contract. For example, a November option will exercise into a December 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-bond options is November 17, 1995. Options cease trading at noon on the last Friday preceding by 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.
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