Trading Unit U.S. Treasury notes having a face value at maturity of $200,000 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 1 year and 9 months from the first day of the delivery month but not more than 2 years from the last 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 8 percent.  
Price Quote

Points ($2,000) and one quarter of 1/32 of a point; for example, 91-16 equals 91 16/32, 91-162 equals 91 16.25/32, 91-165 equals 91 16.5/32, and 91-167 equals 91 16.75/32  
Tick Size

One quarter 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

1 point ($2,000/contract) above or below the previous day’s settlement price (expandable to 11/2 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

The earlier of (1) the second business day prior to the issue day of the 2-year note auctioned in the current month, or (2) the last business day of the calendar month  
Last Delivery Day

Third business day following the last trading day.  
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 10:30 p.m. – 6:45 a.m., Sun-Thu. Trading in expiring contracts closes at noon on the last trading day.  
Ticker Symbol

TU
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