Contact Specifications | Trade Futures


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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

See also  Turkey Wheat Table

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.  
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