SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-377 (6 of 6)

Organization: The Board of Trade of the City of Chicago, Inc. (“CBOT”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 10/05/23 Filing Description: Initial Listing of Monday Weekly 

Options on Short-Term U.S. Treasury Note Futures (2-Year), Medium-Term U.S. Treasury 

Note Futures (5-Year), U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4-Year), Ultra 10-Year U.S. 

Treasury Note Futures, U.S. Treasury Bond Futures, and Ultra U.S. Treasury Bond Futures 

Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing 

Rule Numbers: See filing
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

Ocrtober 5, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

3 Lafayette Center

1155 21st Street NW

Washington, DC 20581

Re: CFTC Regulation 40.2(a) Certification. Initial Listing of Monday Weekly Options on 

Short-Term U.S. Treasury Note Futures (2-Year), Medium-Term U.S. Treasury Note 

Futures (5-Year), U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4-Year), Ultra 10-Year U.S. 

Treasury Note Futures, U.S. Treasury Bond Futures, and Ultra U.S. Treasury Bond 

Futures Contracts.

CBOT Submission No. 23-377 (6 of 6)

Dear Mr. Kirkpatrick:

The Board of Trade of the City of Chicago, Inc. (“CBOT” or “Exchange”) hereby certifies to the Commodity 

Futures Trading Commission (“CFTC” or “Commission”) the initial listing of Monday Weekly Options ShortTerm U.S. Treasury Note Futures (2-Year), Medium-Term U.S. Treasury Note Futures (5-Year), U.S. 

Treasury Note Futures (6 1⁄2 to 7 3⁄4-Year), Ultra 10-Year U.S. Treasury Note Futures, U.S. Treasury Bond 

Futures, and Ultra U.S. Treasury Bond Futures contracts (collectively the “Contracts”) for trading on the 

CME Globex electronic trading platform (“CME Globex”) and for submission for clearing via CME ClearPort, 

effective on Sunday, October 29, 2023, for trade date Monday, October 30, 2023.

Section 1 – Contract Specifications

CONTRACT 

TITLE

Monday Weekly 

Options on ShortTerm U.S. Treasury 

Note Futures (2-

Year)

Monday Weekly 

Options on 

Medium-Term 

U.S. Treasury 

Note Futures (5-

Year)

Monday Weekly 

Options on U.S. 

Treasury Note 

Futures (6 1⁄2 to 7 

3⁄4-Year)

Monday Weekly 

Options on Ultra 

10-Year U.S. 

Treasury Note 

Futures

Monday Weekly 

Options on U.S.

Treasury Bond 

Futures

Monday Weekly 

Options on Ultra 

U.S. Treasury 

Bond Futures

CONTRACT 

UNIT

1 futures contract 

with face value at 

maturity of $200,000

1 futures contract with face value at maturity of $100,000

MINIMUM PRICE 

FLUCTUATION

Outright: 1/2 of 

1/64th of 1 point 

(0.0078125) = 

$15.625

Outright: 1/2 of 

1/64th of 1 point 

(0.0078125) = 

$7.8125

Outright: 1/64th of 1 point (0.015625) = $15.625

CAB: $1.00 

increments from 

$1.00 - $15.00

CAB: $1.00 

increments from 

$1.00 - $7.00

CAB: $1.00 increments from $1.00 - $15.00

PRICE 

QUOTATION Points and fractions of points with par on the basis of 100 points
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

TRADING AND 

CLEARING 

HOURS

CME Globex: Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a daily maintenance period from 4:00 p.m. - 5:00 p.m. CT

CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. - 6:00 p.m. CT

COMMODITY

CODE VT1-VT5 VF1-VF5 VY1-VY5 VX1-VX5 VB1-VB5 VU1-VU5

LISTING 

SCHEDULE Weekly contracts listed for 2 consecutive weeks

INITIAL LISTING November Week 1 (11/6/2023) and November Week 2 (11/13/2023)

TERMINATION 

OF TRADING Trading terminates on Monday of the contract week at 2:00 p.m. Central Time

RULEBOOK

CHAPTER 21A 20A 19A 26A 18A 40A

CME GLOBEX 

MATCHING 

ALGORITHM

Q - Threshold Pro Rata with LMM

MINIMUM 

BLOCK LEVEL

RTH - 2,000

ETH - 1,000

ATH - 500

RTH - 7,500

ETH - 3,750

ATH - 1,875

RTH - 7,500

ETH - 3,750

ATH - 1,875

RTH - 1,400

ETH - 700

ATH - 350

RTH - 7,500

ETH - 3,750

ATH - 1,875

RTH - 800

ETH - 600

ATH - 300

REPORTING 

WINDOW

RTH – 5 minutes

ETH/ATH – 15 minutes

STRIKE PRICE 

LISTING 

SCHEDULE

Strike prices will be 

listed in increments 

of one-eighth of one 

point. The minimum 

strike price range will 

include the at-themoney strike price 

closest to the current 

futures price plus the 

next twenty (20) 

consecutive higher 

and the next twenty 

(20) consecutive 

lower strike prices.

Strike prices will be 

listed in increments 

of one-quarter of 

one price point. 

The minimum 

strike price range 

will include the 

strike price closest 

to the current 

underlying futures 

contract settlement 

price (at-the-money 

price) plus the next 

twenty four (24) 

consecutive higher 

and the next twenty 

four (24) 

consecutive lower 

strike prices.

Strike prices will be 

listed in increments 

of one-quarter of 

one point. The 

minimum strike price 

range will include 

the at-the-money 

strike price closest 

to the current 

futures price plus 

the next fifty (50) 

consecutive higher 

and the next fifty 

(50) consecutive 

lower strike prices.

Strike prices will

be listed in 

increments of 

one-quarter of 

one point. The 

minimum strike 

price range will 

include the at-themoney strike 

price closest to 

the current 

futures price plus 

the next sixty (60) 

consecutive 

higher and the 

next sixty (60) 

consecutive lower 

strike prices.

Strike prices will be 

listed in increments 

of one-half of one 

point. The minimum 

strike price range 

will include the atthe-money strike 

price closest to the 

current futures price 

plus the next forty 

(40) consecutive 

higher and the next 

forty (40) 

consecutive lower 

strike prices.

Strike prices will be 

listed in increments 

of one-half of one 

point. The 

minimum strike 

price range will 

include the at-themoney strike price 

closest to the 

current futures 

price plus the next 

sixty (60) 

consecutive higher 

and the next sixty 

(60) consecutive 

lower strike prices.

EXERCISE 

STYLE

American Style: The buyer of an option may exercise the option on any business day prior to expiration by giving notice to CME 

Clearing by 5:30 p.m. CT. Following termination of trading, options that expire in-the-money are automatically exercised into underlying 

futures, with no allowance for contrary instruction. Automatic exercise is determined in relation to the daily settlement price of the 

option's underlying futures contract

SETTLEMENT 

METHOD Deliverable into underlying futures contract

UNDERLYING

FUTURES 

CONTRACT / 

COMMODITY 

CODE

Short-Term U.S. 

Treasury Note 

Futures (2-Year) / ZT

Medium-Term U.S. 

Treasury Note 

Futures (5-Year) / 

ZF

U.S. Treasury Note 

Futures (61⁄2 to 7 3⁄4-

Year) / ZN

Ultra 10-Year 

U.S. Treasury 

Note Futures / TN

U.S. Treasury Bond 

Futures / ZB 

Ultra U.S. Treasury 

Bond Futures / UB
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

3

Section 2: Overview of CBOT U.S. Treasury Futures and U.S. Treasury Issuance

Underlying Instrument

Each option will be exercisable into its corresponding underlying CBOT U.S Treasury futures contract. 

Primary Treasury Issuance and CBOT Treasury Futures 

The U.S. Treasury routinely issues debt of various types and tenors to fund federal government operations. 

While the U.S. Treasury issues several types of debt – including inflation adjusted debt and floating rate 

debt – only fixed rate debt is relevant to this analysis. Fixed rate U.S. Treasury debt is categorized into 

three groups: Treasury Bills (tenors of 4, 8, 13, 17, 26, and 52 weeks)1; Treasury Notes (tenors of 2, 3, 5, 

7, or 10 years);

2 and Treasury Bonds (tenors of 20 or 30 years).3

CBOT U.S. Treasury futures are based only on Notes and Bonds. Each contract has an eligible basket of 

securities that can be used by the short position to deliver to the long position at the termination of the 

contract. For instance, for the Short-Term U.S. Treasury Note Futures (2-Year) contract, any Note with an 

original term to maturity of not more than five (5) years and three (3) months and a remaining term to 

maturity of not less than one (1) year and nine (9) months from the first day of the delivery month and a 

remaining term to maturity of not more than two (2) years from the last day of the delivery month can be 

used to satisfy delivery of the contract. For the December 2023 contract month, as of September 28, 2023, 

eligible securities for delivery included nine (9) separate securities across three (3) tenors: 2-Year Notes, 

3-Year Notes, and 5-year Notes.

4

Given the scale of U.S. Treasury issuance, there is a significant amount of Notes and Bonds that are eligible 

to be delivered into the underlying futures contracts. Figure A. below shows that the U.S. Treasury has 

issued a minimum of $2.3 trillion per calendar year in Notes and Bonds since 2018. 

Figure A. US Treasury Securities Gross Issues by Tenor ($B)5

Notes Bonds

Year 2-Year 3-Year 5-Year 7-Year 10-Year 20-Year 30-Year Total

2018 475 410 523 429 298 0 196 2,332

2019 511 521 524 409 346 0 237 2,548

2020 639 640 653 582 448 195 299 3,457

2021 817 852 831 841 575 335 368 4,619

2022 571 669 583 510 517 190 306 3,345

YTD 2023 358 309 366 298 255 109 147 1,842

This data can also be used to view eligible gross issue by each proposed product, as demonstrated in 

Figure B. below, where the lowest eligible gross issue amount was $299B for the Ultra U.S. Treasury 

Bond Future contract in 2020. 

1 Treasury Bill overview

2 Treasury Note overview

3 Treasury Bond overview

4 The most recent list of deliverable securities for each futures contract can be found via the UST Conversion Factor website

 on https://www.cmegroup.com/

5 SIFMA and US Treasury data. 2023 data is as of July
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

4

Figure B. US Treasury Securities Gross Issues by Delivery Eligibility ($B)5

Section 3: Compliance with Core Principles

Compliance with Core Principles

The Exchange reviewed the designated contract market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the Contracts may have s ome bearing 

on the following Core Principles:

Core Principle 2 – Compliance with Rules

Trading in the Contracts shall be subject to:

• CME Rulebook Chapter 4, which includes prohibitions against fraudulent, noncompetitive, unfair, 

and abusive practices;

• the Exchange’s trade practice rules, the majority of which are contained in Chapter 5 and Chapter 

8 of the Rulebook; and

• monitoring and surveillance by CME Group’s Market Regulation Department, which has the 

authority to exercise its investigatory and enforcement power where potential rule violations are 

identified. 

Core Principle 3 – Contracts Not Readily Subject to Manipulation 

As previously noted, the U.S. Treasury market is a demonstrably massive and robust market. The final 

settlement of the Contracts provides an additional layer of robustness against day-to-day volatility in U.S. 

Treasury trading.

The Contracts are not readily subject to manipulation due to the deep liquidity and robustness in the 

underlying cash and futures markets, which provide diverse participation and sufficient spot transactions.

Core Principle 4 – Prevention of Market Disruption

Trading in the Options shall be subject to CME Rulebook Chapters 4 and 7, which include prohibitions on 

manipulation, price distortion, and disruption to the expiration process. As with any product listed for trading 

Contract Title

CBOT 

Rulebook 

Chapter

Underlying

Futures

Contract

Eligible 

Securities 

2020 Eligible

Gross Issue 

2021 Eligible

Gross Issue 

2022 Eligible 

Gross Issue

Monday Weekly Options on 

Short-Term U.S. Treasury Note 

Futures (2-Year) - Week 1-5

21A 2-Year Treasury 

Note Futures

2, 3, and 5-

Year Notes 1,933 2,500 1,822

Monday Weekly Options on 

Medium-Term U.S. Treasury Note 

Futures (5-Year) - Week 1-5

20A 5-Year Treasury 

Note Futures 5-Year Note 653 831 583

Monday Weekly Options on U.S. 

Treasury Note Futures (6 1⁄2 to 7 

3⁄4 Year) - Week 1-5

19A

U.S. Treasury

Note Futures (6 

1⁄2 to 7 3⁄4 Year)

7 and 10-Year 

Notes 1,030 1,417 1,026

Monday Weekly Options on Ultra 

10-Year U.S. Treasury Note 

Futures- Week 1-5

26A

Ultra 10-Year 

Treasury Note 

Futures

10-Year Note 448 575 517

Monday Weekly Options on U.S. 

Treasury Bond Futures - Week 1-

5

18A Treasury Bond 

Futures

20 and 30-

Year Bonds 494 703 496

Monday Weekly Options on Ultra 

U.S. Treasury Bond Futures -

Week 1-5

40A Ultra Treasury 

Bond Futures 30-Year Bond 299 368 306
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

5

on a CME Group designated contract market, trading activity in the Options shall be subject to monitoring 

and surveillance by CME Group’s Market Regulation Department.

Core Principle 5 – Position Limits or Accountability

Similar to CBOT’s Wednesday Weekly Options on these related underlying futures contracts, the Contracts

shall be subject to a Position Reporting Level of 25 contracts. The Contracts shall also be subject to a 

Single-Month Position Accountability Level of 7,500 contracts (for Note-based contracts) or 10,000

contracts (for Bond-based contracts) net futures contract equivalents, and an All-Month Position 

Accountability Level of 7,500 contracts or 10,000 net futures contract equivalents.

To appreciate the proportions of the Position Accountability standards, the Exchange utilized a position in 

the Short-Term U.S. Treasury Note Futures (2-Year) contract as an example. The value of this contract is 

$200,000 (it is $100,000 for all others), and accountability level of 7,500 net futures. This corresponds to 

$1.5 billion in U.S. Treasury value. 

In addition, the underlying futures contracts have spot-month limits that become effective within ten (10)

business days prior to the last day of trading in the expiring contract month. 

Core Principle 7 – Availability of General Information

The Exchange shall disseminate a Special Executive Report (“SER”) that sets forth information with regard 

to specifications, terms, and conditions of the Contracts. In addition to such SER, daily trading volume, 

open interest, and price information for the Contracts shall be published on CME Group’s website. 

Core Principle 8 – Daily Publication of Trading Information

The Exchange shall publish trading volumes, open interest levels, and price information daily of the 

Contracts on CME Group’s website and through quote vendors. 

Core Principle 9 – Execution of Transactions

The Contracts will be listed for trading on the CME Globex electronic trading platform and for submission 

of clearing via CME ClearPort. CME Globex provides for competitive and open execution of transactions 

and affords the benefits of reliability and global connectivity. 

Core Principle 10 – Trade Information

All requisite trade information shall be included in the audit trail and will suffice for the Market Regulation 

Department to monitor for market abuse. 

Core Principle 11 – Financial Integrity of Transactions

The Contracts shall be cleared by CME Clearing, which is registered with the Commission as a derivative 

clearing organization, and which is subject to all CFTC regulations related thereto. 

Core Principle 12 – Protection of Markets and Market Participants

Chapters 4 and 5 in the Rulebook set forth multiple strictures that preclude intermediaries from 

disadvantaging their customers. These Rules apply to trading in the Exchange’s competitive trading venues 

and will apply to transactions in the Contracts.

Core Principle 13 – Disciplinary Procedures

Chapter 4 of the Rulebook provides for the Exchange to discipline, suspend, or expel members or market 

participants who violate the rules of the Exchange. Trading in the Contracts shall be subject to these 

provisions. The Exchange’s Market Regulation Department has the authority to exercise its powers of 

enforcement, in the event that rule violations in the Contracts are identified. 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

6

Core Principle 14 – Dispute Resolution

Disputes in respect of the Contracts shall be subject to the arbitration provisions set forth in Chapter 6 of 

the Rulebook, which allows all nonmembers to submit to arbitration claims for financial loss resulting from 

transactions on the Exchange. Pursuant to these provisions, any member named as a respondent in any 

such claim submitted by a nonmember is required to participate in arbitration proceedings. Additionally, 

the Exchange requires members to resolve via arbitration all disputes concerning transactions on the 

Exchange.

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.2(a), the Exchange hereby certifies that the 

Contracts comply with the Act and rules thereunder. There were no substantive opposing views to this 

proposal.

The Exchange certifies that this submission has been concurrently posted on CME Group’s website at 

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely, 

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Appendix A Amendments to CBOT Rulebook Chapters 21A, 20A, 19A, 26A, 18A, 40A

(blackline format)

Appendix B Position Limit, Position Accountability, and Reportable Level Table in 

Chapter 5 of the CME Rulebook (attached under separate cover)

Appendix C CBOT Rule 588.H. – (“Globex Non-Reviewable Trading Ranges”) Table

Appendix D CBOT Rule 589. – Special Price Fluctuation Limits and Daily Price Limits 

Table

Appendix E Exchange Fees
7

Appendix A

CBOT Rulebook

(additions underscored; deletions struck through)

Chapter 21A

Options on Short-Term U.S. Treasury Note Futures (2-Year)

21A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Short-Term U.S. Treasury Note futures (2-Year). In

addition to the rules of this chapter, transactions in such options shall be subject to the general rules of the Exchange

insofar as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to and indicate Chicago time.

21A01. OPTIONSCHARACTERISTICS

21A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the Exchange, subject to Rules 21A01.D. 

and Rules 21A01.I.

Options shall be scheduled for trading during such hours as may be determined by the Exchange. Without limitation to 

the foregoing, markets in all options on Short-Term U.S. Treasury Note futures (2-Year) generally shall be opened or 

closed simultaneously.

1.All Options Excluding Monday Weekly Options and Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as the close of trading on that day in 

such option’s Underlying Futures Contract (in accord with Rules 21A01.I.).

2. Monday Weekly Options 

On its last day of trading, an expiring Monday Weekly option shall cease trading at the same time at which 

the Exchange determines the settlement price for that day f o r such option’s Underlying Futures Contract

(in accord with Rules 21A01.I.).

2 3. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading at the same time at which the 

Exchange determines the settlement price for that day f o r such option’s Underlying Futures Contract (in accord

with Rules 21A01.I.).

21A01.B. Trading Unit

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Short-Term U.S. 

Treasury Note futures (2-Year) contract for a given delivery month (Chapter 21).

21A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures Contract (Rule 21A01.D.), such that 

for each Underlying Futures Contract par is on the basis of 100 points, and each point is equal to $2,000 per Underlying 

Futures Contract (Rule 21102.C.). 

The minimum price fluctuation for such option shall be one half (1/2) of one sixty-fourth (1/64th) of one point (equal to 

$15.625 per option contract), provided that a position in such option may be initiated or liquidated at any price level 

ranging from $1.00 to $15.00 per option contract, in $1.00 increments, unless otherwise specified in the current CBOT 

Market Regulation Advisory Notice entitled Cabinet Transactions in Options Products.

Where the price of such option is quoted in volatility terms, the minimum price fluctuation shall be one tenth (1/10th) of 

one percent per annum (e.g., 9.9 percent, 10.0 percent, 10.1 percent,10.2 percent).

21A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”)

For any option for which the named month of expiration is in the March quarterly cycle (i.e., March, June,

September, or December), the Underlying Futures Contract shall be Short-Term

U.S. Treasury Note futures (2-Year) for delivery in the same month as such option’s named month of expiration.

For example, for a given year, Short-Term U.S. Treasury Note futures 

(2-Year) for delivery in March shall be the Underlying Futures Contract for a March option.
8

2. Options Not in the March Quarterly Cycle (“Serial Options”)

For any option for which the named month of expiration is not in the March quarterly cycle, (i.e., January,

February, April, May, July, August, October, or November), the Underlying Futures Contract shall be ShortTerm U.S. Treasury Note futures (2-Year) for delivery in the March quarterly cycle month next following such

option’s named month of expiration. For example, for a given year, Short-Term U.S. Treasury Note futures ( 2 -

Y e a r ) for delivery in March shall be the Underlying Futures Contract for a January option and for a February

option.

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no weekly option shall expire on

any Friday that is also the scheduled last day of trading in a quarterly option (Rule 21A01.D.1.) or a serial option

(Rule 21A01.D.2.). For any weekly option, the Underlying Futures Contract shall be Short-Term U.S. Treasury

Note futures (2-Year) for delivery in a March quarterly cycle month following such option’s date of expiration, as

designated by the Exchange when such weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall expire prior to the expiration

of quarterly options (Rule 21A01.D.1. and Rule 21A01.I.1.).

4. Monday Weekly Options 

For any Monday Weekly option, the Underlying Futures Contract shall be Short-Term U.S. Treasury Note 

futures (2-Year) for delivery in a March quarterly cycle month following such option’s date of expiration, as 

designated by the Exchange when such Monday Weekly option is listed for trading. For an Underlying 

Futures Contract for a given delivery month, all Monday Weekly options shall expire prior to the expiration 

of quarterly options (Rule 21A01.D.1. and Rule 21A01.I.1.).

4 5. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be Short-Term U.S. Treasury Note futures 

(2-Year) for delivery in a March quarterly cycle month following such option’s date of expiration, as designated by the 

Exchange when such Wednesday Weekly option is listed for trading. For an Underlying Futures Contract for a given 

delivery month, all Wednesday Weekly options shall expire prior to the expiration of quarterly options (Rule 

21A01.D.1. and Rule 21A01.I.1.).

21A01.E. Exercise Prices

Option exercise prices shall be in terms of Short-Term U.S. Treasury Note futures (2-Year) price points (Rule 21102.C.) 

and shall be in integer multiples of one eighth (1/8) of one (1) point (Rule 21A01.C.). At the commencement of trading 

in option contracts for a given expiration date, the Exchange shall list put and call options at the exercise price that is 

nearest the previous day's settlement price of the respective Underlying Futures Contract (“at-the-money price” or “ATM 

price”). If the previous day’s Underlying Futures Contract settlement price is midway between two eligible option 

exercise price levels, then the ATM price shall be set as the higher of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call options for trading at all eligible 

exercise price levels in a range of 3 3⁄4 points above and 3 3⁄4 points below (i.e., 30 exercise price levels above and 30 

exercise price levels below) the ATM exercise price, and shall list Weekly put and call options, Monday Weekly put 

and call options, and Wednesday Weekly put and call options for trading at all eligible exercise price levels in a range 

of 2 1⁄2 points above and 2 1⁄2 points below (i.e., 20 exercise price levels above and 20 exercise price levels below) the 

ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such Quarterly and Serial options are listed 

for trading at all eligible exercise prices in a range of at least 3 3⁄4 points above and at least 3 3⁄4 points below, and that 

such Weekly, Monday Weekly, and Wednesday Weekly options are listed for trading at all eligible exercise prices in 

a range of at least 2 1⁄2 points above and at least 2 1⁄2 points below, the ATM exercise price level that is set with reference 

to the most recent Underlying Futures Contract settlement price.

New options may be listed for trading up to and including the termination of trading in such options. Upon demand and 

at the discretion of the Exchange, a new option contract with an out-of-current-range exercise price may be added, on 

an as-soon-as-possible basis, provided that the exercise price of such newly added option contract must be an integer 

multiple of one eighth (1/8) of one (1) price point (Rule 21A01.C.). The Exchange may modify the procedure for the 

introduction of exercise prices as it deems appropriate.

21A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position 

Limit, Position Accountability and Reportable Level Table in the Interpretations & Special Notices Section of Chapter 

5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the Market 

Regulation Department on forms provided by the Exchange, and the Market Regulation Department may grant qualified 

exemptions in its sole discretion. 
9

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified 

position limits.

21A01.G. Nature of Options

The buyer of a put option may exercise such option at any time prior to expiration (subject to Rule 21A02.A.) to

assume a short position in one Underlying Futures Contract (Rule 21A01.D.) at such option’s exercise price (Rule

21A01.E.). Upon exercise by a put option buyer, the seller of such option shall incur the obligation to assume a

long position in one Underlying Futures Contract at such option’s exercise price.

The buyer of a call option may exercise such option at any time prior to expiration (subject to Rule 21A02.A.) to

assume a long position in one Underlying Futures Contract (Rule 21A01.D.) at such option’s exercise price (Rule

21A01.E.). Upon exercise by a call option buyer, the seller of such option shall incur the obligation to assume a

short position in one Underlying Futures Contract at such option’s exercise price.

21A01.H. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits as set forth in 

Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special Notices Section of Chapter 

5.

21A01.I. Termination of Trading

For any expiring option, if the market in such option’s Underlying Futures Contract (Rule 21A01.D.) does not

open on the scheduled last day of trading in such option, then the termination of trading in such option shall

occur on the next following day on which the market in such option’s Underlying Futures Contract is open for trading.

1. Quarterly Options and Serial Options

For a given expiring quarterly option contract (Rule 21A01.D.1.) or serial option contract (Rule 21A01.D.2.), if the

Friday that precedes by one business day the last business day of the calendar month preceding such option’s

named month of expiration is not a business day, then the last day of trading shall be the first business day prior to

such Friday.

Otherwise, the last day of trading in such option shall be the last Friday that precedes by at least two business

days the last business day of the calendar month preceding such option’s named month of expiration.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s Underlying

Futures Contract.

2. Weekly Options

For a given weekly option contract, the last day of trading shall be the Friday on which such option is designated

to expire (Rule 21A01.D.3.). If such Friday is not a business day, then the last day of trading in such option shall be

the business day next preceding such Friday.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s Underlying

Futures Contract.

3. Monday Weekly Options 

For a given Monday Weekly option contract, the last day of trading shall be the Monday on which such option 

is designated to expire (Rule 21A01.D.4.). If such Monday is not a business day, then the last day of trading 

in such option shall be the first business day following such Monday. On its last day of trading, trading in 

such options shall terminate at the same time at which the Exchange determines the settlement price for 

that day for such option’s Underlying Futures Contract.

3 4. Wednesday Weekly Options 

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which such option 

is designated to expire (Rule 21A01.D.5.). If such Wednesday is not a business day, then the last day of trading in 

such option shall be the first business day preceding such Wednesday. On its last day of trading, trading in such 

options shall terminate at the same time at which the Exchange determines the settlement price for that day for such 

option’s Underlying Futures Contract.

21A01.J. Contract Modification

Contract terms for any option shall be fixed when such option is initially listed for trading, provided that any such option 

must conform to government regulations that are in force at such time as such option may be exercised. If the U.S. 

government, or an agency or duly constituted body thereof, issues an order, ruling, directive, or law inconsistent with 

these rules, then such order, ruling, directive, or law shall be construed to become part of the rules, and all open and 

new option contracts shall be subject to such order, ruling, directive, or law.

21A02. EXERCISE AND ASSIGNMENT

In addition to the applicable procedures and requirements in Chapter 7, the following shall apply to the exercise

and assignment of options.
10

21A02.A. Exercise

An option may be exercised by the buyer on any business day that such option is traded. To exercise such option, 

the clearing member representing the option buyer shall present an exercise notice to the Clearing House by 5:30 

p.m., or by such other time as the Exchange may designate, on the day of exercise.

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

An unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule 21A01.I).

An option that is in the money, and that has not been liquidated or exercised prior to its termination of trading, shall 

be exercised automatically upon expiration, in the absence of contrary instructions. Such contrary instructions must 

be delivered to the Clearing House, by the clearing member representing the buyer of such option, no later than 5:30 

p.m. (or such other time as may be designated by the Exchange) on the last day of trading in such option (Rule 

21A01.I).

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 21A01.D.) 

on the last day of trading in such option (Rules 21A01.I.) lies strictly above such option’s exercise price, and shall be 

out of the money if such daily settlement price is at or below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the last day of 

trading in such option lies strictly below such option’s exercise price, and shall be out of the money if such daily 

settlement price is at or above such option’s exercise price.

2. Monday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 

21A01.I.3.) shall be exercised automatically by the Clearing House if such option expires in the money. Such

option shall be abandoned automatically by the Clearing House if it expires out of the money. For the 

avoidance of doubt, no such option that expires in the money shall be abandoned, and no such option that 

expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 

21A01.D.) on the last day of trading in such option (Rules 21A01.I.) is at or above such option’s exercise 

price, and shall be out of the money if such daily settlement price lies strictly below such option’s exercise 

price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the last 

day of trading in such option lies strictly below such option’s exercise price, and shall be out of the money 

if such daily settlement price is at or above such option’s exercise price.

2 3 . Wednesday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 21A01.I.4) 

shall be exercised automatically by the Clearing House if such option expires in the money. Such option shall be 

abandoned automatically by the Clearing House if it expires out of the money. For the avoidance of doubt, no such 

option that expires in the money shall be abandoned, and no such option that expires out of the money shall be 

exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 21A01.D.)

on the last day of trading in such option (Rules 21A01.I.) is at or above such option’s exercise price, and shall be out 

of the money if such daily settlement price lies strictly below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the last day of 

trading in such option lies strictly below such option’s exercise price, and shall be out of the money if such daily 

settlement price is at or above such option’s exercise price.

21A02.B. Assignment

For any given option contract, an exercise notice accepted by the Clearing House (in accord with Rule 21A02.A.) shall 

be assigned by the Clearing House through a process of random selection of clearing members carrying open short 

positions in such option contract. A clearing member to whom such exercise notice has been assigned shall be notified 

thereof as soon as practicable following such assignment.

The clearing member to whom such exercise notice has been assigned shall be assigned a short position in such 

option’s Underlying Futures Contract (Rules 21A01.D.) if such option is a call, or a long position in such option’s 

Underlying Futures Contract if such option is a put. The clearing member representing the option buyer making 

exercise shall be assigned a long position in such option’s Underlying Futures Contract if such option is a call, or a 

short position in such option’s Underlying Futures Contract if such option is a put.

Such futures positions shall be assigned at a price equal to the exercise price of such option contract, and shall be 

marked to market (in accordance with Rule 814) on the day on which the Clearing House accepts such exercise 

notice.

21A03. [RESERVED]
11

21A04. [RESERVED]

21A05. PAYMENT OF OPTION PREMIUM

In respect of the purchase of an option, the corresponding option premium shall be paid in full to the Clearing House

by the option purchaser’s clearing member, and shall be paid in full to the option purchaser’s futures commission

merchant by the option purchaser, at the time that such option is purchased, or within a reasonable time after such

option is purchased.

Chapter 20A

Options on Medium-Term U.S. Treasury Note Futures (5-Year)

20A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Medium-Term U.S. Treasury Note futures

(5-Year). In addition to the rules of this chapter, transactions in such options shall be subject to the general 

rules of the Exchange insofar as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to and indicate Chicago 

time.

20A01. OPTIONS CHARACTERISTICS

20A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the Exchange, subject to 

Rules 20A01.D. and Rules 20A01.I.

Options shall be scheduled for trading during such hours as may be determined by the Exchange. Without 

limitation to the foregoing, markets in all options on Medium-Term U.S. Treasury Note futures (5-Year) 

generally shall be opened or closed simultaneously. 

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as the close of trading 

on that day in such option’s Underlying Futures Contract (in accord with Rules 20A01.I.).

2. Monday Weekly Options 

On its last day of trading, an expiring Monday Weekly option shall cease trading at the same

time at which the Exchange determines the settlement price for that day f o r such option’s

Underlying Futures Contract (in accord with Rules 20A01.I.).

2 3. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading at the same time

at which the Exchange determines the settlement price for that day f o r such option’s Underlying

Futures Contract (in accord with Rules 20A01.I.).

20A01.B. Trading Unit

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one MediumTerm U.S. Treasury Note futures (5-Year) contract for a given delivery month (Chapter 20).

20A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures Contract (Rule 

20A01.D.), such that for each Underlying Futures Contract par is on the basis of 100 points, and each 

point is equal to $1,000 per Underlying Futures Contract (Rule 20102.C.).

The minimum price fluctuation for such option shall be one half (1/2) of one sixty-fourth (1/64th) of one 

point (equal to $7.8125 per option contract), provided that a position in such option may be initiated or 

liquidated at any price level ranging from $1.00 to $7.00 per option contract, in $1.00 increments, unless 

otherwise specified in the current CBOT Market Regulation Advisory Notice entitled Cabinet Transactions 

in Options Products.

Where the price of such option is quoted in volatility terms, the minimum price fluctuation shall be one 

tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 percent, 10.1 percent, 10.2 percent).
12

20A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle (i.e., March, June, 

September, or December), the Underlying Futures Contract shall be on Medium-Term U.S. Treasury Note 

futures (5-Year) for delivery in the same month as such option’s named month of expiration. For example, 

for a given year, on Medium-Term U.S. Treasury Note futures (5-Year) for delivery in March shall be the 

Underlying Futures Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly cycle, (i.e., January, 

February, April, May, July, August, October, or November), the Underlying Futures Contract shall be on 

Medium-Term U.S. Treasury Note futures (5-Year) for delivery in the March quarterly cycle month next 

following such option’s named month of expiration. For example, for a given year, on Medium-Term U.S. 

Treasury Note futures (5-Year) for delivery in March shall be the Underlying Futures Contract for a 

January option and for a February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no weekly option shall 

expire on any Friday that is also the scheduled last day of trading in a quarterly option (Rule 20A01.D.1.) 

or a serial option (Rule 20A01.D.2.). For any weekly option, the Underlying Futures Contract shall be 

Medium-Term U.S. Treasury Note futures (5-Year) for delivery in a March quarterly cycle month following 

such option’s date of expiration, as designated by the Exchange when such weekly option is listed for 

trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall expire prior to the 

expiration of quarterly options (Rule 20A01.D.1. and Rule 20A01.I.1.).

4. Monday Weekly Options 

For any Monday Weekly option, the Underlying Futures Contract shall be on Medium-Term U.S. 

Treasury Note futures (5-Year) for delivery in a March quarterly cycle month following such 

option’s date of expiration, as designated by the Exchange when such Monday Weekly option 

is listed for trading. For an Underlying Futures Contract for a given delivery month, all Monday 

Weekly options shall expire prior to the expiration of quarterly options (Rule 20A01.D.1. and 

Rule 20A01.I.1.).

5. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be on Medium-Term U.S. 

Treasury Note futures (5-Year) for delivery in a March quarterly cycle month following such option’s 

date of expiration, as designated by the Exchange when such Wednesday Weekly option is listed for 

trading. For an Underlying Futures Contract for a given delivery month, all Wednesday Weekly options 

shall expire prior to the expiration of quarterly options (Rule 20A01.D.1. and Rule 20A01.I.1.).

20A01.E. Exercise Prices

Option exercise prices shall be in terms of Medium-Term U.S. Treasury Note futures (5-Year) price points 

(Rule 20102.C.) and shall be in integer multiples of one quarter (1/4) of one (1) point (Rule 20A01.C.). At 

the commencement of trading in option contracts for a given expiration date, the Exchange shall list put 

and call options at the exercise price that is nearest the previous day's settlement price of the respective 

Underlying Futures Contract (“at-the-money price” or “ATM price”). If the previous day’s Underlying 

Futures Contract settlement price is midway between two eligible option exercise price levels, then the 

ATM price shall be set as the higher of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call options for trading at 

all eligible exercise price levels in a range of 7 1⁄2 points above and 7 1⁄2 points below (i.e., 30 exercise 

price levels above and 30 exercise price levels below) the ATM exercise price, and shall list Weekly put 

and call options, Monday Weekly put and call options, and Wednesday Weekly put and call options for 

trading at all eligible exercise price levels in a range of 6 points above and 6 points below (i.e., 24 exercise 

price levels above and 24 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such Quarterly and Serial 

options are listed for trading at all eligible exercise prices in a range of at least 7 1⁄2 points above and at 

least 7 1⁄2 points below, and that such Weekly, Monday Weekly, and Wednesday Weekly options are 

listed for trading at all eligible exercise prices in a range of at least 6 points above and at least 6 points 

below, the ATM exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price. 
13

New options may be listed for trading up to and including the termination of trading in such options. Upon 

demand and at the discretion of the Exchange, a new option contract with an out-of-current-range 

exercise price may be added, on an as-soon-as-possible basis, provided that the exercise price of such 

newly added option contract must be an integer multiple of one quarter (1/4) of one (1) price point (Rule 

20A01.C.). The Exchange may modify the procedure for the introduction of exercise prices as it deems 

appropriate.

20A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits.

20A01.G. Nature of Options

The buyer of a put option may exercise such option at any time prior to expiration (subject to Rule 

20A02.A.) to assume a short position in one Underlying Futures Contract (Rule 20A01.D.) at such option’s 

exercise price (Rule 20A01.E.). Upon exercise by a put option buyer, the seller of such option shall incur 

the obligation to assume a long position in one Underlying Futures Contract at such option’s exercise 

price.

The buyer of a call option may exercise such option at any time prior to expiration (subject to Rule 

20A02.A.) to assume a long position in one Underlying Futures Contract (Rule 20A01.D.) at such option’s 

exercise price (Rule 20A01.E.). Upon exercise by a call option buyer, the seller of such option shall incur 

the obligation to assume a short position in one Underlying Futures Contract at such option’s exercise 

price.

20A01.H. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special 

Notices Section of Chapter 5.

20A01.I. Termination of Trading

For any expiring option, if the market in such option’s Underlying Futures Contract (Rule 20A01.D.) does 

not open on the scheduled last day of trading in such option, then the termination of trading in such option 

shall occur on the next following day on which the market in such option’s Underlying Futures Contract is 

open for trading. 

1. Quarterly Options and Serial Options 

For a given expiring quarterly option contract (Rule 20A01.D.1.) or serial option contract (Rule 

20A01.D.2.), if the Friday that precedes by one business day the last business day of the calendar month 

preceding such option’s named month of expiration is not a business day, then the last day of trading 

shall be the first business day prior to such Friday.

Otherwise, the last day of trading in such option shall be the last Friday that precedes by at least two 

business days the last business day of the calendar month preceding such option’s named month of 

expiration.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

2. Weekly Options 

For a given weekly option contract, the last day of trading shall be the Friday on which such option is 

designated to expire (Rule 20A01.D.3.). If such Friday is not a business day, then the last day of trading 

in such option shall be the business day next preceding such Friday.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

3. Monday Weekly Options 

For a given Monday Weekly option contract, the last day of trading shall be the Monday on which 

such option is designated to expire (Rule 20A01.D.4.). If such Monday is not a business day, then 

the last day of trading in such option shall be the first business day following such Monday. On 
14

its last day of trading, trading in such options shall terminate at the same time at which the 

Exchange determines the settlement price for that day for such option’s Underlying Futures 

Contract.

3 4. Wednesday Weekly Options 

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which 

such option is designated to expire (Rule 20A01.D.5). If such Wednesday is not a business day, then the 

last day of trading in such option shall be the first business day preceding such Wednesday. On its last 

day of trading, trading in such options shall terminate at the same time at which the Exchange determines 

the settlement price for that day for such option’s Underlying Futures Contract.

20A01.J. Contract Modification

Contract terms for any option shall be fixed when such option is initially listed for trading, provided that 

any such option must conform to government regulations that are in force at such time as such option 

may be exercised. If the U.S. government, or an agency or duly constituted body thereof, issues an order, 

ruling, directive, or law inconsistent with these rules, then such order, ruling, directive, or law shall be 

construed to become part of the rules, and all open and new option contracts shall be subject to such 

order, ruling, directive, or law. 

20A02. EXERCISE AND ASSIGNMENT

In addition to the applicable procedures and requirements in Chapter 7, the following shall apply to the 

exercise and assignment of options.

20A02.A. Exercise

An option may be exercised by the buyer on any business day that such option is traded. To exercise 

such option, the clearing member representing the option buyer shall present an exercise notice to the 

Clearing House by 5:30 p.m., or by such other time as the Exchange may designate, on the day of 

exercise.

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

An unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule 20A01.I).

An option that is in the money, and that has not been liquidated or exercised prior to its termination of 

trading, shall be exercised automatically upon expiration, in the absence of contrary instructions. Such 

contrary instructions must be delivered to the Clearing House, by the clearing member representing the 

buyer of such option, no later than 5:30 p.m. (or such other time as may be designated by the Exchange) 

on the last day of trading in such option (Rule 20A01.I).

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 

20A01.D.) on the last day of trading in such option (Rules 20A01.I.) lies strictly above such option’s 

exercise price, and shall be out of the money if such daily settlement price is at or below such option’s 

exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the 

last day of trading in such option lies strictly below such option’s exercise price, and shall be out of the 

money if such daily settlement price is at or above such option’s exercise price.

2. Monday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according 

to Rule 20A01.I.3.) shall be exercised automatically by the Clearing House if such option expires 

in the money. Such option shall be abandoned automatically by the Clearing House if it expires 

out of the money. For the avoidance of doubt, no such option that expires in the money shall be 

abandoned, and no such option that expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract

(Rules 20A01.D.) on the last day of trading in such option (Rules 20A01.I.) is at or above such

option’s exercise price, and shall be out of the money if such daily settlement price lies strictly

below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract

on the last day of trading in such option lies strictly below such option’s exercise price, and

shall be out of the money if such daily settlement price is at or above such option’s exercise price.

2 3 . Wednesday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 

20A01.I.4) shall be exercised automatically by the Clearing House if such option expires in the money. 

Such option shall be abandoned automatically by the Clearing House if it expires out of the money. For 

the avoidance of doubt, no such option that expires in the money shall be abandoned, and no such option 

that expires out of the money shall be exercised.
15

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules

20A01.D.) on the last day of trading in such option (Rules 20A01.I.) is at or above such option’s exercise

price, and shall be out of the money if such daily settlement price lies strictly below such option’s exercise

price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on

the last day of trading in such option lies strictly below such option’s exercise price, and shall be

out of the money if such daily settlement price is at or above such option’s exercise price.

20A02.B. Assignment

For any given option contract, an exercise notice accepted by the Clearing House (in accord with Rule 

20A02.A.) shall be assigned by the Clearing House through a process of random selection of clearing 

members carrying open short positions in such option contract. A clearing member to whom such 

exercise notice has been assigned shall be notified thereof as soon as practicable following such 

assignment. 

The clearing member to whom such exercise notice has been assigned shall be assigned a short position 

in such option’s Underlying Futures Contract (Rules 20A01.D.) if such option is a call, or a long position 

in such option’s Underlying Futures Contract if such option is a put. The clearing member representing 

the option buyer making exercise shall be assigned a long position in such option’s Underlying Futures 

Contract if such option is a call, or a short position in such option’s Underlying Futures Contract if such 

option is a put. 

Such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

and shall be marked to market (in accordance with Rule 814) on the day on which the Clearing House 

accepts such exercise notice. 

20A03. [RESERVED]

20A04. [RESERVED]

20A05. PAYMENT OF OPTION PREMIUM

In respect of the purchase of an option, the corresponding option premium shall be paid in full to the 

Clearing House by the option purchaser’s clearing member, and shall be paid in full to the option 

purchaser’s futures commission merchant by the option purchaser, at the time that such option is 

purchased, or within a reasonable time after such option is purchased.

Chapter 19A

Options on U.S. Treasury Note Futures (6 1⁄2 to 7 3⁄4 Year)

19A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 

Year). In addition to the rules of this chapter, transactions in such options shall be subject to the general 

rules of the Exchange insofar as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to and indicate Chicago 

time.

19A01. OPTIONS CHARACTERISTICS

19A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the Exchange, subject to 

Rules 19A01.D. and Rules 19A01.I.

Options shall be scheduled for trading during such hours as may be determined by the Exchange. Without 

limitation to the foregoing, markets in all options on U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures 

generally shall be opened or closed simultaneously. 

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options
16

On its last day of trading, an expiring option shall cease trading at the same time as the close of trading 

on that day in such option’s Underlying Futures Contract (in accord with Rules 19A01.I.).

2. Monday Weekly Options 

On its last day of trading, an expiring Monday Weekly option shall cease trading at the same

time at which the Exchange determines the settlement price for that day f o r such option’s

Underlying Futures Contract (in accord with Rules 19A01.I.).

2 3. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading at the same time

at which the Exchange determines the settlement price for that day f o r such option’s Underlying

Futures Contract (in accord with Rules 19A01.I.).

19A01.B. Trading Unit

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one U.S. 

Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures contract for a given delivery month (Chapter 19).

19A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures Contract (Rule 

19A01.D.), such that for each Underlying Futures Contract par is on the basis of 100 points, and each 

point is equal to $1,000 per Underlying Futures Contract (Rule 19102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of one point (equal to 

$15.625 per option contract), provided that a position in such option may be initiated or liquidated at any 

price level ranging from $1.00 to $15.00 per option contract, in $1.00 increments, unless otherwise 

specified in the current CBOT Market Regulation Advisory Notice entitled Cabinet Transactions in Options 

Products.

Where the price of such option is quoted in volatility terms, the minimum price fluctuation shall be one 

tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 percent, 10.1 percent, 10.2 percent).

19A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle (i.e., March, June, 

September, or December), the Underlying Futures Contract shall be U.S. Treasury Note futures (6 1⁄2 to 

7 3⁄4 Year) futures for delivery in the same month as such option’s named month of expiration. For 

example, for a given year, U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) for delivery in March shall be the 

Underlying Futures Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly cycle, (i.e., January, 

February, April, May, July, August, October, or November), the Underlying Futures Contract shall be U.S. 

Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in the March quarterly cycle month next 

following such option’s named month of expiration. For example, for a given year, U.S. Treasury Note 

futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in March shall be the Underlying Futures Contract for a 

January option and for a February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no weekly option shall 

expire on any Friday that is also the scheduled last day of trading in a quarterly option (Rule 19A01.D.1.) 

or a serial option (Rule 19A01.D.2.). For any weekly option, the Underlying Futures Contract shall be 

U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in a March quarterly cycle month 

following such option’s date of expiration, as designated by the Exchange when such weekly option is 

listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall expire prior to the 

expiration of quarterly options (Rule 19A01.D.1. and Rule 19A01.I.1.).

4. Monday Weekly Options 

For any Monday Weekly option, the Underlying Futures Contract shall be U.S. Treasury Note 

futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in a March quarterly cycle month following such 

option’s date of expiration, as designated by the Exchange when such Monday Weekly option 

is listed for trading. For an Underlying Futures Contract for a given delivery month, all Monday 

Weekly options shall expire prior to the expiration of quarterly options (Rule 19A01.D.1. and 

Rule 19A01.I.1.).

4 5. Wednesday Weekly Options 
17

For any Wednesday Weekly option, the Underlying Futures Contract shall be U.S. Treasury Note 

futures (6 1⁄2 to 7 3⁄4 Year) futures for delivery in a March quarterly cycle month following such option’s 

date of expiration, as designated by the Exchange when such Wednesday Weekly option is listed for 

trading. For an Underlying Futures Contract for a given delivery month, all Wednesday Weekly options 

shall expire prior to the expiration of quarterly options (Rule 19A01.D.1. and Rule 19A01.I.1.).

19A01.E. Exercise Prices

1. One Half (1/2) of One (1) Point Exercise Prices

Option exercise prices shall be in terms of U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures price 

points (Rule 19102.C.) and shall be in integer multiples of one half (1/2) of one (1) point (Rule 19A01.C.). 

At the commencement of trading in option contracts for a given expiration date, the Exchange shall list 

put and call options at the exercise price that is nearest the previous day's settlement price of the 

respective Underlying Futures Contract (“at-the-money price” or “ATM price”). If the previous day’s 

Underlying Futures Contract settlement price is midway between two eligible option exercise price levels, 

then the ATM price shall be set as the higher of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call options for trading at 

all eligible exercise price levels in a range of 25 points above and 25 points below (i.e., 50 exercise price 

levels above and 50 exercise price levels below) the ATM exercise price, and shall list Weekly put and 

call options, Monday Weekly put and call options, and Wednesday Weekly put and call options for 

trading at all eligible exercise price levels in a range of 12 1/2 points above and 12 1/2 points below (i.e., 

25 exercise price levels above and 25 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such Quarterly and Serial 

options are listed for trading at all eligible exercise prices in a range of at least 25 points above and at 

least 25 points below, and that such Weekly, Monday Weekly, and Wednesday Weekly options are listed 

for trading at all eligible exercise prices in a range of at least 12 1/2 points above and at least 12 1/2 

points below, the ATM exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price.

New options may be listed for trading up to and including the termination of trading in such options. Upon 

demand and at the discretion of the Exchange, a new option contract with an out-of-current-range 

exercise price may be added, on an as-soon-as-possible basis, provided that the exercise price of such 

newly added option contract must be an integer multiple of one half (1/2) of one (1) price point (Rule 

19A01.C.). The Exchange may modify the procedure for the introduction of exercise prices as it deems 

appropriate.

2. Special Listings of One Quarter (1/4) of One Point Exercise Prices

At any given time, the Exchange shall ensure that options are listed for trading at exercise prices that are 

in terms of U.S. Treasury Note futures (6 1⁄2 to 7 3⁄4 Year) futures price points (Rule 19102.C.) and shall 

be in integer multiples of one quarter (1/4) of one (1) point for (i) all Weekly Options and (ii) the nearest 

expiring Serial or Quarterly Options (Rule 19A01.C.). For any Weekly, Serial or Quarterly Options with 

exercise price levels in integer multiples of one quarter (1/4) of one (1) point, the Exchange shall add new 

put and call options in integer multiples of one quarter (1/4) of one (1) price point in a range of at least 3 

points above and at least 3 points below (i.e. 6 additional exercise price levels above and 6 additional 

exercise prices below) the ATM exercise price level that is set with reference to the most recent 

Underlying Futures Contract settlement price. 

19A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits.

19A01.G. Nature of Options

The buyer of a put option may exercise such option at any time prior to expiration (subject to Rule 

19A02.A.) to assume a short position in one Underlying Futures Contract (Rule 19A01.D.) at such option’s 

exercise price (Rule 19A01.E.). Upon exercise by a put option buyer, the seller of such option shall incur 

the obligation to assume a long position in one Underlying Futures Contract at such option’s exercise 

price.
18

The buyer of a call option may exercise such option at any time prior to expiration (subject to Rule 

19A02.A.) to assume a long position in one Underlying Futures Contract (Rule 19A01.D.) at such option’s 

exercise price (Rule 19A01.E.). Upon exercise by a call option buyer, the seller of such option shall incur 

the obligation to assume a short position in one Underlying Futures Contract at such option’s exercise 

price.

19A01.H. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special 

Notices Section of Chapter 5.

19A01.I. Termination of Trading

For any expiring option, if the market in such option’s Underlying Futures Contract (Rule 19A01.D.) does 

not open on the scheduled last day of trading in such option, then the termination of trading in such option 

shall occur on the next following day on which the market in such option’s Underlying Futures Contract is 

open for trading. 

1. Quarterly Options and Serial Options 

For a given expiring quarterly option contract (Rule 19A01.D.1.) or serial option contract (Rule 

19A01.D.2.), if the Friday that precedes by one business day the last business day of the calendar month 

preceding such option’s named month of expiration is not a business day, then the last day of trading 

shall be the first business day prior to such Friday.

Otherwise, the last day of trading in such option shall be the last Friday that precedes by at least two 

business days the last business day of the calendar month preceding such option’s named month of 

expiration.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

2. Weekly Options 

For a given weekly option contract, the last day of trading shall be the Friday on which such option is 

designated to expire (Rule 19A01.D.3.). If such Friday is not a business day, then the last day of trading 

in such option shall be the business day next preceding such Friday.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

3. Monday Weekly Options 

For a given Monday Weekly option contract, the last day of trading shall be the Monday on which 

such option is designated to expire (Rule 19A01.D.4.). If such Monday is not a business day, then 

the last day of trading in such option shall be the first business day following such Monday. On 

its last day of trading, trading in such options shall terminate at the same time at which the 

Exchange determines the settlement price for that day for such option’s Underlying Futures 

Contract.

3 4. Wednesday Weekly Options 

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which 

such option is designated to expire (Rule 19A01.D.5.). If such Wednesday is not a business day, then 

the last day of trading in such option shall be the first business day preceding such Wednesday. On its 

last day of trading, trading in such options shall terminate at the same time at which the Exchange 

determines the settlement price for that day for such option’s Underlying Futures Contract.

19A01.J. Contract Modification

Contract terms for any option shall be fixed when such option is initially listed for trading, provided that 

any such option must conform to government regulations that are in force at such time as such option 

may be exercised. If the U.S. government, or an agency or duly constituted body thereof, issues an order, 

ruling, directive, or law inconsistent with these rules, then such order, ruling, directive, or law shall be 

construed to become part of the rules, and all open and new option contracts shall be subject to such 

order, ruling, directive, or law. 

19A02. EXERCISE AND ASSIGNMENT

In addition to the applicable procedures and requirements in Chapter 7, the following shall apply to the 

exercise and assignment of options.

19A02.A. Exercise
19

An option may be exercised by the buyer on any business day that such option is traded. To exercise 

such option, the clearing member representing the option buyer shall present an exercise notice to the 

Clearing House by 5:30 p.m., or by such other time as the Exchange may designate, on the day of 

exercise.

1.All Options Excluding Monday Weekly Options and Wednesday Weekly Options

2.

An unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule 19A01.I).

An option that is in the money, and that has not been liquidated or exercised prior to its termination of 

trading, shall be exercised automatically upon expiration, in the absence of contrary instructions. Such 

contrary instructions must be delivered to the Clearing House, by the clearing member representing the 

buyer of such option, no later than 5:30 p.m. (or such other time as may be designated by the Exchange) 

on the last day of trading in such option (Rule 19A01.I).

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 

19A01.D.) on the last day of trading in such option (Rules 19A01.I.) lies strictly above such option’s 

exercise price, and shall be out of the money if such daily settlement price is at or below such option’s 

exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the 

last day of trading in such option lies strictly below such option’s exercise price, and shall be out of the 

money if such daily settlement price is at or above such option’s exercise price.

2. Monday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according 

to Rule 19A01.I.3.) shall be exercised automatically by the Clearing House if such option expires 

in the money. Such option shall be abandoned automatically by the Clearing House if it expires 

out of the money. For the avoidance of doubt, no such option that expires in the money shall be 

abandoned, and no such option that expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract

(Rules 19A01.D.) on the last day of trading in such option (Rules 19A01.I.) is at or above such

option’s exercise price, and shall be out of the money if such daily settlement price lies strictly

below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract

on the last day of trading in such option lies strictly below such option’s exercise price, and

shall be out of the money if such daily settlement price is at or above such option’s exercise price.

2 3 . Wednesday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 

19A01.I.4.) shall be exercised automatically by the Clearing House if such option expires in the money. 

Such option shall be abandoned automatically by the Clearing House if it expires out of the money. For 

the avoidance of doubt, no such option that expires in the money shall be abandoned, and no such option 

that expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules

19A01.D.) on the last day of trading in such option (Rules 19A01.I.) is at or above such option’s exercise

price, and shall be out of the money if such daily settlement price lies strictly below such option’s exercise

price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on

the last day of trading in such option lies strictly below such option’s exercise price, and shall be

out of the money if such daily settlement price is at or above such option’s exercise price.

19A02.B. Assignment

For any given option contract, an exercise notice accepted by the Clearing House (in accord with Rule 

19A02.A.) shall be assigned by the Clearing House through a process of random selection of clearing 

members carrying open short positions in such option contract. A clearing member to whom such 

exercise notice has been assigned shall be notified thereof as soon as practicable following such 

assignment. 

The clearing member to whom such exercise notice has been assigned shall be assigned a short position 

in such option’s Underlying Futures Contract (Rules 19A01.D.) if such option is a call, or a long position 

in such option’s Underlying Futures Contract if such option is a put. The clearing member representing 

the option buyer making exercise shall be assigned a long position in such option’s Underlying Futures 

Contract if such option is a call, or a short position in such option’s Underlying Futures Contract if such 

option is a put. 
20

Such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

and shall be marked to market (in accordance with Rule 814) on the day on which the Clearing House 

accepts such exercise notice. 

19A03. [RESERVED]

19A04. [RESERVED]

19A05. PAYMENT OF OPTION PREMIUM

In respect of the purchase of an option, the corresponding option premium shall be paid in full to the 

Clearing House by the option purchaser’s clearing member, and shall be paid in full to the option 

purchaser’s futures commission merchant by the option purchaser, at the time that such option is 

purchased, or within a reasonable time after such option is purchased.

Chapter 26A

Options on Ultra 10-Year U.S. Treasury Note Futures

26A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Ultra 10-Year U.S. Treasury Note futures. 

In addition to the rules of this chapter, transactions in such options shall be subject to the general rules 

of the Exchange insofar as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to and indicate Chicago 

time.

26A01. OPTIONS CHARACTERISTICS

26A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the Exchange, subject to 

Rules 26A01.D. and Rules 26A01.I.

Options shall be scheduled for trading during such hours as may be determined by the Exchange. Without 

limitation to the foregoing, markets in all options on Ultra 10-Year U.S. Treasury Note futures generally 

shall be opened or closed simultaneously. 

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as the close of trading 

on that day in such option’s Underlying Futures Contract (in accord with Rules 26A01.I.).

2. Monday Weekly Options 

On its last day of trading, an expiring Monday Weekly option shall cease trading at the same

time at which the Exchange determines the settlement price for that day f o r such option’s

Underlying Futures Contract (in accord with Rules 26A01.I.).

2 3. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading at the same time

at which the Exchange determines the settlement price for that day f o r such option’s Underlying

Futures Contract (in accord with Rules 26A01.I.).

26A01.B. Trading Unit

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Ultra 10-

Year U.S. Treasury Note futures contract for a given delivery month (Chapter 26).

26A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures Contract (Rule 

26A01.D.), such that for each Underlying Futures Contract par is on the basis of 100 points, and each 

point is equal to $1,000 per Underlying Futures Contract (Rule 26102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of one point (equal to 

$15.625 per option contract), provided that a position in such option may be initiated or liquidated at any 

price level ranging from $1.00 to $15.00 per option contract, in $1.00 increments, unless otherwise 

specified in the current CBOT Market Regulation Advisory Notice entitled Cabinet Transactions in Options 

Products.
21

Where the price of such option is quoted in volatility terms, the minimum price fluctuation shall be one 

tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 percent, 10.1 percent, 10.2 percent).

26A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle (i.e., March, June, 

September, or December), the Underlying Futures Contract shall be Ultra 10-Year U.S. Treasury Note

futures for delivery in the same month as such option’s named month of expiration. For example, for a 

given year, Ultra 10-Year U.S. Treasury Note futures for delivery in March shall be the Underlying Futures 

Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly cycle, (i.e., January, 

February, April, May, July, August, October, or November), the Underlying Futures Contract shall be Ultra 

10-Year U.S. Treasury Note futures for delivery in the March quarterly cycle month next following such 

option’s named month of expiration. For example, for a given year, Ultra 10-Year U.S. Treasury Note

futures for delivery in March shall be the Underlying Futures Contract for a January option and for a 

February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no weekly option shall 

expire on any Friday that is also the scheduled last day of trading in a quarterly option (Rule 26A01.D.1.) 

or a serial option (Rule 26A01.D.2.). For any weekly option, the Underlying Futures Contract shall be 

Ultra 10-Year U.S. Treasury Note futures for delivery in a March quarterly cycle month following such 

option’s date of expiration, as designated by the Exchange when such weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall expire prior to the 

expiration of quarterly options (Rule 26A01.D.1. and Rule 26A01.I.1.).

4. Monday Weekly Options 

For any Monday Weekly option, the Underlying Futures Contract shall be Ultra 10-Year U.S. 

Treasury Note futures for delivery in a March quarterly cycle month following such option’s date 

of expiration, as designated by the Exchange when such Monday Weekly option is listed for 

trading. For an Underlying Futures Contract for a given delivery month, all Monday Weekly 

options shall expire prior to the expiration of quarterly options (Rule 26A01.D.1. and Rule 

26A01.I.1.).

4 5. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be Ultra 10-Year U.S. 

Treasury Note futures for delivery in a March quarterly cycle month following such option’s date of 

expiration, as designated by the Exchange when such Wednesday Weekly option is listed for trading. 

For an Underlying Futures Contract for a given delivery month, all Wednesday Weekly options shall 

expire prior to the expiration of quarterly options (Rule 26A01.D.1. and Rule 26A01.I.1.).

26A01.E. Exercise Prices

1. One Half (1/2) of One (1) Point Exercise Prices

Option exercise prices shall be in terms of U.S. Treasury Note futures price points (Rule 26102.C.) and 

shall be in integer multiples of one half (1/2) of one (1) point (Rule 26A01.C.). At the commencement of 

trading in option contracts for a given expiration date, the Exchange shall list put and call options at the 

exercise price that is nearest the previous day's settlement price of the respective Underlying Futures 

Contract (“at-the-money price” or “ATM price”). If the previous day’s Underlying Futures Contract 

settlement price is midway between two eligible option exercise price levels, then the ATM price shall be 

set as the higher of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call options for trading at 

all eligible exercise price levels in a range of 25 points above and 25 points below (i.e., 50 exercise price 

levels above and 50 exercise price levels below) the ATM exercise price, and shall list Weekly put and 

call options, Monday Weekly put and call options, and Wednesday Weekly put and call options for 

trading at all eligible exercise price levels in a range of 15 points above and 15 points below (i.e., 30 

exercise price levels above and 30 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such Quarterly and Serial

options are listed for trading at all eligible exercise prices in a range of at least 25 points above and at 

least 25 points below, and that such Weekly, Monday Weekly, and Wednesday Weekly options are listed 

for trading at all eligible exercise prices in a range of at least 15 points above and at least 15 points below,
22

the ATM exercise price level that is set with reference to the most recent Underlying Futures Contract 

settlement price.

New options may be listed for trading up to and including the termination of trading in such options. Upon 

demand and at the discretion of the Exchange, a new option contract with an out-of-current-range 

exercise price may be added, on an as-soon-as-possible basis, provided that the exercise price of such 

newly added option contract must be an integer multiple of one half (1/2) of one (1) price point (Rule 

26A01.C.). The Exchange may modify the procedure for the introduction of exercise prices as it deems 

appropriate.

2. Special Listings of One Quarter (1/4) of One Point Exercise Prices

At any given time, the Exchange shall ensure that options are listed for trading at exercise prices that are 

in terms of Ultra 10-Year U.S. Treasury Note futures price points (Rule 26102.C.) and shall be in integer 

multiples of one quarter (1/4) of one (1) point for (i) all Weekly Options and (ii) the nearest expiring Serial 

or Quarterly Options (Rule 26A01.C.). For any Weekly, Serial or Quarterly Options with exercise price 

levels in integer multiples of one quarter (1/4) of one (1) point, the Exchange shall add new put and call 

options in integer multiples of one quarter (1/4) of one (1) price point in a range of at least 3 points above 

and at least 3 points below (i.e. 6 additional exercise price levels above and 6 additional exercise prices 

below) the ATM exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price.

26A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits.

26A01.G. Nature of Options

The buyer of a put option may exercise such option at any time prior to expiration (subject to Rule 

26A02.A.) to assume a short position in one Underlying Futures Contract (Rule 26A01.D.) at such option’s 

exercise price (Rule 26A01.E.). Upon exercise by a put option buyer, the seller of such option shall incur 

the obligation to assume a long position in one Underlying Futures Contract at such option’s exercise 

price.

The buyer of a call option may exercise such option at any time prior to expiration (subject to Rule 

26A02.A.) to assume a long position in one Underlying Futures Contract (Rule 26A01.D.) at such option’s 

exercise price (Rule 26A01.E.). Upon exercise by a call option buyer, the seller of such option shall incur 

the obligation to assume a short position in one Underlying Futures Contract at such option’s exercise 

price.

26A01.H. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special 

Notices Section of Chapter 5.

26A01.I. Termination of Trading

For any expiring option, if the market in such option’s Underlying Futures Contract (Rule 26A01.D.) does 

not open on the scheduled last day of trading in such option, then the termination of trading in such option 

shall occur on the next following day on which the market in such option’s Underlying Futures Contract is 

open for trading. 

1. Quarterly Options and Serial Options 

For a given expiring quarterly option contract (Rule 26A01.D.1.) or serial option contract (Rule 

26A01.D.2.), if the Friday that precedes by one business day the last business day of the calendar month 

preceding such option’s named month of expiration is not a business day, then the last day of trading 

shall be the first business day prior to such Friday.

Otherwise, the last day of trading in such option shall be the last Friday that precedes by at least two 

business days the last business day of the calendar month preceding such option’s named month of 

expiration.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 
23

2. Weekly Options 

For a given weekly option contract, the last day of trading shall be the Friday on which such option is 

designated to expire (Rule 26A01.D.3.). If such Friday is not a business day, then the last day of trading 

in such option shall be the business day next preceding such Friday.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

3. Monday Weekly Options 

For a given Monday Weekly option contract, the last day of trading shall be the Monday on which 

such option is designated to expire (Rule 26A01.D.4.). If such Monday is not a business day, then 

the last day of trading in such option shall be the first business day following such Monday. On 

its last day of trading, trading in such options shall terminate at the same time at which the 

Exchange determines the settlement price for that day for such option’s Underlying Futures 

Contract.

4. Wednesday Weekly Options 

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which 

such option is designated to expire (Rule 26A01.D.5). If such Wednesday is not a business day, then 

the last day of trading in such option shall be the first business day preceding such Wednesday. On its 

last day of trading, trading in such options shall terminate at the same time at which the Exchange 

determines the settlement price for that day for such option’s Underlying Futures Contract.

26A01.J. Contract Modification

Contract terms for any option shall be fixed when such option is initially listed for trading, provided that 

any such option must conform to government regulations that are in force at such time as such option 

may be exercised. If the U.S. government, or an agency or duly constituted body thereof, issues an order, 

ruling, directive, or law inconsistent with these rules, then such order, ruling, directive, or law shall be 

construed to become part of the rules, and all open and new option contracts shall be subject to such 

order, ruling, directive, or law. 

26A02. EXERCISE AND ASSIGNMENT

In addition to the applicable procedures and requirements in Chapter 7, the following shall apply to the 

exercise and assignment of options.

26A02.A. Exercise

An option may be exercised by the buyer on any business day that such option is traded. To exercise 

such option, the Clearing member representing the option buyer shall present an exercise notice to the 

Clearing House by 5:30 p.m., or by such other time as the Exchange may designate, on the day of 

exercise.

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

An unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule 26A01.I).

An option that is in the money, and that has not been liquidated or exercised prior to its termination of 

trading, shall be exercised automatically upon expiration, in the absence of contrary instructions. Such 

contrary instructions must be delivered to the Clearing House, by the Clearing Member representing the 

buyer of such option, no later than 5:30 p.m. (or such other time as may be designated by the Exchange) 

on the last day of trading in such option (Rule 26A01.I).

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 

26A01.D.) on the last day of trading in such option (Rules 26A01.I.) lies strictly above such option’s 

exercise price, and shall be out of the money if such daily settlement price is at or below such option’s 

exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the 

last day of trading in such option lies strictly below such option’s exercise price, and shall be out of the 

money if such daily settlement price is at or above such option’s exercise price.

2. Monday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according 

to Rule 26A01.I.3.) shall be exercised automatically by the Clearing House if such option expires 

in the money. Such option shall be abandoned automatically by the Clearing House if it expires 

out of the money. For the avoidance of doubt, no such option that expires in the money shall be 

abandoned, and no such option that expires out of the money shall be exercised.
24

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract

(Rules 26A01.D.) on the last day of trading in such option (Rules 26A01.I.) is at or above such

option’s exercise price, and shall be out of the money if such daily settlement price lies strictly

below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract

on the last day of trading in such option lies strictly below such option’s exercise price, and

shall be out of the money if such daily settlement price is at or above such option’s exercise

price.

2 3 . Wednesday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 

26A01.I.4.) shall be exercised automatically by the Clearing House if such option expires in the money. 

Such option shall be abandoned automatically by the Clearing House if it expires out of the money. For 

the avoidance of doubt, no such option that expires in the money shall be abandoned, and no such option 

that expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules

26A01.D.) on the last day of trading in such option (Rules 26A01.I) is at or above such option’s exercise

price, and shall be out of the money if such daily settlement price lies strictly below such option’s exercise

price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the

last day of trading in such option lies strictly below such option’s exercise price, and shall be out of

the money if such daily settlement price is at or above such option’s exercise price.

26A02.B. Assignment

For any given option contract, an exercise notice accepted by the Clearing House (in accord with Rule 

26A02.A.) shall be assigned by the Clearing House through a process of random selection of Clearing 

Members carrying open short positions in such option contract. A Clearing Member to whom such 

exercise notice has been assigned shall be notified thereof as soon as practicable following such 

assignment. 

The Clearing Member to whom such exercise notice has been assigned shall be assigned a short position 

in such option’s Underlying Futures Contract (Rules 26A01.D.) if such option is a call, or a long position 

in such option’s Underlying Futures Contract if such option is a put. The Clearing Member representing 

the option buyer making exercise shall be assigned a long position in such option’s Underlying Futures 

Contract if such option is a call, or a short position in such option’s Underlying Futures Contract if such 

option is a put. 

Such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

and shall be marked to market (in accordance with Rule 814) on the day on which the Clearing House 

accepts such exercise notice. 

26A03. [RESERVED]

26A04. [RESERVED]

26A05. PAYMENT OF OPTION PREMIUM

In respect of the purchase of an option, the corresponding option premium shall be paid in full to the 

Clearing House by the option purchaser’s Clearing Member, and shall be paid in full to the option 

purchaser’s futures commission merchant by the option purchaser, at the time that such option is 

purchased, or within a reasonable time after such option is purchased.

Chapter 18A

Options on U.S. Treasury Bond Futures 

18A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on U.S. Treasury Bond futures. In addition to 

the rules of this chapter, transactions in such options shall be subject to the general rules of the Exchange 

insofar as applicable.
25

For purposes of this chapter, unless otherwise specified, times of day shall refer to and indicate Chicago 

time.

18A01. OPTIONS CHARACTERISTICS 

18A01.A. Contract Expiration Dates and Trading Hours 

Options shall be listed for expiration on such dates as may be determined by the Exchange, subject to 

Rules 18A01.D. and Rules 18A01.I.

Options shall be scheduled for trading during such hours as may be determined by the Exchange. Without 

limitation to the foregoing, markets in all options on U.S. Treasury Bond futures generally shall be opened 

or closed simultaneously. 

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as the close of trading 

on that day in such option’s Underlying Futures Contract (in accord with Rules 18A01.I.).

2. Monday Weekly Options 

On its last day of trading, an expiring Monday Weekly option shall cease trading at the same

time at which the Exchange determines the settlement price for that day f o r such option’s

Underlying Futures Contract (in accord with Rules 18A01.I.).

2 3. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading at the same time

at which the Exchange determines the settlement price for that day f o r such option’s Underlying

Futures Contract (in accord with Rules 18A01.I.).

18A01.B. Trading Unit

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one U.S. 

Treasury Bond futures contract for a given delivery month (Chapter 18).

18A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures Contract (Rule 

18A01.D.), such that for each Underlying Futures Contract par is on the basis of 100 points, and each 

point is equal to $1,000 per Underlying Futures Contract (Rule 18102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of one point (equal to 

$15.625 per option contract), provided that a position in such option may be initiated or liquidated at any 

price level ranging from $1.00 to $15.00 per option contract, in $1.00 increments, unless otherwise 

specified in the current CBOT Market Regulation Advisory Notice entitled Cabinet Transactions in Options 

Products. 

Where the price of such option is quoted in volatility terms, the minimum price fluctuation shall be one 

tenth (1/10th) of one percent per annum (e.g., 9.9 percent, 10.0 percent, 10.1 percent, 10.2 percent).

18A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”) 

For any option for which the named month of expiration is in the March quarterly cycle (i.e., March, June, 

September, or December), the Underlying Futures Contract shall be U.S. Treasury Bond futures for 

delivery in the same month as such option’s named month of expiration. For example, for a given year, 

U.S. Treasury bond futures for delivery in March shall be the Underlying Futures Contract for a March 

option.

2. Options Not in the March Quarterly Cycle (“Serial Options”) 

For any option for which the named month of expiration is not in the March quarterly cycle, (i.e., January, 

February, April, May, July, August, October, or November), the Underlying Futures Contract shall be U.S. 

Treasury Bond futures for delivery in the March quarterly cycle month next following such option’s named 

month of expiration. For example, for a given year, U.S. Treasury Bond futures for delivery in March shall 

be the Underlying Futures Contract for a January option and for a February option. 

3. Weekly Options

A weekly option shall be designated to expire on a given Friday, provided that no weekly option shall 

expire on any Friday that is also the scheduled last day of trading in a quarterly option (Rule 18A01.D.1.) 

or a serial option (Rule 18A01.D.2.). For any weekly option, the Underlying Futures Contract shall be 
26

U.S. Treasury Bond futures for delivery in a March quarterly cycle month following such option’s date of 

expiration, as designated by the Exchange when such weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall expire prior to the 

expiration of quarterly options (Rule 18A01.D.1. and Rule 18A01.I.1.).

4. Monday Weekly Options 

For any Monday Weekly option, the Underlying Futures Contract shall be U.S. Treasury Bond 

futures for delivery in a March quarterly cycle month following such option’s date of expiration, 

as designated by the Exchange when such Monday Weekly option is listed for trading. For an 

Underlying Futures Contract for a given delivery month, all Monday Weekly options shall expire 

prior to the expiration of quarterly options (Rule 18A01.D.1. and Rule 18A01.I.1.).

4 5. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be U.S. Treasury Bond 

futures for delivery in a March quarterly cycle month following such option’s date of expiration, as 

designated by the Exchange when such Wednesday Weekly option is listed for trading. For an 

Underlying Futures Contract for a given delivery month, all Wednesday Weekly options shall expire 

prior to the expiration of quarterly options (Rule 18A01.D.1. and Rule 18A01.I.1.).

1. One (1) Point Exercise Prices

Option exercise prices shall be in terms of U.S. Treasury Bond futures price points (Rule 18102.C.) and 

shall be in integer multiples of one (1) point (Rule 18A01.C.). At the commencement of trading in option 

contracts for a given expiration date, the Exchange shall list put and call options at the exercise price that 

is nearest the previous day's settlement price of the respective Underlying Futures Contract (“at-themoney price” or “ATM price”). If the previous day’s Underlying Futures Contract settlement price is 

midway between two eligible option exercise price levels, then the ATM price shall be set as the higher 

of the two eligible exercise price levels.

The Exchange also shall list Quarterly put and call options and Serial put and call options for trading at 

all eligible exercise price levels in a range of 30 points above and 30 points below (i.e., 30 exercise price 

levels above and 30 exercise price levels below) the ATM exercise price, and shall list Weekly put and 

call options, Monday Weekly put and call options, and Wednesday Weekly put and call options for 

trading at all eligible exercise price levels in a range of 20 points above and 20 points below (i.e., 20 

exercise price levels above and 20 exercise price levels below) the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such Quarterly and Serial

options are listed for trading at all eligible exercise prices in a range of at least 30 points above and at 

least 30 points below, and that such Weekly, Monday Weekly, and Wednesday Weekly options are listed 

for trading at all eligible exercise prices in a range of at least 20 points above and at least 20 points below,

the ATM exercise price level that is set with reference to the most recent Underlying Futures Contract 

settlement price. New options may be listed for trading up to and including the termination of trading in 

such options. Upon demand and at the discretion of the Exchange, a new option contract with an out-ofcurrent-range exercise price may be added, on an as-soon-as-possible basis, provided that the exercise 

price of such newly added option contract must be an integer multiple of one (1) price point (Rule 

18A01.C.).

The Exchange may modify the procedure for the introduction of exercise prices as it deems appropriate.

18A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth 

in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special 

Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the 

Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits.

18A01.G. Nature of Options

The buyer of a put option may exercise such option at any time prior to expiration (subject to Rule 

18A02.A.) to assume a short position in one Underlying Futures Contract (Rule 18A01.D.) at such option’s 

exercise price (Rule 18A01.E.). Upon exercise by a put option buyer, the seller of such option shall incur 

the obligation to assume a long position in one Underlying Futures Contract at such option’s exercise 

price.
27

The buyer of a call option may exercise such option at any time prior to expiration (subject to Rule 

18A02.A.) to assume a long position in one Underlying Futures Contract (Rule 18A01.D.) at such option’s 

exercise price (Rule 18A01.E.). Upon exercise by a call option buyer, the seller of such option shall incur 

the obligation to assume a short position in one Underlying Futures Contract at such option’s exercise 

price.

18A01.H. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special 

Notices Section of Chapter 5.

18A01.I. Termination of Trading

For any expiring option, if the market in such option’s Underlying Futures Contract (Rule 18A01.D.) does 

not open on the scheduled last day of trading in such option, then the termination of trading in such option 

shall occur on the next following day on which the market in such option’s Underlying Futures Contract is 

open for trading. 

1. Quarterly Options and Serial Options 

For a given expiring quarterly option contract (Rule 18A01.D.1.) or serial option contract (Rule 

18A01.D.2.), if the Friday that precedes by one business day the last business day of the calendar month 

preceding such option’s named month of expiration is not a business day, then the last day of trading 

shall be the first business day prior to such Friday.

Otherwise, the last day of trading in such option shall be the last Friday that precedes by at least two 

business days the last business day of the calendar month preceding such option’s named month of 

expiration.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

2. Weekly Options 

For a given weekly option contract, the last day of trading shall be the Friday on which such option is 

designated to expire (Rule 18A01.D.3.). If such Friday is not a business day, then the last day of trading 

in such option shall be the business day next preceding such Friday.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s 

Underlying Futures Contract. 

3. Monday Weekly Options 

For a given Monday Weekly option contract, the last day of trading shall be the Monday on which 

such option is designated to expire (Rule 18A01.D.4.). If such Monday is not a business day, then 

the last day of trading in such option shall be the first business day following such Monday. On 

its last day of trading, trading in such options shall terminate at the same time at which the 

Exchange determines the settlement price for that day for such option’s Underlying Futures 

Contract.

3 4. Wednesday Weekly Options 

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which 

such option is designated to expire (Rule 18A01.D.5.). If such Wednesday is not a business day, then 

the last day of trading in such option shall be the first business day preceding such Wednesday. On its 

last day of trading, trading in such options shall terminate at the same time at which the Exchange 

determines the settlement price for that day for such option’s Underlying Futures Contract.

18A01.J. Contract Modification 

Contract terms for any option shall be fixed when such option is initially listed for trading, provided that 

any such option must conform to government regulations that are in force at such time as such option 

may be exercised. If the U.S. government, or an agency or duly constituted body thereof, issues an order, 

ruling, directive, or law inconsistent with these rules, then such order, ruling, directive, or law shall be 

construed to become part of the rules, and all open and new option contracts shall be subject to such 

order, ruling, directive, or law. 

18A02. EXERCISE AND ASSIGNMENT

In addition to the applicable procedures and requirements in Chapter 7, the following shall apply to the 
28

exercise and assignment of options.

18A02.A. Exercise 

An option may be exercised by the buyer on any business day that such option is traded. To exercise 

such option, the clearing member representing the option buyer shall present an exercise notice to the 

Clearing House by 5:30 p.m., or by such other time as the Exchange may designate, on the day of 

exercise.

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

An unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule 18A01.I).

An option that is in the money, and that has not been liquidated or exercised prior to its termination of 

trading, shall be exercised automatically upon expiration, in the absence of contrary instructions. Such 

contrary instructions must be delivered to the Clearing House, by the clearing member representing the 

buyer of such option, no later than 5:30 p.m. (or such other time as may be designated by the Exchange) 

on the last day of trading in such option (Rule 18A01.I).

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 

18A01.D.) on the last day of trading in such option (Rules 18A01.I.) lies strictly above such option’s 

exercise price, and shall be out of the money if such daily settlement price is at or below such option’s 

exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the 

last day of trading in such option lies strictly below such option’s exercise price, and shall be out of the 

money if such daily settlement price is at or above such option’s exercise price.

2. Monday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according 

to Rule 18A01.I.3.) shall be exercised automatically by the Clearing House if such option expires 

in the money. Such option shall be abandoned automatically by the Clearing House if it expires 

out of the money. For the avoidance of doubt, no such option that expires in the money shall be 

abandoned, and no such option that expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract

(Rules 18A01.D.) on the last day of trading in such option (Rules 18A01.I.) is at or above such

option’s exercise price, and shall be out of the money if such daily settlement price lies strictly

below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract

on the last day of trading in such option lies strictly below such option’s exercise price, and

shall be out of the money if such daily settlement price is at or above such option’s exercise

price.

2 3 . Wednesday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 

18A01.I.4.) shall be exercised automatically by the Clearing House if such option expires in the money. 

Such option shall be abandoned automatically by the Clearing House if it expires out of the money. For 

the avoidance of doubt, no such option that expires in the money shall be abandoned, and no such option 

that expires out of the money shall be exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules

18A01.D.) on the last day of trading in such option (Rules 18A01.I.) is at or above such option’s exercise

price, and shall be out of the money if such daily settlement price lies strictly below such option’s exercise

price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on

the last day of trading in such option lies strictly below such option’s exercise price, and shall be

out of the money if such daily settlement price is at or above such option’s exercise price.

18A02.B. Assignment

For any given option contract, an exercise notice accepted by the Clearing House (in accord with Rule 

18A02.A.) shall be assigned by the Clearing House through a process of random selection of clearing 

members carrying open short positions in such option contract. A clearing member to whom such 

exercise notice has been assigned shall be notified thereof as soon as practicable following such 

assignment. 
29

The clearing member to whom such exercise notice has been assigned shall be assigned a short position 

in such option’s Underlying Futures Contract (Rules 18A01.D.) if such option is a call, or a long position 

in such option’s Underlying Futures Contract if such option is a put. The clearing member representing 

the option buyer making exercise shall be assigned a long position in such option’s Underlying Futures 

Contract if such option is a call, or a short position in such option’s Underlying Futures Contract if such 

option is a put. 

Such futures positions shall be assigned at a price equal to the exercise price of such option contract, 

and shall be marked to market (in accordance with Rule 814) on the day on which the Clearing House 

accepts such exercise notice. 

18A03. [RESERVED] 

18A04. [RESERVED]

18A05. PAYMENT OF OPTION PREMIUM

In respect of the purchase of an option, the corresponding option premium shall be paid in full to the 

Clearing House by the option purchaser’s clearing member, and shall be paid in full to the option 

purchaser’s futures commission merchant by the option purchaser, at the time that such option is 

purchased, or within a reasonable time after such option is purchased.

Chapter 40A

Options on Ultra U.S. Treasury Bond Futures

40A00. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on U l t r a U .S. Treasury Bond futures. In addition

to the rules of this chapter, transactions in such options shall be subject to the general rules of the Exchange insofar 

as applicable.

For purposes of this chapter, unless otherwise specified, times of day shall refer to and indicate Chicago time.

40A01. OPTIONSCHARACTERISTICS

40A01.A. Contract Expiration Dates and Trading Hours

Options shall be listed for expiration on such dates as may be determined by the Exchange, subject to Rules 40A01.D.

and Rules 40A01.I.

Options shall be scheduled for trading during such hours as may be determined by the Exchange. Without limitation

to the foregoing, markets in all options on U l t r a U.S. Treasury Bond futures generally shall be opened or closed

simultaneously.

1. All Options Excluding Monday Weekly Options and Wednesday Weekly Options

On its last day of trading, an expiring option shall cease trading at the same time as the close of trading on that

day in such option’s Underlying Futures Contract (in accord with Rules 40A01.I.).

2. Monday Weekly Options 

On its last day of trading, an expiring Monday Weekly option shall cease trading at the same time at which 

the Exchange determines the settlement price for that day f o r such option’s Underlying Futures Contract

(in accord with Rules 40A01.I.).

2 3. Wednesday Weekly Options

On its last day of trading, an expiring Wednesday Weekly option shall cease trading at the same time at which the 
30

Exchange determines the settlement price for that day f o r such option’s Underlying Futures Contract (in accord

with Rules 40A01.I.).

40A01.B. Trading Unit

The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one Ultra U.S. Treasury

Bond futures contract for a given delivery month (Chapter 40).

40A01.C. Minimum Fluctuations

The price of an option shall be in price points of such option’s Underlying Futures Contract (Rule 40A01.D.), such

that for each Underlying Futures Contract par is on the basis of 100 points, and each point is equal to $1,000 per 

Underlying Futures Contract (Rule 40102.C.).

The minimum price fluctuation for such option shall be one sixty-fourth (1/64th) of one point (equal to $15.625 per option 

contract), provided that a position in such option may be initiated or liquidated at any price level ranging from $1.00 to 

$15.00 per option contract, in $1.00 increments, unless otherwise specified in the current CBOT Market Regulation 

Advisory Notice entitled Cabinet Transactions in Options Products.

Where the price of such option is quoted in volatility terms, the minimum price fluctuation shall be one tenth (1/10

th)

of one percent per annum (e.g., 9.9 percent, 10.0 percent, 10.1 percent, 10.2 percent).

40A01.D. Underlying Futures Contracts

1. Options in the March Quarterly Cycle (“Quarterly Options”)

For any option for which the named month of expiration is in the March quarterly cycle (i.e., March, June, September,

or December), the Underlying Futures Contract shall be Ultra U.S. Treasury Bond futures for delivery in the same

month as such option’s named month of expiration. For example, for a given year, Ultra U.S. Treasury Bond futures

for delivery in March shall be the Underlying Futures Contract for a March option.

2. Options Not in the March Quarterly Cycle (“Serial Options”)

For any option for which the named month of expiration is not in the March quarterly cycle, (i.e., January, February,

April, May, July, August, October, or November), the Underlying Futures Contract shall be Ultra U.S. Treasury Bond

futures for delivery in the March quarterly cycle month next following such option’s named month of expiration.

For example, for a given year, Ultra U.S. Treasury Bond futures for delivery in March shall be the Underlying

Futures Contract for a January option and for a February option.

3. Weekly

Options

A weekly option shall be designated to expire on a given Friday, provided that no weekly option shall expire on

any Friday that is also the scheduled last day of trading in a quarterly option (Rule 40A01.D.1.) or a serial option

(Rule 40A01.D.2.). For any weekly option, the Underlying Futures Contract shall be U l t r a U.S. Treasury Bond

futures for delivery in a March quarterly cycle month following such option’s date of expiration, as designated by the

Exchange when such weekly option is listed for trading.

For an Underlying Futures Contract for a given delivery month, all weekly options shall expire prior to the expiration

of quarterly options (Rule 40A01.D.1. and Rule 40A01.I.1.).

4. Monday Weekly Options 

For any Monday Weekly option, the Underlying Futures Contract shall be Ultra U.S. Treasury Bond futures 

for delivery in a March quarterly cycle month following such option’s date of expiration, as designated by 

the Exchange when such Monday Weekly option is listed for trading. For an Underlying Futures Contract for 

a given delivery month, all Monday Weekly options shall expire prior to the expiration of quarterly options 

(Rule 40A01.D.1. and Rule 40A01.I.1.).

4 5. Wednesday Weekly Options 

For any Wednesday Weekly option, the Underlying Futures Contract shall be Ultra U.S. Treasury Bond futures for 

delivery in a March quarterly cycle month following such option’s date of expiration, as designated by the Exchange 

when such Wednesday Weekly option is listed for trading. For an Underlying Futures Contract for a given delivery 

month, all Wednesday Weekly options shall expire prior to the expiration of quarterly options (Rule 40A01.D.1. and 

Rule 40A01.I.1.).

40A01.E. Exercise Prices

1. One (1) Point Exercise Prices

Option exercise prices shall be in terms of Ultra U.S. Treasury Bond futures price points (Rule 40102.C.) and shall be 

in integer multiples of one (1) point (Rule 40A01.C.). At the commencement of trading in option contracts for a given 

expiration date, the Exchange shall list put and call options at the exercise price that is nearest the previous day's 

settlement price of the respective Underlying Futures Contract (“at-the-money price” or “ATM price”). If the previous 

day’s Underlying Futures Contract settlement price is midway between two eligible option exercise price levels, then 

the ATM price shall be set as the higher of the two eligible exercise price levels.
31

The Exchange also shall list Quarterly put and call options and Serial put and call options for trading at all eligible 

exercise price levels in a range of 30 points above and 30 points below (i.e., 30 exercise price levels above and 30 

exercise price levels below) the ATM exercise price, and shall list Weekly put and call options, Monday Weekly put 

and call options, and Wednesday Weekly put and call options for trading at all eligible exercise price levels in a 

range of 20 points above and 20 points below (i.e., 20 exercise price levels above and 20 exercise price levels below) 

the ATM exercise price.

Thereafter, the Exchange shall add new put and call options to ensure that such Quarterly and Serial options are 

listed for trading at all eligible exercise prices in a range of at least 30 points above and at least 30 points below, and 

that such Weekly, Monday Weekly, and Wednesday Weekly options are listed for trading at all eligible exercise prices 

in a range of at least 20 points above and at least 20 points below, the ATM exercise price level that is set with 

reference to the most recent Underlying Futures Contract settlement price.

New options may be listed for trading up to and including the termination of trading in such options.

Upon demand and at the discretion of the Exchange, a new option contract with an out-of-current- range exercise 

price may be added, on an as-soon-as-possible basis, provided that the exercise price of such newly added option 

contract must be an integer multiple of one (1) price point (Rule 40A01.C.).

The Exchange may modify the procedure for the introduction of exercise prices as it deems appropriate.

1. Special Listings of One Half (1/2) of One Point Exercise Prices

At any given time, the Exchange shall ensure that options are listed for trading at exercise prices that are in terms of 

Ultra U.S. Treasury Bond futures price points (Rule 40102.C.) and shall be in integer multiples of one half (1/2) of one 

(1) point for (i) all Weekly Options and (ii) the nearest expiring Serial or Quarterly Options (Rule 40A01.C.). For any 

Weekly, Serial or Quarterly Options with exercise price levels in integer multiples of one half (1/2) of one (1) point, the 

Exchange shall add new put and call options in integer multiples of one half (1/2) of one (1) price point in a range of 

at least 3 points above and at least 3 points below (i.e. 3 additional exercise price levels above and 3 additional 

exercise prices below) the ATM exercise price level that is set with reference to the most recent Underlying Futures 

Contract settlement price.

40A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position 

Limit, Position Accountability and Reportable Level Table in the Interpretations & Special Notices Section of Chapter 

5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the Market 

Regulation Department on forms provided by the Exchange, and the Market Regulation Department may grant qualified 

exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified 

position limits.

40A01.F. Reserved

40A01.G. Nature of Options

The buyer of a put option may exercise such option at any time prior to expiration (subject to Rule 40A02.A.) to

assume a short position in one Underlying Futures Contract (Rule 40A01.D.) at such option’s exercise price (Rule

40A01.E.). Upon exercise by a put option buyer, the seller of such option shall incur the obligation to assume a

long position in one Underlying Futures Contract at such option’s exercise price.

The buyer of a call option may exercise such option at any time prior to expiration (subject to Rule 40A02.A.) to

assume a long position in one Underlying Futures Contract (Rule 40A01.D.) at such option’s exercise price (Rule

40A01.E.). Upon exercise by a call option buyer, the seller of such option shall incur the obligation to assume a

short position in one Underlying Futures Contract at such option’s exercise price.

40A01.H. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special price fluctuation limits as set forth in 

Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations & Special Notices Section of Chapter 

5.

40A01.I. Termination of Trading

For any expiring option, if the market in such option’s Underlying Futures Contract (Rule 40A01.D.) does not open on

the scheduled last day of trading in such option, then the termination of trading in such option shall occur on the next

following day on which the market in such option’s Underlying Futures Contract is open for trading.

1. Quarterly Options and Serial Options

For a given expiring quarterly option contract (Rule 40A01.D.1.) or serial option contract (Rule 40A01.D.2.), if

the Friday that precedes by one business day the last business day of the calendar month preceding such option’s

named month of expiration is not a business day, then the last day of trading shall be the first business day prior to
32

such Friday.

Otherwise, the last day of trading in such option shall be the last Friday that precedes by at least two business

days the last business day of the calendar month preceding such option’s named month of expiration.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s Underlying

Futures Contract.

2. Weekly Options

For a given weekly option contract, the last day of trading shall be the Friday on which such option is designated to

expire (Rule 40A01.D.3.). If such Friday is not a business day, then the last day of trading in such option shall be the

business day next preceding such Friday.

On its last day of trading, trading in such option shall terminate at the close of trading in such option’s Underlying

Futures Contract.

3. Monday Weekly Options 

For a given Monday Weekly option contract, the last day of trading shall be the Monday on which such option 

is designated to expire (Rule 40A01.D.4.). If such Monday is not a business day, then the last day of trading in 

such option shall be the first business day following such Monday. On its last day of trading, trading in such 

options shall terminate at the same time at which the Exchange determines the settlement price for that day 

for such option’s Underlying Futures Contract.

3 4. Wednesday Weekly Options 

For a given Wednesday Weekly option contract, the last day of trading shall be the Wednesday on which such option 

is designated to expire (Rule 40A01.D.5.). If such Wednesday is not a business day, then the last day of trading in 

such option shall be the first business day preceding such Wednesday. On its last day of trading, trading in such 

options shall terminate at the same time at which the Exchange determines the settlement price for that day for such 

option’s Underlying Futures Contract.

40A01.J. Contract Modification

Contract terms for any option shall be fixed when such option is initially listed for trading, provided that any such

option must conform to government regulations that are in force at such time as such option may be exercised. If the

U.S. government, or an agency or duly constituted body thereof, issues an order, ruling, directive, or law

inconsistent with these rules, then such order, ruling, directive, or law shall be construed to become part of the

rules, and all open and new option contracts shall be subject to such order, ruling, directive, or law.

40A02. EXERCISE AND ASSIGNMENT

In addition to the applicable procedures and requirements in Chapter 7, the following shall apply to the exercise and

assignment of options.

40A02.A. Exercise

An option may be exercised by the buyer on any business day that such option is traded. To exercise such

option, the clearing member representing the option buyer shall present an exercise notice to the Clearing House by

5:30 p.m., or by such other time as the Exchange may designate, on the day of exercise.

1. All Options Excluding Monday Weekly Options and Wednesday Weekly 

Options

An unexercised option shall expire at 5:30 p.m. on the last day of trading in such option (Rule 40A01.I).

An option that is in the money, and that has not been liquidated or exercised prior to its termination of trading, shall

be exercised automatically upon expiration, in the absence of contrary instructions. Such contrary instructions must

be delivered to the Clearing House, by the clearing member representing the buyer of such option, no later

than 5:30 p.m. (or such other time as may be designated by the Exchange) on the last day of trading in such

option (Rule 40A01.I).

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 40A01.D.)

on the last day of trading in such option (Rules 40A01.I.) lies strictly above such option’s exercise price, and shall

be out of the money if such daily settlement price is at or below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the last day of

trading in such option lies strictly below such option’s exercise price, and shall be out of the money if such daily

settlement price is at or above such option’s exercise price.

2. Monday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 

40A01.I.3.) shall be exercised automatically by the Clearing House if such option expires in the money. Such 

option shall be abandoned automatically by the Clearing House if it expires out of the money. For the 

avoidance of doubt, no such option that expires in the money shall be abandoned, and no such option that 

expires out of the money shall be exercised.
33

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules

40A01.D.) on the last day of trading in such option (Rules 40A01.I.) is at or above such option’s exercise price,

and shall be out of the money if such daily settlement price lies strictly below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the

last day of trading in such option lies strictly below such option’s exercise price, and shall be out of the 

money if such daily settlement price is at or above such option’s exercise price.

2 3 . Wednesday Weekly Options

An option that has not been liquidated or exercised prior to its termination of trading (according to Rule 40A01.I.4.)

shall be exercised automatically by the Clearing House if such option expires in the money. Such option shall be 

abandoned automatically by the Clearing House if it expires out of the money. For the avoidance of doubt, no such 

option that expires in the money shall be abandoned, and no such option that expires out of the money shall be 

exercised.

A call option shall be in the money if the daily settlement price of the Underlying Futures Contract (Rules 40A01.D.)

on the last day of trading in such option (Rules 40A01.I.) is at or above such option’s exercise price, and shall be out 

of the money if such daily settlement price lies strictly below such option’s exercise price.

A put option shall be in the money if the daily settlement price of the Underlying Futures Contract on the last day of

trading in such option lies strictly below such option’s exercise price, and shall be out of the money if such daily

settlement price is at or above such option’s exercise price.

40A02.B. Assignment

For any given option contract, an exercise notice accepted by the Clearing House (in accord with Rule 40A02.A.)

shall be assigned by the Clearing House through a process of random selection of clearing members carrying open

short positions in such option contract. A clearing member to whom such exercise notice has been assigned

shall be notified thereof as soon as practicable following such assignment.

The clearing member to whom such exercise notice has been assigned shall be assigned a short position in such

option’s Underlying Futures Contract (Rules 40A01.D.) if such option is a call, or a long position in such option’s

Underlying Futures Contract if such option is a put. The clearing member representing the option buyer making

exercise shall be assigned a long position in such option’s Underlying Futures Contract if such option is a call, or

a short position in such option’s Underlying Futures Contract if such option is a put.

Such futures positions shall be assigned at a price equal to the exercise price of such option contract, and

shall be marked to market (in accordance with Rule 814) on the day on which the Clearing House accepts such

exercise notice.

40A03. [RESERVED]

40A04. [RESERVED]

40A05. PAYMENT OF OPTION PREMIUM

In respect of the purchase of an option, the corresponding option premium shall be paid in full to the Clearing

House by the option purchaser’s clearing member, and shall be paid in full to the option purchaser’s futures

commission merchant by the option purchaser, at the time that such option is purchased, or within a reasonable

time after such option is purchased.

Appendix B

CBOT Rulebook 

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table

(attached under separate cover)
34

Appendix C

CBOT Rulebook 

Chapter 5

(“Trading Qualifications and Practices”)

Rule 588.H. – (“Globex Non-Reviewable Trading Ranges") Table

Contract Globex 

Symbol

Globex Non-Reviewable Ranges 

(NRR)

Monday Weekly Options on Short-Term U.S. 

Treasury Note Futures (2-Year) - Week 1-5

VT1-VT5

The greater of the following:

•Delta times 10/64ths

•2/64ths

Monday Weekly Options on Medium-Term U.S. 

Treasury Note Futures (5-Year) - Week 1-5

VF1-VF5

Monday Weekly Options on U.S. Treasury Note 

Futures (6 1⁄2 to 7 3⁄4 Year) - Week 1-5

VY1-VY5

Monday Weekly Options on Ultra 10-Year U.S. 

Treasury Note Futures- Week 1-5

VX1-VX5

Monday Weekly Options on U.S. Treasury Bond 

Futures - Week 1-5

VB1-VB5

Monday Weekly Options on Ultra U.S. Treasury 

Bond Futures - Week 1-5

VU1-VU5

Appendix D

CBOT Rulebook 

Chapter 5

(“Trading Qualifications and Practices”)

Rule 589. – (“Special Price Fluctuation Limits and Daily Price Limits”) Table

Product RULEBOOK 

CHAPTER

COMMODITY 

CODE

PRIMARY/ 

ASSOCIATED

ASSOCIATED 

WITH

Dynamically 

Calculated Variant 

- All Hours

Monday Weekly Options on ShortTerm U.S. Treasury Note Futures (2-

Year) - Week 1-5

21A VT1-VT5 Associated ZT No specified limits

Monday Weekly Options on MediumTerm U.S. Treasury Note Futures (5-

Year) - Week 1-5

20A VF1-VF5 Associated ZF No specified limits

Monday Weekly Options on U.S. 

Treasury Note Futures (6 1⁄2 to 7 3⁄4 

Year) - Week 1-5

19A VY1-VY5 Associated ZN No specified limits

Monday Weekly Options on Ultra 10-

Year U.S. Treasury Note FuturesWeek 1-526A VX1-VX5 Associated TN No specified limits

Monday Weekly Options on U.S. 

Treasury Bond Futures - Week 1-5

18A VB1-VB5 Associated ZB No specified limits

Monday Weekly Options on Ultra U.S. 

Treasury Bond Futures - Week 1-5

40A VU1-VU5 Associated UB No specified limits
35

Appendix E

Exchange Fees 

Level Account Owner Execution Type Venue/Transaction 

Type Fee 

1

Individual Members Member Account 

Owner

CME Globex $0.14

EFP $0.89 

EFR $0.89 

Block $0.89 

Individual Delegates Delegate Trading Own 

Account

CME Globex $0.27 

EFP $1.02 

EFR $1.02

Block $1.02

Equity Members (Individual Equity members, Clearing Equity Member Firms and Equity Member Firms)

2

Rule 106.J Equity Member Firms

Rule 106.I Affiliate Equity Member Firms

Individual Equity Members (Other Member/Delegate 

executing trade)

Clearing Equity Member Firms

Rule 106.I Affiliate Membership Umbrella - Qualified 

Affiliate

Member or Delegate

CME Globex $0.14 

EFP $0.89 

EFR $0.89 

Block $0.89 

Non-Member

CME Globex $0.23

EFP $0.89 

EFR $0.89 

Block $0.89 

Rule 106.S. Family of Funds Equity Member Firms Member, Delegate or 

Non-Member

CME Globex $0.23

EFP $0.89 

EFR $0.89 

Block $0.89 

Trading Members (Individual Non-Equity Members, Clearing Non-Equity Member Firms and Non-Equity Member Firms)

3 

Individual Non-Equity Members (Other 

Member/Delegate executing trade)

Clearing Non-Equity Member Firms

Rule 106.H. Member Firms

Rule 106.I. Affiliate Trading Member Firms (w/ an 

owned seat)

Member, Delegate or 

Non-Member

CME Globex $0.32 

EFP $1.02 

EFR $1.02

Block $1.02

Individual Delegates (Other Member/Delegate 

executing trade)

Rule 106.I. Affiliate Trading Member Firms (w/ a 

leased seat)

Member, Delegate or 

Non-Member

CME Globex $0.45 

EFP $1.17 

EFR $1.17

Block $1.17

Rule 106.S. Family of Funds Trading Member Firms Member, Delegate or 

Non-Member

CME Globex $0.32 

EFP $1.02 

EFR $1.02

Block $1.02

Level Account Owner Execution Type Venue/Transaction 

Type Fee

Electronic Corporate Member Firm

4

Rule 106.R Electronic Corporate Member Firms 

(For other than CME Globex – See Non-Members)

Member, Delegate or 

Non-Member CME Globex $0.45

Non-Members

5

International Incentive Program (IIP) 

International Volume Incentive Program (IVIP) 

(For other than CME Globex – See Non-Members)

Member, Delegate or 

Non-Member CME Globex $0.54
36

Central Bank Incentive Program (CBIP)

(For other than CME Globex – See Non-Members)

Member, Delegate or 

Non-Member CME Globex $0.69 

Latin American Fund Manager Incentive Program 

(FMIP) 

(For other than CME Globex – See Non-Members)

Member, Delegate or 

Non-Member CME Globex $0.58

Non-Members N/A

CME Globex $0.85 

EFP $1.41 

EFR $1.41

Block $1.41

Processing Fees Fee

Exchange Fees for Non-Trades (Member/Delegate/Non-Member) $0.10/$0.25/$0.55

Exchange Fees for Non-Trades - Expired Options $0.10

Position Adjustment/Position Transfer $0.10

Give-Up Surcharge $0.06

Facilitation Fee $0.00