CME Group 30-Day Federal Funds

CME Group 30-Day Federal Funds Futures	CME Group 30-Day Federal Funds Futures 	CME Group 30-Day Federal Funds Futures
Contract Unit 	$4,167 x Contract IMM Index 	$4,167 x Contract IMM Index
Price Quotation 	Contract IMM Index = 100 minus R
R = arithmetic average of daily effective federal funds rates during contract month. 
E.g., a price quote of 92.75 signifies an average daily rate of 7.25 percent per annum." 	Contract IMM Index = 100 minus R
R = arithmetic average of daily effective federal funds rates during contract month. 
E.g., a price quote of 92.75 signifies an average daily rate of 7.25 percent per annum."
Trading Hours 	CME Globex: 	Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Trading Hours 	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
Minimum Price Fluctuation 	Nearest expiring contract month(s):
One quarter (1/4) of one interest rate basis point = 0.0025 price points = $10.4175 per contract.
Each expiring contract month begins trading in 0.0025-point price increments at 5:00 pm Chicago time on the Sunday first preceding the first business day of the contract month.
All other contract months:
One half (1/2) of one interest rate basis point = 0.005 price points = $20.835 per contract."	Nearest expiring contract month(s):
One quarter (1/4) of one interest rate basis point = 0.0025 price points = $10.4175 per contract.
Each expiring contract month begins trading in 0.0025-point price increments at 5:00 pm Chicago time on the Sunday first preceding the first business day of the contract month.
All other contract months:
One half (1/2) of one interest rate basis point = 0.005 price points = $20.835 per contract."
Product Code 	CME Globex: ZQ
CME ClearPort: 41
Clearing: 41 	CME Globex: ZQ
CME ClearPort: 41
Clearing: 41
Listed Contracts 	Contracts listed for 60 consecutive months 	Contracts listed for 60 consecutive months
Settlement Method 	Financially Settled 	Financially Settled
Termination of Trading 	The last day of trading in an expiring futures contract shall be the last Business Day of such contract’s delivery month. Trading in expiring futures shall terminate at the close of the Trading Day on the last day of trading.	The last day of trading in an expiring futures contract shall be the last Business Day of such contract’s delivery month. Trading in expiring futures shall terminate at the close of the Trading Day on the last day of trading.
Settlement Procedures 	Expiring contracts are cash settled against the average daily Fed Funds overnight rate for the delivery month, rounded to the nearest one-tenth of one basis point. Final settlement occurs on the first business day following the last trading day. The daily Fed Funds overnight rate is calculated and reported by the Federal Reserve Bank of New York.
Settlement Procedures"	Expiring contracts are cash settled against the average daily Fed Funds overnight rate for the delivery month, rounded to the nearest one-tenth of one basis point. Final settlement occurs on the first business day following the last trading day. The daily Fed Funds overnight rate is calculated and reported by the Federal Reserve Bank of New York.
Settlement Procedures"
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Exchange Rulebook 	CBOT 22 	CBOT 22
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
All Or None Minimum 	All or None Minimums 	All or None Minimums
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
	
CME Group 30-Day Federal Funds Options	CME Group 30-Day Federal Funds Options 	CME Group 30-Day Federal Funds Options
Minimum Price Fluctuation 	One-quarter of one basis point (0.0025), or $10.4175 per contract. 	One-quarter of one basis point (0.0025), or $10.4175 per contract.
Trading Hours 	CME Globex: 	Sunday - Friday : 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m.CT) with a 60-minute break each day beginning at 5:00 p.m.(4:00 p.m. CT)
Trading Hours 	Open Outcry: 	MON - FRI: 7:20 a.m. - 2:00 p.m.
Trading Hours 	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
Product Code 	CME Globex: OZQ
CME ClearPort: 41
Open Outcry: Put: FFP Call: FFC
Clearing: 41 	CME Globex: OZQ
CME ClearPort: 41
Open Outcry: Put: FFP Call: FFC
Clearing: 41
Listed Contracts 	First 24 calendar months. 	First 24 calendar months.
Termination of Trading 	Default: 	Last business day of the delivery month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Unexercised options shall expire at 7:00 p.m. on the business day following the last trading day.
Termination of Trading 	Mid-Curve: 	Last business day of the delivery month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Exchange Rulebook 	CBOT Chapter 22A 	CBOT Chapter 22A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Strike Price Listing Procedures 	Strike prices will be listed in increments of 6.25 basis points (0.0625) and 12.5 basis points (0.1250). The following strike prices in increments of 6.25 basis points will be listed: the at-the-money strike price closest to the current futures price plus the next ten consecutive higher and the next ten consecutive lower strike prices. Above and below this band, the following strike prices in increments of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices.	Strike prices will be listed in increments of 6.25 basis points (0.0625) and 12.5 basis points (0.1250). The following strike prices in increments of 6.25 basis points will be listed: the at-the-money strike price closest to the current futures price plus the next ten consecutive higher and the next ten consecutive lower strike prices. Above and below this band, the following strike prices in increments of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) 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. Options that expire in-the-money after the close on the last trading day shall be automatically exercised on the business day following the last trading day, unless specific instructions are given to CME Clearing by 5:30 p.m. 	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. Options that expire in-the-money after the close on the last trading day shall be automatically exercised on the business day following the last trading day, unless specific instructions are given to CME Clearing by 5:30 p.m.
Settlement Method 	Deliverable 	Deliverable
Underlying 	30 Day Federal Funds Futures 	30 Day Federal Funds Futures
																								
== Notes ==
Other than American options, CME Group offers 6 month mid-curve and 1 year mid-curve options. The underlying instrument for these options are 30-Day Federal Funds in various maturities on the yield curve. For more information about contract specifications, please refer to 30 Day Federal Fund Contract Specification 
(*)Last Trading Day: Options cease trading on the last business day of the underlying contract month. Options cease trading at the close of the regular daytime open auction trading session for the underlying 30-Day Fed futures contract.
== Also See ==
CME Group interest rate products
== Resources ==
30 Day Federal Fund Contract Specification
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