CME Group 2-Year US Treasury Note

CME Group 2-Year U.S. Treasury Note Futures	CME Group 2-Year U.S. Treasury Note Futures 	CME Group 2-Year U.S. Treasury Note Futures
Contract Unit 	Face value at maturity of $200,000 	Face value at maturity of $200,000
Price Quotation 	Points and fractions of points with par on the basis of 100 points 	Points and fractions of points with par on the basis of 100 points
Trading Hours 	CME Globex: 	SUN - FRI: 5:00 p.m. - 4:00 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
Minimum Price Fluctuation 	One-eighth of one thirty-second (1/32) of one point ($7.8125, rounded to the nearest cent per contract), including intermonth spreads. 	One-eighth of one thirty-second (1/32) of one point ($7.8125, rounded to the nearest cent per contract), including intermonth spreads.
Product Code 	CME Globex: ZT
CME ClearPort: 26
Clearing: 26 	CME Globex: ZT
CME ClearPort: 26
Clearing: 26
Listed Contracts 	The first three consecutive contracts in the March, June, September, and December quarterly cycle. 	The first three consecutive contracts in the March, June, September, and December quarterly cycle.
Settlement Method 	Deliverable 	Deliverable
Termination of Trading 	Last business day of the calendar month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day. 	Last business day of the calendar month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day.
Settlement Procedures 	Treasury Settlement Procedures 	Treasury Settlement Procedures
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Exchange Rulebook 	CBOT 21 	CBOT 21
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
All or None Minimum 	All or None Minimum 	All or None Minimum
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Delivery Procedure 	Federal Reserve book-entry wire-transfer system. 	Federal Reserve book-entry wire-transfer system.
Last Delivery Date 	Third business day following the last trading day. 	Third business day following the last trading day.
Grade and Quality 	U.S. Treasury notes with an original term to maturity of not more than five years and three months and a remaining term to maturity of not less than one year and nine months from the first day of the delivery month and a remaining term to maturity of not more than two years from the last day of the delivery month. The invoice price equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered note ($1 par value) to yield 6 percent.	U.S. Treasury notes with an original term to maturity of not more than five years and three months and a remaining term to maturity of not less than one year and nine months from the first day of the delivery month and a remaining term to maturity of not more than two years from the last day of the delivery month. The invoice price equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered note ($1 par value) to yield 6 percent.
CME Group 2-Year U.S. Treasury Note Options	CME Group 2-Year U.S. Treasury Note Options 	CME Group 2-Year U.S. Treasury Note Options
Contract Unit 	Face value at maturity of $200,000 	Face value at maturity of $200,000
Minimum Price Fluctuation 	One-half of 1/64 of a point = $15.625.
Variable CAB at $1.00 increments from $1.00 to $15.00 	One-half of 1/64 of a point = $15.625.
Variable CAB at $1.00 increments from $1.00 to $15.00
Price Quotation 	Points and fractions of points with par on the basis of 100 points 	Points and fractions of points with par on the basis of 100 points
Trading Hours 	CME Globex: 	Sunday - Friday: 5:00 p.m. - 4:00 p.m. CT
Trading Hours 	Open Outcry: 	Monday - Friday: 7:20 a.m. - 2:00 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
Product Code 	CME Globex: OZT
CME ClearPort: 26
Open Outcry: Put: TUP Call: TUC
Clearing: 26 	CME Globex: OZT
CME ClearPort: 26
Open Outcry: Put: TUP Call: TUC
Clearing: 26
Listed Contracts 	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 quarters and 3 serial contracts
Serials exercise into the first nearby quarterly futures contract
Quarterlies exercise into the corresponding futures contracts 	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 quarters and 3 serial contracts
Serials exercise into the first nearby quarterly futures contract
Quarterlies exercise into the corresponding futures contracts
Termination of Trading 	Trading terminates on the Friday before the 2nd last business day of the month prior to the contract month. If this is not a business day, trading terminates on the prior business day. 	Trading terminates on the Friday before the 2nd last business day of the month prior to the contract month. If this is not a business day, trading terminates on the prior business day.
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Excahnge Rulebook 	CBOT 21A 	CBOT 21A
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 one-eighth 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 twenty (20) consecutive higher and the next twenty (20) consecutive lower strike prices. 	Strike prices will be listed in increments of one-eighth 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 twenty (20) consecutive higher and the next twenty (20) 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 are automatically exercised, 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 are automatically exercised, unless specific instructions are given to CME Clearing by 5:30 p.m.
Settlemnt Method 	Deliverable 	Deliverable
Underlying 	2-Year T-Note Futures 	2-Year T-Note Futures
																									
== Notes ==
Other than American option, there is weekly option for 2-Year U.S. Treasury Note futures contract. For contract specification of the weekly option, please refer to weekly option specification for 2-Year Treasury Note futures contract
(*)Last Trading Day: Options cease trading on the last Friday which precedes by at least two business days, the last business day of the month preceding the option month. Options cease trading at the close of the regular daytime open auction trading session for the corresponding 2-Year Treasury Note futures contract.
== Also See ==
CME Group interest rate products
== Resources ==
CME Group 2-Year U.S. Treasury Notes Contract Specification
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CME Group 2-Year US Treasury Note Contract Specifications
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