CME Group U.S. Treasury Bond

U.S. Treasury Bond Futures	U.S. Treasury Bond Futures 	U.S. Treasury Bond Futures
Contract Unit 	Face value at maturity of $100,000 	Face value at maturity of $100,000
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 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation 	1/32 of a point = $31.25
Calendar spreads: one-quarter of 1/32 of a point = $7.8125 	1/32 of a point = $31.25
Calendar spreads: one-quarter of 1/32 of a point = $7.8125
Product Code 	CME Globex: ZB
CME ClearPort: 17
Clearing: 17 	CME Globex: ZB
CME ClearPort: 17
Clearing: 17
Listed Contracts 	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 quarters 	Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 quarters
Settlement Method 	Deliverable 	Deliverable
Termination of Trading 	Trading terminates at 12:01 p.m. CT on the 7th business day prior to the last business day of the contract month.	Trading terminates at 12:01 p.m. CT on the 7th business day prior to the last business day of the contract month.
Settlement Procedures 	Treasury Settlement Procedures 	Treasury Settlement Procedures
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Exchange Rulebook 	CBOT 18 	CBOT 18
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
Delivery Procedure 	Federal Reserve book-entry wire-transfer system. 	Federal Reserve book-entry wire-transfer system.
Last Delivery Date 	Last business day of the delivery month. 	Last business day of the delivery month.
Grade and Quaity 	U.S. Treasury bonds that have remaining term to maturity of at least 15 years and less than 25 years from the first day of the futures delivery month.* The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent.
*For more information, please refer to T-Bond Basket Gap Decision.	U.S. Treasury bonds that have remaining term to maturity of at least 15 years and less than 25 years from the first day of the futures delivery month.* The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent.
*For more information, please refer to T-Bond Basket Gap Decision.
U.S. Treasury Bond Options 	U.S. Treasury Bond Options 	U.S. Treasury Bond Options
Contract Unit 	Face value at maturity of $100,000 	Face value at maturity of $100,000
Minimum Price Fluctuation 	1/64 of a point = $15.625
Variable CAB at $1.00 increments from $1.00 - $15.00 	1/64 of a point = $15.625
Variable CAB at $1.00 increments from $1.00 - $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: OZB
CME ClearPort: 17
Open Outcry: Put: PG Call: CG
Clearing: 17 	CME Globex: OZB
CME ClearPort: 17
Open Outcry: Put: PG Call: CG
Clearing: 17
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
Exchange Rulebook 	CBOT 18A 	CBOT 18A
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-half of one point for the nearest monthly (serial or quarterly) expiration. The minimum strike price range will include the at-the-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. For all other months, strike prices will be listed in increments 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 thirty (30) consecutive higher and the next thirty (30) consecutive lower strike prices.	Strike prices will be listed in increments of one-half of one point for the nearest monthly (serial or quarterly) expiration. The minimum strike price range will include the at-the-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. For all other months, strike prices will be listed in increments 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 thirty (30) consecutive higher and the next thirty (30) 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.
Settlement Method 	Deliverable 	Deliverable
Underlying 	U.S. Treasury Bond Futures 	U.S. Treasury Bond Futures
== Also See ==
U.S. Treasury Bond Contract Specs 
CME Group interest rate products 
US Treasury futures
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