U.S. Treasury Bond / Treasury Note Futures and Options Trading

Interest Rate Risk Management. U.S. Treasury bond and note futures have grown to become fundamental risk management tools for investors worldwide.

In today's ever-changing global economy, holding fixed-income securities is tantamount to speculating on the futures direction of interest rates. With the Treasury futures contracts at the Chicago Board of Trade and the Mid America Commodity Exchange, institutional and individual investors, along with their brokers, can help control the risk in holding fixed-income securities and help optimize their performance.

U.S. Treasury bond futures were first introduced, followed by futures on 10-year, 5-year, and 2-year U.S. Treasury notes. Over the past two decades, contract volume has grown to unprecedented levels, reflecting the growth of the underlying instruments and profound changes in the marketplace.

Whether market predictions call for rising or falling rates, you'll find that U.S. Treasury futures are an effective, low-cost way to help you meet your unique objectives.

visit Dow Jones Index Futures and Eurodollar Futures.

Treasury Bond / Treasury Note Commodity Contract Specifications

T-Bonds / T-Notes

Specs

T-bond Futures - One U.S. Treasury bond with $100,000 face value at maturity.

10-year T-note Futures - One U.S. Treasury note with $100,000 face value at maturity.

5-year T-note Futures - One U.S. Treasury note with $100,000 face value at maturity.

2-year T-note Futures - One U.S. Treasury note with $200,000 face value at maturity.

Deliverable Grades

T-bond Futures - Bonds with at least 15 years remaining to maturity.

10-year T-note Futures - Notes with 61/2 to 10 years remaining to maturity.

5-year T-note Futures - Notes with 4 years 3 months to 5 years 3 months remaining to maturity.

2-year T-note Futures - Notes with 1 year 9 months to 2 years remaining to maturity.

Tick Size

T-bond Futures - 1/32

10-year T-note Futures - 1/32

5-year T-note Futures - 1/2 of 1/32

2-year T-note Futures - 1/4 of 1/32

Price Limit

T-bond Futures - 3 points, expandable to 41/2 points.

10-year T-note Futures - 3 points, expandable to 41/2 points.

5-year T-note Futures - 3 points, expandable to 41/2 points.

2-year T-note Futures - 1 point, expandable to 11/2 points.

Contract Months

T-bond Futures - March, June, September, December

10-year T-note Futures - March, June, September, December

5-year T-note Futures - March, June, September, December

2-year T-note Futures - March, June, September, December

Trading Hours

T-bond Futures - 7:20a.m. -2:00p.m., 2:30-4:30p.m., 5:20p.m.-8:05p.m., 10:30p.m.-6:00a.m.

10-yearT-note Futures -7:20a.m. -2:00p.m., 2:30-4:30p.m., 5:20p.m. -8:05p.m., 10:30p.m. -6:00a.m.

5-year T-note Futures - 7:20a.m. -2:00p.m., 2:30-4:30p.m., 5:20p.m. -8:05p.m., 10:30p.m. -6:00a.m.

2-year T-note Futures -7:20a.m. -2:00p.m., 2:30-4:30p.m., 5:20p.m. -8:05p.m., 10:30p.m. -6:00a.m.

Ticker Symbol

T-bond Futures - US

10-year T-note Futures - TY

5-year T-note Futures - FV

2-year T-note Futures - TU

Last Trading Day

T-bond Futures -Seventh business day preceding the last business day of the delivery month.

10-year T-note Futures -Seventh business day preceding the last business day of the delivery month

5-year T-note Futures -Seventh business day preceding the last business day of the delivery month.

2-year T-note Futures -The earlier of (1) the second business day prior to the issue day of the 2-year note auctioned in the current month, or (2) the last business day of the calendar month.

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