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10-Year T-note Futures

Contract Unit

Face value at maturity of $100,000

Price Quotation

Points and fractions of points with par on the basis of 100 points

Trading Hours

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)

Minimum Price Fluctuation

Outrights: One-half of one thirty-second (1/32) of one point = $15.625Spreads: One-quarter of one thirty-second (1/32) of one point = $7.8125.

Product Code

CME Globex: ZN

CME ClearPort: 21

Clearing: 21

Listed Contracts

Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 consecutive quarters.

Settlement Method


Termination Of Trading

Trading terminates on the seventh business day preceding the last business day of the delivery month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day.

Delivery Procedure

Federal Reserve book-entry wire-transfer system.

Last Delivery Date

Last business day of the delivery month.

Grade And Quality

U.S. Treasury notes with a remaining term to maturity of at least six and a half years, but not more than 10 years, from the first 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.