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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

Deliverable

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.