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5-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

SUN - FRI: 5:00 p.m. - 4:00 p.m.

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.

Product Code

CME Globex: ZF

CME ClearPort: 25

Clearing: 25

Listed Contracts

The first three consecutive contracts in the March, June, September, and December quarterly cycle.

Settlement Method


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.

Delivery Procedure

Federal Reserve book-entry wire-transfer system.

Last Delivery Date

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 four years and two months as of 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.