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U.S. Treasury Bond 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 thirty-second (1/32) of one point ($31.25), except for intermonth spreads, where the minimum price fluctuation shall be one-quarter of one thirty-second of one point ($7.8125 per contract).

Product Code

CME Globex: ZB

CME ClearPort: 17

Clearing: 17

Listed Contracts

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

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 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.