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Options Contract Specifications
The 10 Year T-Note futures contract specifications tell you how the 10 Year T-Note futures options trade, not how to trade 10 Year T-Note futures options. Before you consider opening a futures account, you should consult with a licensed futures broker.

Contract Size

One CBOT 10-Year U.S. Treasury Note futures contract (of a specified delivery month) having a face value at maturity of $100,000 or multiple thereof.


Unexercised 10 Year Treasury Note futures options shall expire at 7:00 p.m. Central Time on the last day of trading.

Tick Size

1/64 of a point ($15.625/contract) rounded up to the nearest cent/contract.

Contract Months
The first three consecutive contract months (two serial expirations and one quarterly expiration) plus the next four months in the quarterly cycle (Mar, Jun, Sep, Dec). There will always be seven months available for trading. Serials will exercise into the first nearby quarterly futures contract. Quarterlies will exercise into futures contracts of the same delivery period.
Last Trading Day
Options cease trading at the same time as the underlying futures contract on the last Friday preceding by at least two business days the last business day of the month preceding the option contract month. Options cease trading at the close of the regular daytime open auction trading session for the corresponding 10-Year Treasury Note futures contract.
Trading Hours
Open Auction: 7:20 am - 2:00 pm, Central Time, Monday - Friday
Electronic: 5:30 pm - 4:00 pm, Central Time, Sunday - Friday
Ticker Symbols
Open Auction: TC for calls, TP for puts
Electronic: OZN for calls, OZNP for puts
Daily Price Limit
Strike Price Intervals
Strike prices will be listed in integral multiples of one-half of one point ($500 per contract) to bracket the settlement price of the underlying 10-Year U.S. Treasury Note futures contract. Strike prices will included the at-the-money strike price plus the next 50 consecutive higher and the next 50 consecutive lower strike prices.
The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of Trade clearing service provider by 6:00 pm, Central Time. Options that expire in-the-money are automatically exercised into a position, unless specific instructions are given to the Board of Trade clearing service provider.

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