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Futures Contract Specifications

The 2 Year T-Note futures contract specifications tell you how the 2 Year T-Note futures futures trade, not how to trade to 2 Year T-Note futures. Before you consider opening a futures account, you should consult with a licensed futures broker.


Contract Size
One CBOT U.S. Treasury note having a face value at maturity of $200,000 or multiple thereof.
Deliverable Grades
U.S. Treasury notes that have an original maturity of not more than 5 years and 3 months and a remaining maturity of not less than 1 year and 9 months from the first day of the delivery month but not more than 2 years from the last 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.
Tick Size

Minimum price fluctuations shall be in multiples of one-quarter of one thirty-second (1/32) point per 100 points ($15.625 rounded up to the nearest cent per contract).  Par shall be on the basis of 100 points. Contracts shall not be made on any other price basis.

Price Quote

Points ($2,000) and one quarter of 1/32 of a point; for example, 91-16 equals 91 16/32, 91-162 equals 91 16.25/32, 91-165 equals 91 16.5/32, and 91-167 equals 91 16.75/32

Contract Months
Mar, Jun, Sep, Dec 
Last Trading Day

The last business day of the calendar month.  Trading in expiring contracts closes at noon, Chicago time, on the last trading day.

Last Delivery Day
Third business day following the last trading day
Delivery Method
Federal Reserve book-entry wire-transfer system
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: TU
Electronic: ZT

Daily Price Limit


Margin Information
Find information on margins requirements for the 2 Year U.S. Treasury Notes Futures.

Click here to contact a commodities broker with experience in the 2 YR T-Note market.