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Futures Contract Specifications

The 5 Year T-Note futures contract specifications tell you how the 5 Year T-Note futures futures trade, not how to trade to 5 Year T-Note futures. Before you consider opening a futures account, you should consult with a licensed futures broker.


Contract Size

One U.S. Treasury note having a face value at maturity of $100,000 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 4 years and 2 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.

Tick Size

Minimum price fluctuations shall be in multiples of one-quarter of one thirty-second point per 100 points ($7.8125 per contract), including intermonth spreads. Par shall be on the basis of 100 points. Contracts shall not be made on any other price basis.

Price Quote

Points ($1,000) and one-quarter of 1/32 of a point; for example, 84-16 equals 84-16/32, 84-162 equals 84-16.25/32, 84-165 equals 84-16.5/32, and 84-167 equals 84-16.75/32.

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

Last business day of the expiring contract's named expiration month

Last Delivery Day
The 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 Standard Time, Monday - Friday
Electronic: 5:30 pm - 4:00 pm, Central Standard Time, Sunday - Friday
Trading in expiring contracts closes at noon, Central Standard Time, on the last trading day
Ticker Symbols
Open Auction: FV
Electronic: ZF
Daily Price Limit
Margin Information
Find information on margins requirements for the 5 Year U.S. Treasury Notes Futures.

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