CBOT 5-Year U.S. Treasury Note futures contract (of a specified delivery month).
Unexercised 5 Year Treasury
Note futures options shall expire at 7:00 p.m. Central Time on the last day of trading.
1/2 of 1/64 of a point ($7.8125/contract)
rounded up to the nearest cent/contract.
|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 on the last Friday which precedes by at least two business days, the
last business day of the month preceding the option month. Options cease trading at the close of the regular daytime
open auction trading session for the corresponding 5-Year Treasury Note futures contract.|
|Open Auction: 7:20 am - 2:00 pm,
Central Time, Monday - Friday.|
Electronic: 5:30 pm - 4:00 pm, Central Time, Sunday - Friday
Trading in expiring
contracts closes at the same time as the underlying futures contract (2:00 pm, Central Time) on the last trading day.
Auction: FL for calls, FP for puts|
Electronic: OZFC for calls, OZFP for puts
|Daily Price Limit|
|Strike Price Intervals|
point ($500/contract) to bracket the current 5-Year T-note futures price. For example, if 5-year T-note futures are at
94-00, strike prices may be set at 92.5, 93, 93.5, 94, 94.5, 95, 95.5, etc.|
|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.|