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Options Contract Specifications

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

Contract Size

One 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.

Tick Size

1/2 of 1/64 of a point ($7.8125/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 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.
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
Trading in expiring contracts closes at the same time as the underlying futures contract (2:00 pm, Central Time) on the last trading day.
Ticker Symbols
Open Auction: FL for calls, FP for puts
Electronic: OZFC for calls, OZFP for puts
Daily Price Limit
Strike Price Intervals
One-half 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.

Click here to contact a licensed commodities broker with experience in the 5 YR T-Note market.