Treasury bond futures and Treasury note futures traded on the CBOT have the following standard features:

T-bonds deliverable grade

• US Treasury bonds with maturity (or call date) atleast 15 years from delivery date, with an 8% coupon
• Other T-bonds delivered are converted to the equivalent of the above

T-notes deliverable grade

US Treasury notes with a maturity of between 6-1/2 to 10 years from delivery date, with an 8% coupon.

Again, an equivalent amount of other T-notes may be delivered.

Other specifications

Other contract specifications which are the same for T-bond and T-note futures are:

Size: Size is $100,000 face value.

Price quotation: In points ($1,000) and thirty seconds of a point; for example, 92-16 equals 92-16/32.

Minimum price fluctuation: One thirty second of a point, or $31.25 (one tick) per contract.

Daily trading limits: Three points ($3,000) per contract above or below the previous day’s settlement price.

Months traded: March, June, September, and December

Last trading day: Seven business days prior to the last business day of the month.

Last delivery day: Last business day of the month.

Delivery method: Federal Reserve book entry wire transfer system.

Margin requirements: Initial margin $1,500 a contract; maintenance margin $1,000 a contract.