FMX Futures Exchange launched with 2-year and 5-year U.S. Treasury Note futures on May 19th, 2025, with plans to expand to additional contracts in the future! Reach out to [email protected] for more information.
U.S. Treasury Note Futures
2-Year
| Parameter | Description | ||
| Contract Underlying | $200,000 face value U.S. Treasury note | ||
| Type of Contract | Physically settled futures contracts with daily variation margin payment | ||
| Central Counterparty | LCH | ||
| Product Code | F02 | ||
| Vendor Codes | Bloomberg: KFBA Comdty | ||
| LSEG/Refinitiv: FOFMYY | |||
| Listed Contracts | The three nearest quarterly months of the March, June, September, and December cycle. | ||
| Trading Hours | Daily 6:00 PM – 5:00 PM (ET), Sunday to Friday | ||
| Quotation Display & Value | Points and fractions of points with par on the basis of 100 points, 1 point = $2,000 | ||
| Minimum Tick Size | Trade Type | Tick Size | Tick Value |
| Outright | 1/8 of 1/32nd of a point | $7.8125 | |
| (0.00390625) | |||
| Calendar Spread | 1/8 of 1/32nd of a point | $7.8125 | |
| (0.00390625) | |||
| Minimum Block Size | 25 Contracts | ||
| Daily Settlement Price (DSP) | The DSP will be calculated at 3:00 PM ET and disseminated shortly afterwards. | ||
| Accountability Level | 7,500 contracts (any one month or all months combined) | ||
| Position Limit | 40,000 contracts (spot month only) | ||
| First Intention Day | Second business day prior to the first business day of the contract’s named month. | ||
| Last Intention Day | First business day of the next following calendar month after the contract’s named month. | ||
| Delivery Period | First business day of the contract’s named month extending to and including the third business day of the month following the contract’s named month. | ||
| Settlement Style | Physical Delivery of a note selected from the basket of deliverable U.S. Treasury notes. | ||
| Deliverable Note Standards | U.S. Treasury notes that have an original term to maturity of not more than 5 years and 3 months and a remaining term to maturity of at least 1 year and 9 months from the first day of the contract’s named month and not more than 2 years from the last day of the contract’s named month. The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. | ||
| Last Trading Day | The last business day of the delivery month. On the Last Trading Day, trading in the front delivery month will cease at 1:01 PM ET. |
||
| Final Settlement Price (FSP) | The FSP will be calculated at 1:01 PM ET and disseminated shortly afterwards. | ||
For complete contract rules, please click here.
U.S. Treasury Note Futures
5-Year
| Parameter | Description | ||
| Contract Underlying | $100,000 face value U.S. Treasury note | ||
| Type of Contract | Physically settled futures contracts with daily variation margin payment | ||
| Central Counterparty | LCH | ||
| Product Code | F05 | ||
| Vendor Codes | Bloomberg: KFDA Comdty | ||
| LSEG/Refinitiv: FOHMYY | |||
| Listed Contracts | The three nearest quarterly months of the March, June, September, and December cycle. | ||
| Trading Hours | Daily 6:00 PM – 5:00 PM (ET), Sunday to Friday | ||
| Quotation Display & Value | Points and fractions of points with par on the basis of 100 points, 1 point = $1,000 | ||
| Minimum Tick Size | Trade Type | Tick Size | Tick Value |
| Outright | 1/8 of 1/32nd of a point | $3.90625 | |
| (0.00390625) | |||
| Calendar Spread | 1/8 of 1/32nd of a point | $3.90625 | |
| (0.00390625) | |||
| Minimum Block Size | 25 Contracts | ||
| Daily Settlement Price (DSP) | The DSP will be calculated at 3:00 PM ET and disseminated shortly afterwards. | ||
| Accountability Level | 7,500 contracts (any one month or all months combined) | ||
| Position Limit | 80,000 contracts (spot month only) | ||
| First Intention Day | Second business day prior to the first business day of the contract’s named month. | ||
| Last Intention Day | First business day of the next following calendar month after the contract’s named month. | ||
| Delivery Period | First business day of the contract’s delivery month extending to and including the third business day of the month following the contract’s named month. | ||
| Settlement Style | Physical Delivery of a note selected from the basket of deliverable U.S. Treasury notes. | ||
| Deliverable Note Standards | U.S. Treasury notes that have an original term to maturity of not more than 5 years and 3 months and a remaining term to maturity of at least 4 years and 2 months from the first day of the contract’s named month. The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. | ||
| Last Trading Day | The last business day of the delivery month. On the Last Trading Day, trading in the front delivery month will cease at 1:01 PM ET. | ||
| Final Settlement Price (FSP) | The FSP will be calculated at 1:01 PM ET and disseminated shortly afterwards. | ||
For complete contract rules, please click here.
U.S. Treasury Note Futures
10-Year
| Parameter | Description | ||
| Contract Underlying | $100,000 face value U.S. Treasury note | ||
| Type of Contract | Physically settled futures contracts with daily variation margin payment | ||
| Central Counterparty | LCH | ||
| Product Code | F10 | ||
| Vendor Codes | Bloomberg: KTYA Comdty | ||
| LSEG/Refinitiv: F1OMMY | |||
| Listed Contracts | The three nearest quarterly months of the March, June, September, and December cycle. | ||
| Trading Hours | Daily 6:00 PM – 5:00 PM (ET), Sunday to Friday | ||
| Quotation Display & Value | Points and fractions of points with par on the basis of 100 points, 1 point = $1,000 | ||
| Minimum Tick Size | Trade Type | Tick Size | Tick Value |
| Outright | 1/4 of 1/32nd of a point | $7.8125 | |
| (0.00781250) | |||
| Calendar Spread | 1/8 of 1/32nd of a point | $3.90625 | |
| (0.00390625) | |||
| Minimum Block Size | Reserved | ||
| Daily Settlement Price (DSP) | The DSP will be calculated at 3:00 PM ET and disseminated shortly afterwards. | ||
| Accountability Level | 7,500 contracts (any one month or all months combined) | ||
| Position Limit | 75,000 contracts (spot month only) | ||
| First Intention Day | Second business day prior to the first business day of the delivery month. | ||
| Last Intention Day | Second business day prior to the last business day of the delivery month. | ||
| Delivery Period | First business day of the contract’s delivery month, and to extend to, and to include, the last business day of the contract’s delivery month. |
||
| Settlement Style | Physical Settlement. Delivery of a note selected from the basket of approved deliverable US Treasury notes. | ||
| Deliverable Note Standards | U.S. Treasury notes with a remaining term to maturity of at least 6 years and 6 months and less than 8 years from the first day of the futures delivery month. The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. | ||
| Last Trading Day | The last trading day is 7 business days prior to the last business day of the contract month. On the Last Trading Day, trading in the front delivery month will cease at 1:01 PM ET. | ||
| Final Settlement Price (FSP) | The FSP will be calculated at 1:01 PM ET and disseminated shortly afterwards. | ||
U.S. Treasury Note Futures
10-Year Ultra
| Parameter | Description | ||
| Contract Underlying | $100,000 face value U.S. Treasury note | ||
| Type of Contract | Physically settled futures contracts with daily variation margin payment | ||
| Central Counterparty | LCH | ||
| Product Code | F1U | ||
| Vendor Codes | Bloomberg: KUTA Comdty | ||
| LSEG/Refinitiv: F10UMMY | |||
| Listed Contracts | The three nearest quarterly months of the March, June, September, and December cycle. | ||
| Trading Hours | Daily 6:00 PM – 5:00 PM (ET), Sunday to Friday | ||
| Quotation Display & Value | Points and fractions of points with par on the basis of 100 points, 1 point = $1,000 | ||
| Minimum Tick Size | Trade Type | Tick Size | Tick Value |
| Outright | 1/4 of 1/32nd of a point | $7.8125 | |
| (0.00781250) | |||
| Calendar Spread | 1/8 of 1/32nd of a point | $3.90625 | |
| (0.00390625) | |||
| Minimum Block Size | Reserved | ||
| Daily Settlement Price (DSP) | The DSP will be calculated at 3:00 PM ET and disseminated shortly afterwards. | ||
| Accountability Level | 7,500 contracts (any one month or all months combined) | ||
| Position Limit | 150,000 contracts (spot month only) | ||
| First Intention Day | Second business day prior to the first business day of the delivery month. | ||
| Last Intention Day | Second business day prior to the last business day of the delivery month. | ||
| Delivery Period | First business day of the contract’s delivery month, and to extend to, and to include, the last business day of the contract’s delivery month. | ||
| Settlement Style | Physical Settlement. Delivery of a note selected from the basket of approved deliverable US Treasury notes. | ||
| Deliverable Note Standards | U.S. Treasury notes that have an original term to maturity of not more than 10 years and a remaining term to maturity of at least 9 years and 5 months and less than 10 years from the first day of the futures delivery month. The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. | ||
| Last Trading Day | The last trading day is 7 business days prior to the last business day of the contract month. On the Last Trading Day, trading in the front delivery month will cease at 1:01 PM ET. | ||
| Final Settlement Price (FSP) | The FSP will be calculated at 1:01 PM ET and disseminated shortly afterwards. | ||
U.S. Treasury Bond Futures
30-Year
| Parameter | Description | ||
| Contract Underlying | $100,000 face value U.S. Treasury bond | ||
| Type of Contract | Physically settled futures contracts with daily variation margin payment | ||
| Central Counterparty | LCH | ||
| Product Code | F30 | ||
| Vendor Codes | Bloomberg: KLOA Comdty | ||
| LSEG/Refinitiv: F3OMMY | |||
| Listed Contracts | The three nearest quarterly months of the March, June, September, and December cycle. | ||
| Trading Hours | Daily 6:00 PM – 5:00 PM (ET), Sunday to Friday | ||
| Quotation Display & Value | Points and fractions of points with par on the basis of 100 points, 1 point = $1,000 | ||
| Minimum Tick Size | Trade Type | Tick Size | Tick Value |
| Outright | 1/2 of 1/32nd of a point | $15.6250 | |
| (0.0156250) | |||
| Calendar Spread | 1/4 of 1/32nd of a point | $7.8125 | |
| (0.0078125) | |||
| Minimum Block Size | Reserved | ||
| Daily Settlement Price (DSP) | The DSP will be calculated at 3:00 PM ET and disseminated shortly afterwards. | ||
| Accountability Level | 10,000 contracts (any one month or all months combined) | ||
| Position Limit | 75,000 contracts (spot month only) | ||
| First Intention Day | Second business day prior to the first business day of the delivery month. | ||
| Last Intention Day | Second business day prior to the last business day of the delivery month. | ||
| Delivery Period | First business day of the contract’s delivery month, and to extend to, and to include, the last business day of the contract’s delivery month. | ||
| Settlement Style | Physical Settlement. Delivery of a bond selected from the basket of approved deliverable US Treasury bonds. | ||
| Deliverable Note Standards | U.S. Treasury bonds that have remaining term to maturity of at least 15 years and less than 25 years from the first day of the futures delivery month. The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. |
||
| Last Trading Day | The last trading day is 7 business days prior to the last business day of the contract month. On the Last Trading Day, trading in the front delivery month will cease at 1:01 PM ET. | ||
| Final Settlement Price (FSP) | The FSP will be calculated at 1:01 PM ET and disseminated shortly afterwards. | ||
U.S. Treasury Bond Futures
30-Year Ultra
| Parameter | Description | ||
| Contract Underlying | $100,000 face value U.S. Treasury bond | ||
| Type of Contract | Physically settled futures contracts with daily variation margin payment | ||
| Central Counterparty | LCH | ||
| Product Code | F3U | ||
| Vendor Codes | Bloomberg: KWLA Comdty | ||
| LSEG/Refinitiv: F30UMMY | |||
| Listed Contracts | The three nearest quarterly months of the March, June, September, and December cycle. | ||
| Trading Hours | Daily 6:00 PM – 5:00 PM (ET), Sunday to Friday | ||
| Quotation Display & Value | Points and fractions of points with par on the basis of 100 points, 1 point = $1,000 | ||
| Minimum Tick Size | Trade Type | Tick Size | Tick Value |
| Outright | 1/2 of 1/32nd of a point | $15.6250 | |
| (0.0156250) | |||
| Calendar Spread | 1/4 of 1/32nd a point | $7.8125 | |
| (0.0078125) | |||
| Minimum Block Size | Reserved | ||
| Daily Settlement Price (DSP) | The DSP will be calculated at 3:00 PM ET and disseminated shortly afterwards. | ||
| Accountability Level | 10,000 contracts (any one month or all months combined) | ||
| Position Limit | 100,000 contracts (spot month only) | ||
| First Intention Day | Second business day prior to the first business day of the delivery month. | ||
| Last Intention Day | Second business day prior to the last business day of the delivery month. | ||
| Delivery Period | First business day of the contract’s delivery month, and to extend to, and to include, the last business day of the contract’s delivery month. | ||
| Settlement Style | Physical Settlement. Delivery of a bond selected from the basket of approved deliverable US Treasury bonds. | ||
| Deliverable Note Standards | U.S. Treasury bonds that have remaining term to maturity of at least 25 years from the first day of the futures delivery month. The delivery invoice amount equals the futures settlement price times a conversion factor, plus accrued interest. The conversion factor is the price of the delivered bond ($1 par value) to yield 6 percent. |
||
| Last Trading Day | The last trading day is 7 business days prior to the last business day of the contract month. On the Last Trading Day, trading in the front delivery month will cease at 1:01 PM ET. | ||
| Final Settlement Price (FSP) | The FSP will be calculated at 1:01 PM ET and disseminated shortly afterwards. | ||