2-Year US Treasury Note Future [TU, CBOT] - Financial definition
Country
: United States of America
Concise definition of the term 2-Year US Treasury Note Future [TU, CBOT]
Interest rate futures contract on a notional short-term US Treasury note (T-note) with a remaining term comprised between 1.75 and 2.25 years and a nominal coupon of 6%. US T-note futures are listed on the Chicago Board of Trade (CBOT).
Comprehensive definition of the term 2-Year US Treasury Note Future [TU, CBOT]
Thanks to its listing on both CBOT's floor and the electronic CME Globex platform, this contract is, like the other US bond futures, tradable almost 24 hours a day.
Contract specifications
| Market code | Floor: TU CME Globex: ZT |
| Currency | USD |
| Trading hours | Floor: Monday to Friday 7.20h - 14h CST CME Globex: Sunday to Friday 17h - 16h CST Note: Quoting ends at 12.01h on the contract's last trading day. |
| Contract value | 200 000 USD |
| Quoting method | Price in percentage of nominal, with fractional notation : 109-16 represents 109 16/32, 109-162 represents 109 16.25/32 109-165 represents 109 16.5/32 109-167 represents 109 16.75/32. |
| Minimum price change (tick) | ΒΌ of 1/32nd of a percentage point |
| Tick value | 15.625 USD |
| Nominal coupon rate | 6.000% |
| Contract months | The first five consecutive contracts in the March, June, September, and December quarterly cycle. |
| Last trading day | Last business day of the calendar month. Trading in expiring contracts closes at 12:01 p.m. on the last trading day. |
| Last delivery day | Third business day following the last trading day. |
| Physical delivery | U.S. Treasury notes with an original term to maturity of not more than five years and three months and a remaining term to maturity of not less than one year and nine months from the first day of the delivery month and a remaining term to maturity of not more than two years from the last day of the delivery month. |
1These codes are completed with two characters representing the given contract's delivery month: a letter to designate the month (H = March, M = June, U = September, Z = December), and one digit to designate the year (for example 3 for 2013). The September 2013 2-year US T-note future contract would hence have the Reuters code TUU3.