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2 Year U.S. Treasury Notes Flexible Options
| Contract Size |
|
One CBOT 2-Year U.S. Treasury Note futures contract (of a specified delivery month). |
| Description |
| Flexible options on 2-Year U.S. Treasury Note futures are permitted in puts and calls which do not have the same underlying futures contract, same strike price, same exercise style, and same last day of trading as standard options. However, flexible options are also permitted in put and calls that have the same underlying futures contract, same strike price, same exercise style, and same last day of trading as standard options that are not at that time listed for trading. The minimum size for requesting a quote and/or trading in a flexible option series is 50 contracts, each having a face value at maturity of $100,000. |
| Tick Size |
|
1/2 of 1/64 of a point ($15.625/contract) rounded up to the nearest cent/contract. |
| Contract Months |
| Trading may be conducted in flexible options in any month up through the most distant futures contract. |
| Last Trading Day |
| The last day of trading in a flexible option shall be the expiration day, and these options expire at 7:00 pm, Chicago time. However, flexible options that have the same specifications of standard options that are not listed for trading will follow the expiration and exercise procedures for standard options. |
| Expiration |
| Unexercised flexible options on 2-Year U.S. Treasury Note futures shall expire at 7:00 pm Chicago time on the last day of trading. The expiration date can be any date that is not a weekend or an exchange holiday but cannot go beyond the standard options expiration date. Those flexible options that have the features of yet-to-be listed standard options become standard options when the series is listed. These options follow the expiration and exercise procedures as specified in the standard option regulations. |
| Trading Hours |
| Open Auction: 7:20 a.m. - 2:00 p.m. Chicago time, Monday - Friday. |
| Ticker Symbols |
| American-style options: ATC for calls/ATP for puts European-style options: ETC for calls/ETP for puts |
| Daily Price Limit |
| None |
| Strike Price Interval |
| Strike prices must be specified in points and 64ths of points per 2-Year U.S. Treasury Note futures contract. Strike prices can be any strike that is not beyond the range of currently listed strike prices for the standard options. |
| Exercise |
| European Style: The buyer of the futures option may exercise only at expiration. American Style: The buyer of an American-style 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 Chicago time. Options that expire in-the-money are automatically exercised into a futures position, unless specific instructions are given to the Board of Trade clearing services provider. |
| Margin Information |
| Find information on margins requirements for the 2 Year U.S. Treasury Notes Flexible Options. |
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