One U.S. Treasury bond having face value at maturity of $100,000

U.S. Treasury bonds that, if callable, are not callable for at least 15 years from the first day of the delivery month or, if not callable, have remaining term to maturity of at least 15 years from the first day of the delivery month. The invoice price 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.

The minimum price fluctuation shall be one half of one thirty-second (1/32) of one point ($15.625 rounded up to the nearest cent per contract) except for inter-month spreads, where the minimum price fluctuation shall be one quarter of one thirty-second of one point ($7.8125 per contract). Par shall be on the basis of 100 points.

Points ($1,000) and halves of 1/32 of a point. For example, 105-16 represents 105 16/32, and 105-165 represents 105 16.5/32.

Mar, Jun, Sep, Dec

Last business day of the delivery month.

Federal Reserve book-entry wire transfer system.

ZBe