3-Year U.S. Treasury Note futures offer hedging granularity, relative-value, and cost-effective execution (1/8 ticks) at the front-end of the Treasury curve. Inter-Commodity Spreads facilitate seamless curve trading with other tenors, while cash-futures basis trading is enabled by a narrow deliverable window (2yrs 9mo to 3yrs) that tracks a CTD cash note near the 3-year point in all yield environments.
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Contract Unit
Face value at maturity of $200,000
MINIMUM PRICE FLUCTUATION
One-eighth (1/8) of one thirty-second (1/32) of a point (1/256.) = $7.8125 ($2000 x 0.00390625)
Product Code
CME Globex: Z3N
CME ClearPort: 3YR
Clearing: 3YR
Trading Hours
Sunday - Friday: 5:00 p.m. - 4:00 p.m. CT
Track forward-looking risk expectations on U.S. Treasuries with the CME Group Volatility Index (CVOLTM), a robust measure of 30-day implied volatility derived from deeply liquid options on Treasury futures.
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Vendor Codes
| OUTRIGHTS | 2Y V. 3Y | 3Y V. 5Y | 3Y V. 10Y | 3Y V. ULTRA 10Y | 3Y V. T-BOND | 3Y V. ULTRA BOND | |
|---|---|---|---|---|---|---|---|
| CME Globex | Z3N | TYT | TOF | TUN | TYX | TOB | TOU |
| CME ClearPort / Clearing | 3YR | ||||||
| Bloomberg | 3Y | ||||||
| CQG | Z3N | TYT | TOF | TUN | GTYX | TOB | TOU |
| DTN | @3N | @TYT | @TOF | @TUN | @TYX | @TOB | @TOU |
| Fidessa | Z3N | TYT | TOF | TUN | TYX | TOB | TOU |
| FIS Global | Z3N | TYT | TOF | TUN | TYX | TOB | TOU |
| ION (Pats, FFastFill) | Z3N | TYT | TOF | TUN | TYX | TOB | TOU |
| Itiviti (Orc, Tbricks) | Z3N | TYT | TOF | TUN | TYX | TOB | TOU |
| Refinitiv Globex RIC Root | 1Y | 1TYT-1TYT | 1TOF-1TOF | 1TUN-1TUN | 1TYX-1TYX | 1TOB-1TOB | 1TOU-1TOU |
| Refinitiv Composite RIC Root | YR | ||||||
| TT | Z3N | ZT|Z3N | Z3N|ZF | Z3N|ZN | Z3N|TN | Z3N|ZB | Z3N|UB |
| Vela | Z3N | TYT | TOF | TUN | TYX | TOB | TOU |
Block Market Makers
| FIRM NAME | CONTACT(S) | PHONE NUMBER | HOURS |
|---|---|---|---|
| Credit Suisse | Avery Geehr | +1 212 325 3337 | RTH |
| Deutsche Bank | John Carpinello | +1 212 250 2860 | RTH |
| Ambrish Shah | +1 212 250 2860 | RTH | |
| DRW | Joe Meissner | +1 312 542 1090 | RTH |
| Goldman Sachs | Jerry Strabley | +1 212 902 5010 | RTH |
| James Groth | James Groth | +1 773 307 2566 | All Hours |
| JP Morgan Securities LLC | Peter Isola | +1 212 834 4652 | RTH |
| Morgan Stanley | Reed Staub | +1 212 761 1724 | RTH |
| Nomura | Jin Hayashida | +1 813 6703 9407 | ATH, ETH |
Synthetic Price History
Based on settlements for the Cheapest to Deliver cash Treasury note, with repo financing, this theoretical price series can serve to level set a new trading point on the futures curve.
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Track forward-looking risk expectations on U.S. Treasuries with the CME Group Volatility Index (CVOLTM), a robust measure of 30-day implied volatility derived from deeply liquid options on Treasury futures.
