Customer Service
info@cmegroup.com
800-331-3332 or 312-930-2316
STIR
30-Day Federal Funds
Product Overview
Product Snapshot: 30-Day Fed Fund Options
Options on 30-DayFed Funds futures are an important risk management tool for anyone who wants to hedge against, or speculate on, changes in short-term interest rates brought about by changes in Federal Reserve monetary policy. This product offers market participants an instrument with defined risk parameters that can be used to express a view on the likelihood of Fed policy changes.
It also provides a way to:
- Hedge short-term/money market instruments
- Express a view on the direction of the Federal Open Market Committee (FOMC) policy
- Implement a variety of risk management applications
Things to know:
- Trading takes place:
- Side-by-side on the trading floor during open outcry trading hours
- CME Clearing matches and settles all trades and guarantees counterparty creditworthiness
Get Real-Time Quotes
View free real-time quotes on a variety of electronically traded CME Group products
General News & Announcements for Interest Rate
3-Month Overnight Index Swaps Launching Sept. 7
Trade the spread between 3-month LIBOR and 3-month overnight rates with this new STIR product.
CNBC's Rick Santelli to host Fed Watch Webinar
Thursday, June 19, 2008
3:00 p.m., Central Time
Four Important New Publications for Interest Rate Customers
View and download them here.
- An Efficient Approach to Mortgage Pipeline Risk Management
- Protecting Funding Margins with Binary Options on the Target Federal Funds Rate
- Liability Driven Investing: Challenges and Opportunities
- The Evolution of Alpha Transport Strategies into Fixed Income
To request a print version, please call Customer Service at 1-800-331-3332 or 312-930-2316.
CME Product Market Data
Having issues with streaming quotes and want a static snapshot? Click here for our 10-minute delayed reports
| Trade Unit | One 30-Day Fed Funds futures contract of a specified delivery month | ||
| Settle Method | Cash Settled | ||
| Point Size | One-quarter of one basis point (0.0025), or $10.4175 per contract | ||
| Strike Price Interval | Integral multiples of 6.25 (0.0625) basis points and 12.5 (1.1250) basis points. At the commencement of trading, the followin gstrikes in multiples of 6.25 basis ppoints shall be listed: one with a strike price closest to the previous day's settlement price of the underlying 30-Day Fed Fund Futures contract and the next the next ten (10 consecutive higher and the next ten (10) consecutive lower prices closest to the previous day's settlement price. If a previous day's settlement price is midway between two strike prices the losetst price shall be the larger of the two. In addition, the following strike prices in multiples of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices above and below the 6.25 basis point band. | ||
| Strike | Strike prices will be listed in integral multiples of 6.25 (.0625) basis points and 12.5 (.1250) basis points. At the commencement of trading, the following strikes in multiples of 6.25 basis points shall be listed: one with a strike price closest to the previous day's settlement price of the underlying CBOT® 30-Day Federal Funds futures contract (rounded to the nearest 12.5 basis points) and the next the next ten (10) consecutive higher and the next ten (10) consecutive lower strike prices closest to the previous day's settlement price. If a previous day's settlement price is midway between two strike prices, the closest price shall be the larger of the two. In addition, the following strike prices in multiples of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices above and below the 6.25 basis point band. | ||
| Limits/Price Banding | No Limits | ||
| Tick Size (Minimum Fluctuation) |
|
||
| Trading Hours | Sunday/Friday 5:30 p.m.-4:00 p.m. CT; Shutdown period from 4:00 p.m. to 5:00 p.m. nightly | ||
| Listed | |||
| Product Codes | Clearing: 41 Open Outcry: FFC/FFP Globex: OZQ | ||
| Minimum Block Size | |||
| Product Calendar | First 24 calendar months
View current product listings |
| Trade Unit | One 30-Day Fed Funds futures contract of a specified delivery month | ||
| Settle Method | Cash Settled | ||
| Point (Tick) Size | One-quarter of one basis point (0.0025), or $10.4175 per contract | ||
| Strike Price Interval | Integral multiples of 6.25 (0.0625) basis points and 12.5 (1.1250) basis points. At the commencement of trading, the followin gstrikes in multiples of 6.25 basis ppoints shall be listed: one with a strike price closest to the previous day's settlement price of the underlying 30-Day Fed Fund Futures contract and the next the next ten (10 consecutive higher and the next ten (10) consecutive lower prices closest to the previous day's settlement price. If a previous day's settlement price is midway between two strike prices the losetst price shall be the larger of the two. In addition, the following strike prices in multiples of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices above and below the 6.25 basis point band. | ||
| Strike | Strike prices will be listed in integral multiples of 6.25 (.0625) basis points and 12.5 (.1250) basis points. At the commencement of trading, the following strikes in multiples of 6.25 basis points shall be listed: one with a strike price closest to the previous day's settlement price of the underlying CBOT® 30-Day Federal Funds futures contract (rounded to the nearest 12.5 basis points) and the next the next ten (10) consecutive higher and the next ten (10) consecutive lower strike prices closest to the previous day's settlement price. If a previous day's settlement price is midway between two strike prices, the closest price shall be the larger of the two. In addition, the following strike prices in multiples of 12.5 basis points shall be listed: the next five (5) consecutive higher and the next five (5) consecutive lower strike prices above and below the 6.25 basis point band. | ||
| Limits/Price Banding | No Limit | ||
| Minimum Fluctuation |
|
||
| Trading Hours | Open Outcry: 7:20 a.m. to 2:00 p.m. CT, Monday - Friday | ||
| Listed | |||
| Product Codes | Clearing: 41 Open Outcry: FFC/FFP Globex: OZQ | ||
| Minimum Block Size | |||
| Product Calendar | First 24 calendar months
View current product listings |
General News & Announcements for Interest Rate
3-Month Overnight Index Swaps Launching Sept. 7
Trade the spread between 3-month LIBOR and 3-month overnight rates with this new STIR product.
CNBC's Rick Santelli to host Fed Watch Webinar
Thursday, June 19, 2008
3:00 p.m., Central Time
Four Important New Publications for Interest Rate Customers
View and download them here.
- An Efficient Approach to Mortgage Pipeline Risk Management
- Protecting Funding Margins with Binary Options on the Target Federal Funds Rate
- Liability Driven Investing: Challenges and Opportunities
- The Evolution of Alpha Transport Strategies into Fixed Income
To request a print version, please call Customer Service at 1-800-331-3332 or 312-930-2316.
Contracts Currently Eligible
to Trade and Recently Expired Contracts
| Contract Month | Product Code | First Trade Date | Last Trade Date | Settlement Date | |
| AUG08 | 41Q08 | 08/24/2007 |  |
08/29/2008 | 09/02/2008 |
| SEP08 | 41U08 | 08/17/2007 | |
09/30/2008 | 10/01/2008 |
| OCT08 | 41V08 | 11/07/2007 | |
10/31/2008 | 11/03/2008 |
| NOV08 | 41X08 | 12/10/2007 | |
11/28/2008 | 12/01/2008 |
| DEC08 | 41Z08 | 12/12/2007 | |
12/31/2008 | 01/02/2009 |
| JAN09 | 41F09 | 01/07/2008 | |
01/30/2009 | 02/02/2009 |
| FEB09 | 41G09 | 01/07/2008 | |
02/27/2009 | 03/02/2009 |
| MAR09 | 41H09 | 01/07/2008 | |
03/31/2009 | 04/01/2009 |
| APR09 | 41J09 | 01/07/2008 | |
04/30/2009 | 05/01/2009 |
| MAY09 | 41K09 | 01/07/2008 | |
05/29/2009 | 06/01/2009 |
| JUN09 | 41M09 | 01/07/2008 | |
06/30/2009 | 07/01/2009 |
| JUL09 | 41N09 | 01/07/2008 | |
07/31/2009 | 08/03/2009 |
| AUG09 | 41Q09 | 01/07/2008 | |
08/31/2009 | 09/01/2009 |
| SEP09 | 41U09 | 01/07/2008 | |
09/30/2009 | 10/01/2009 |
| OCT09 | 41V09 | 01/07/2008 | |
10/30/2009 | 11/02/2009 |
| NOV09 | 41X09 | 01/07/2008 | |
11/30/2009 | 12/01/2009 |
| DEC09 | 41Z09 | 01/07/2008 | |
12/31/2009 | 01/04/2010 |
| JAN10 | 41F10 | 02/01/2008 | |
01/29/2010 | 02/01/2010 |
| FEB10 | 41G10 | 03/03/2008 | |
02/26/2010 | 03/01/2010 |
| MAR10 | 41H10 | 04/01/2008 | |
03/31/2010 | 04/01/2010 |
| APR10 | 41J10 | 05/01/2008 | |
04/30/2010 | 05/03/2010 |
| MAY10 | 41K10 | 06/02/2008 | |
05/28/2010 | 06/01/2010 |
| JUN10 | 41M10 | 07/01/2008 | |
06/30/2010 | 07/01/2010 |
| JUL10 | 41N10 | 08/01/2008 | |
07/30/2010 | 08/02/2010 |
Contracts Not Yet Eligible to Trade
| Contract Month | Product Code | First Trade Date | Last Trade Date> | Settlement Date | |
| AUG10 | 41Q10 | 09/02/2008 | |
08/31/2010 | 09/01/2010 |
General News & Announcements for Interest Rate
3-Month Overnight Index Swaps Launching Sept. 7
Trade the spread between 3-month LIBOR and 3-month overnight rates with this new STIR product.
CNBC's Rick Santelli to host Fed Watch Webinar
Thursday, June 19, 2008
3:00 p.m., Central Time
Four Important New Publications for Interest Rate Customers
View and download them here.
- An Efficient Approach to Mortgage Pipeline Risk Management
- Protecting Funding Margins with Binary Options on the Target Federal Funds Rate
- Liability Driven Investing: Challenges and Opportunities
- The Evolution of Alpha Transport Strategies into Fixed Income
To request a print version, please call Customer Service at 1-800-331-3332 or 312-930-2316.
Contract Related
Publications