• REMINDER - Reduction of Initial Spot Month Limits for U.S Treasury Bond Futures, Long-Term U.S. Treasury Note (6 ½ to 10-Year) Futures, Medium-Term U.S. Treasury Note (5-Year) Futures and Short-Term U.S. Treasury Note (2-Year) Futures Effective with the March 2014 Delivery Month

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6908
      • Notice Date
      • 19 December 2013
      • Effective Date
      • 20 December 2013
    • As previously announced in Special Executive Report (SER) 6759, dated August 12, 2013, the Chicago Board of Trade (CBOT or Exchange) will reduce the initial spot month limits for U.S Treasury Bond Futures, Long-Term U.S. Treasury Note (6 ½ to 10-Year) Futures, Medium-Term U.S. Treasury Note (5-Year) Futures and Short-Term U.S. Treasury Note (2-Year) Futures beginning with the March 2014 Delivery Month and effective on the dates below.
      The amendments to the Position Limit, Position Accountability and Reportable Level Table located in the Interpretations & Special Notices Section of Chapter 5 of the CBOT Rulebook are presented below. The amendments, as noted below, will be implemented in the CBOT Position Limit Position Accountability and Reportable Level Table located in the Interpretations and Special Notices Section of Chapter 5 of the CME Rulebook, on the respective effective dates.
      EFFECTIVE TRADE DATE DECEMBER 20, 2013
      (Bold underline indicates addition)

      Contract Name
      Rule Chapter
      Commodity Code
      Initial Spot-Month Limit (In Net Futures Equivalents) Leg (1)/ Leg (2)
      Initial Spot-Month Limit Effective Date
      U.S. Treasury Bond Futures
      18
      17
      30,000
      Effective for delivery months up to and including December 2013: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.
      U.S. Treasury Bond Futures
      18
      17
      20,000
      Effective with March 2014 delivery month and thereafter: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.
      Long-Term U.S. Treasury Note Futures (6½ to 10-Year)
      19
      21
      95,000
      Effective for delivery months up to and including December 2013: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.
      Long-Term U.S. Treasury Note Futures (6½ to 10-Year)
      19
      21
      70,000
      Effective with March 2014 delivery month and thereafter: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.

       
       
      EFFECTIVE TRADE DATE JANUARY 2, 2014
      (Bold underline indicates addition)

      Contract Name
      Rule Chapter
      Commodity Code
      Initial Spot-Month Limit (In Net Futures Equivalents) Leg (1)/ Leg (2)
      Initial Spot-Month Limit Effective Date
      Medium-Term U.S. Treasury Note Futures (5-Year)
      20
      25
      115,000
      Effective for delivery months up to and including December 2013: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.
      Medium-Term U.S. Treasury Note Futures (5-Year)
      20
      25
      85,000
      Effective with March 2014 delivery month and thereafter: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.
      Short-Term U.S. Treasury Note Futures (2-Year)
      21
      26
      50,000
      Effective for delivery months up to and including December 2013: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.
      Short-Term U.S. Treasury Note Futures (2-Year)
      21
      26
      40,000
      Effective with March 2014 delivery month and thereafter: Net long or short effective at the close of trading ten (10) business days prior to the last day of trading in the expiring month.

       
       
      Please refer questions on this subject to:
      Market Surveillance
      Bill Lange                      William.Lange@cmegroup.com                          (312) 341-7757
      Sandra Valtierra             Sandra.Valtierra@cmegroup.com                       (312) 347-4137

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2025 CME Group Inc. All rights reserved.