CBOT: ZQ 30 Day Federal Funds Futures prices chart
30 Day Federal Funds Futures (CBOT: ZQ)
Product Code: CME Globex: ZQ, CME ClearPort: 41, Clearing: 41
Contract Unit: $4,167 x Contract IMM Index
Price Quotation :
(1) Contract IMM Index = 100 minus R
(2) R = arithmetic average of daily effective federal funds rates during contract month. E.g., a price quote of 92.75 signifies an average daily rate of 7.25 percent per annum.
Minimum Price Fluctuation:
(1) 1/2 of one basis point (0.005) = $20.835
(2) Beginning at 5:00 p.m. CT on the Sunday preceding the first business day of the spot month: 1/4 of one basis point (0.0025) = $10.4175
Settlement Method: Financially Settled
Listed Contracts: Monthly contracts listed for 60 consecutive months
Settlement Procedures: Expiring contracts are cash settled against the average daily Fed Funds overnight rate for the delivery month, rounded to the nearest one-tenth of one basis point. Final settlement occurs on the first business day following the last trading day. The daily Fed Funds overnight rate is calculated and reported by the Federal Reserve Bank of New York.
Termination of Trading: Trading terminates on the last business day of the contract month.
Trading Hours: Sunday - Friday 6:00 p.m. - 5:00 p.m.ET (5:00 p.m. - 4:00 p.m. CT). Monday - Thursday 5:00 p.m. - 6:00 p.m. ET (4:00 p.m. - 5:00 p.m. CT) daily maintenance period.