CBOT Board approves half ticks for 10-Year Note contracts

Following through on its ongoing commitment to respond to customers and provide the world's most effective risk management markets, the CBOT Board of Directors has voted to provide half-tick trading in the 10-Year Note futures contract. The change will be effective June 27, 1999. At that time, 10-Year Note tick sizes on all contract months including the front month will be 1/2 of 1/32 of one point, or USD15.625 per contract. Currently, 10-Year note futures contracts are traded in increments of 1/32 of a point, or $31.25 per contract. A tick refers to the smallest allowable increment of price movement for a contract. The CBOT will seek CFTC approval today to implement the 1/2 tick.