Symbols & Products
ZB (30-Year Treasury Bond Futures)
CBOT 30-year US Treasury bond futures, ticker ZB. Trades in 32nds of a point, $31.25 per tick. The slow, deep rates market prop traders use on macro days.
In plain English
ZB prices the long end of the US Treasury curve, quoted in 32nds (a quote of 118'16 means 118 and 16/32). Each 32nd is $31.25 per contract. Bonds move on inflation data, Fed communication, and auctions, usually with less intraday noise than equity indexes.
At prop firms, rates traders reach for ZB or the 10-year ZN around CPI and FOMC, when bond trends are cleanest. The unusual quoting takes practice; misreading 32nds is a classic new-trader error.
- Long 1 ZB from 118'16 to 119'00 is 16 ticks x $31.25 = $500.