10-Year U.S. Treasury Note vs Euro-Bund Futures
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| ZN | FGBL | |
|---|---|---|
| Exchange | Chicago Board of Trade | Eurex Deutschland |
| Contract unit | $100,000 face value | €100,000 notional German government bond, 6% coupon, 8.5–10.5 years |
| Tick size | 1/2 of 1/32 of a point (0.015625) | 0.01 |
| Tick value | $15.625 | €10 |
| One point | $1,000 | €1,000 |
| Initial margin | $2,062.50 | €2,368.36 |
| Maintenance margin | $1,875 | €2,368.36 |
| Settlement | Physical delivery | Physical delivery |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | ZNZ26, roll by 25 Nov 2026 | FGBLZ26, roll by 4 Dec 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | Continuous trading 01:10–22:00 CET/CEST Monday–Friday. On the last trading day the expiring contract stops at 12:30. |
How they compare
10-Year U.S. Treasury Note (ZN) and Euro-Bund Futures (FGBL) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth $1,000 on ZN and €1,000 on FGBL; ticks are worth $15.625 and €10.
Exchange initial margin is $2,062.50 for ZN and €2,368.36 for FGBL; they are set in different currencies, so compare them at today's exchange rate. Their trading hours differ: ZN trades on CBOT time (America/Chicago) and FGBL on Eurex time (Europe/Berlin); the hours pages show both in your time zone. ZN is physically delivered and FGBL is physically delivered.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the ZN calculators or the FGBL calculators.
Questions
- What is the difference between ZN and FGBL?
- They are different markets. One point is worth $1,000 on ZN and €1,000 on FGBL.
- Which needs more margin, ZN or FGBL?
- Exchange initial margin is $2,062.50 for ZN and €2,368.36 for FGBL (as of 27 Oct 2026).
- Do ZN and FGBL trade the same hours?
- No; see each contract’s hours page.