In Regards to the Treasury Bill Futures Contract, Which of the Below

Multiple Choice

In regards to the Treasury bill futures contract, which of the below statements is FALSE?

A) The Treasury bill futures contract, which is traded on the IMM, is based on a 25-week (six-month) Treasury bill with a face value of $1,000.
B) The seller of a Treasury bill futures contract agrees to deliver to the buyer at the settlement date a Treasury bill that can be newly issued or seasoned.
C) Treasury bills are quoted in the cash market in terms of the annualized yield on a bank discount basis.
D) The Treasury bill futures contract is not quoted directly in terms of yield but is quoted on an index basis that is related to the yield on a bank discount basis as follows: Index price = 100 - (Yield on a bank discount basis × 100) .