A delivery option that allows the seller of a Treasury bond futures contract to give notice of intent to deliver after the closing price of the futures contract is determined. For example, an investor may short the futures contract at or before 8:00 p.m. Chicago time after the closing of the exchange (3:15 p.m. Chicago time) when the futures settlement price has been fixed.

Wild card options give the holder the opportunity to lock in the invoice price after closing hours and make delivery if the spot price drops below the invoice price during the time window.