The measure that exchanges have implemented to adjust the prices of Treasury bond futures is the conversion factor. This factor is used to calculate the price received by the short party of the bond. The quote price applicable for the bond delivered is the product of the conversion factor and the futures contract's most recent settlement price. The formula to calculate the cash received by the short party is: (Most recent settlement price × Conversion factor) + Accrued interest. This ensures that the short party receives a fair price for the bond, regardless of its market value.

Choice A is incorrect. The dirty price of a bond includes the accrued interest in addition to its market price. It does not adjust the price received by the holder of the short position in futures contracts based on the specific Treasury bond or note delivered.

Choice B is incorrect. Convexity adjustment refers to a correction made to account for changes in interest rates and their impact on bonds with different durations and maturities. While it's an important concept in fixed income securities, it doesn't directly relate to adjusting prices for varying deliverable bonds under futures contracts.

Choice D is incorrect. The clean price of a bond excludes any accrued interest, representing only its market value. Similar to dirty price, it does not serve as a measure for adjusting prices based on specific deliverable Treasury bonds or notes under futures contracts.