Bottom Line vs Top of Book: Eurodollar Futures at CME Group and Elsewhere

Eurodollar Futures at CME Group offer Greater Relative Stability and Net Returns

Various exchanges offer mimics of CME Eurodollar futures. The main enticements they hawk to prospective contract users are that (i) the best bid/offer spread in the market for the look-alike futures is as tight as in the market for the corresponding CME futures, and (ii) the applicable transaction and clearing fees are pitched at bargain levels.

Lost in the clamor is that a tight bid/offer spread is only as good as the volume tradable at the best bid or best offer. Worse, a patchy order book is apt to rack up trading costs far greater than any savings to be found in exchange fee differentials. This detailed breakdown explains why CME Eurodollar Futures offer greater depth and consistency overall.

Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.