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• Agriculture

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  CME ClearPort Product Slate Block Trades Grains and Oilseeds (CBOT) Corn FUT | OPT Mini-Sized Corn FUT Corn Calendar Spread Options OPT Distillers Dried Grain FUT Wheat FUT | OPT MGEX-CBOT Wheat Spread Options OPT Mini-Sized Wheat FUT Wheat Calendar Spread Options OPT Soybeans FUT | OPT Mini-Sized Soybeans FUT Soybean Calendar Spread Options OPT Soybean Meal FUT | OPT Soybean Meal Calendar Spread Options OPT Soybean Oil FUT | OPT Soybean Oil Calendar Spread Options OPT Soybean Crush FUT | OPT Oats FUT | OPT Rough Rice FUT | OPT Wheat-Corn Intercommodity Spread Options OPT Soybean - Corn Price Ratio Option OPT Grains and Oilseeds (CME) Crude Palm Oil FUT	Livestock (CME) Live Cattle FUT | OPT Live Cattle Calendar Spread Options OPT Lean Hogs FUT | OPT Lean Hogs Calendar Spread Options OPT Feeder Cattle FUT | OPT Dairy (CME) Class III Milk FUT | OPT Class IV Milk FUT | OPT International Skimmed Milk Powder FUT | OPT Nonfat Dry Milk FUT | OPT Dry Whey FUT | OPT Cash-Settled Butter FUT | OPT Butter Spot Call Cheese FUT | OPT Cheese Spot Call Blocks Cheese Spot Call Barrels Nonfat Dry Milk Spot Call Grade Extra Nonfat Dry Milk Spot Call Grade A	Forest (CME) Random Length Lumber FUT | OPT Softwood Pulp FUT | OPT Commodity Indexes (CME) DJ-UBS Commodity Index FUT S&P-GSCI FUT | OPT S&P-GSCI Excess Return Index FUT Softs (NYMEX) Cocoa FUT Coffee FUT Cotton FUT No. 11 Sugar FUT

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• Energy

  Energy Products Homepage
  CME ClearPort Product Slate Block Trades Trade at Marker Prices Crude Oil (NYMEX) CL Light Sweet Crude Oil (WTI) FUT | OPT WS Crude Oil - Financial FUT NBZ Brent 25-Day (Platts) FUT | OPT WCE Western Canadian Select (WCS) Crude Oil FUT CVF Crude Oil Volatility Index (VIX) FUT | OPT QM E-mini Light Sweet Crude Oil (WTI) - Financial FUT BZ Brent Crude Oil Last-day - Financial FUT | OPT RE Russian Export Blend Crude Oil (REBCO) FUT R2 Russian Export Blend Crude Oil (REBCO) - Financial FUT MB Gulf Coast Sour Crude Oil FUT A0 Argus Sour Crude Index Financial FUT BB Brent Crude Oil Penultimate Financial FUT | OPT Ethanol (CBOT) EH CBOT Ethanol FUT | OPT Ethanol (NYMEX) QEN NYMEX Ethanol FUT	Natural Gas (NYMEX) NG Natural Gas (Henry Hub) FUT | OPT MNG Henry Hub Natural Gas Last Day Physically-Delivered FUT HH Henry Hub Natural Gas Last-Day - Financial FUT HP Henry Hub Natural Gas Penultimate - Financial FUT QG E-mini Natural Gas (Henry Hub) - Financial FUT NP Henry Hub Natural Gas Penultimate Swap - Financial FUT NN Henry Hub Natural Gas Swap - Financial FUT PPB Pine Prairie Energy Center (PPEC) Physically Delivered Natural Gas BALMO Futures FUT PPD Pine Prairie Energy Center (PPEC) Physically Delivered Natural Gas Daily/Weekend Futures FUT Pine Prairie Energy Center (PPEC) Physically Delivered Natural Gas Monthly Basis Futures FUT PPM Pine Prairie Energy Center (PPEC) Physically Delivered Natural Gas Monthly Futures FUT Electricity (NYMEX) L1 PJM Western Hub Peak Calendar Month Real Time LMP Swap Future FUT 4SN PJM Western Hub 50 MW Peak Calendar Month Real Time LMP Swap Future FUT Z9 PJM AEP Dayton Hub 5MW Peak Calendar-Month Real-Time LMP Swap Futures FUT U6 ISO New England Internal Hub 5 MW Peak Calendar-Month Day-Ahead LMP Swap Futures FUT T3 NYISO Zone G 5 MW Peak Calendar-Month Day-Ahead LBMP Swap Futures FUT K3 NYISO Zone A 5 MW Peak Calendar-Month Day-Ahead LBMP Swap Futures FUT H3 Midwest ISO Cinergy Hub 5 MW Peak Calendar-Month Real-Time Swap Futures FUT B3 PJM Northern Illinois Hub 5 MW Peak Calendar-Month Real-Time LMP Swap Futures FUT	Refined Products (NYMEX) HO Heating Oil FUT | OPT BH Heating Oil - Financial FUT ULS NY ULSD - Financial FUT QH E-mini Heating Oil - Financial FUT RB RBOB Gasoline FUT | OPT RT RBOB Gasoline - Financial FUT QU E-mini RBOB Gasoline - Financial FUT 7F European Gasoil (ICE) - Financial FUT LR Gulf Coast Gasoline FUT LU Gulf Coast Harbor Ultra Low Sulfer Diesel (ULSD) FUT LH New York Harbor Ultra Low Sulfur Diesel (ULSD) FUT Coal (NYMEX) QL Central Appalachian Coal (CAPP) FUT Other UX Uranium FUT

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• FX

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  CME ClearPort Product Slate Block Trades G10 Currency Pairs (CME) AUD/USD FUT | OPT AUD/CAD FUT AUD/JPY FUT AUD/NZD FUT CAD/USD FUT | OPT CAD/JPY FUT CHF/USD FUT | OPT CHF/JPY FUT Dow Jones CME FX$INDEX FUT EUR/USD FUT | OPT E-mini EUR/USD FUT EUR/AUD FUT EUR/GBP FUT | OPT EUR/CAD FUT EUR/CHF FUT | OPT EUR/JPY FUT | OPT EUR/NOK FUT EUR/SEK FUT	G10 Currency Pairs (cont.) GBP/USD FUT | OPT GBP/JPY FUT GBP/CHF FUT JPY/USD FUT | OPT E-mini JPY/USD FUT NOK/USD FUT NZD/USD FUT | OPT SEK/USD FUT E-micros (CME) E-micro AUD/USD FUT E-micro EUR/USD FUT E-micro GBP/USD FUT E-micro CAD/USD FUT E-micro USD/CAD FUT E-micro CHF/USD FUT E-micro USD/CHF FUT E-micro JPY/USD FUT E-micro USD/JPY FUT E-Micro USD/RMB FUT	Emerging Market Currency Pairs (CME) BRL/USD FUT | OPT CZK/USD FUT | OPT CZK/EUR FUT | OPT HUF/EUR FUT | OPT HUF/USD FUT | OPT ILS/USD FUT | OPT KRW/USD FUT | OPT MXN/USD FUT | OPT PLN/USD FUT | OPT PLN/EUR FUT | OPT RMB/USD FUT | OPT RMB/EUR FUT | OPT RMB/JPY FUT | OPT RUB/USD FUT | OPT ZAR/USD FUT | OPT USD/RMB FUT USD/TRY FUT EUR/TRY FUT FX VolContracts (CME) EUR/USD 1-month Realized Volatility futures FUT EUR/USD 3-month Realized Volatility futures FUT

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• Interest Rates

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  Block Trades STIR (CME) Eurodollar FUT | OPT Euribor FUT Mid-Curve Options OPT 1-month Eurodollar FUT | OPT Euroyen TIBOR FUT | OPT 3-Month OIS Futures FUT | OPT Eurodollar Calendar Spread Options OPT STIR (CBOT) 30-Day Federal Funds FUT | OPT Cleared OTC Interest Rate Swaps Sovereign Yield Spreads (CME) US-UK 10-Year Sovys Futures FUT US-DE 10-Year Sovys Futures FUT US-FR 10-Year Sovys Futures FUT US-IT 10-Year Sovys Futures FUT US-Nd 10-Year Sovys Futures FUT UK-DE 10-Year Sovys Futures FUT UK-FR 10-Year Sovys Futures FUT UK-IT 10-Year Sovys Futures FUT UK-ND 10-Year Sovys Futures FUT DE-FR 10-Year Sovys Futures FUT DE-IT 10-Year Sovys Futures FUT DE-ND 10-Year Sovys Futures FUT	U.S. Treasury Futures and Options (CBOT) Ultra T-Bond FUT | OPT U.S. Treasury Bond FUT | OPT 10-Year U.S. Treasury Note FUT | OPT 5-Year U.S. Treasury Note FUT | OPT 3-Year U.S. Treasury Note FUT 2-Year U.S. Treasury Note FUT | OPT OTR 2-Year U.S. Treasury Note FUT OTR 5-Year U.S. Treasury Note FUT OTR 10-Year U.S. Treasury Note FUT U.S. Treasury Futures and Options (CME) 13-week T-bill FUT Intercommodity Spreads (CBOT) Treasury and Swap Spreads FUT	Swap Futures and Options (CBOT) 5-Year Interest Rate Swap FUT | OPT 7-Year Interest Rate Swap FUT | OPT 10-Year Interest Rate Swap FUT | OPT 30-Year Interest Rate Swap FUT | OPT Interest Rate Indexes (CME) Barclays U.S. Aggregate Bond Index Futures FUT Eurozone HICP Futures FUT Interest Rate Indexes (CBOT) Dow Jones CBOT Treasury Index

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• Real Estate

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  Block Trades S&P/Case-Shiller Home Price Index (CME) FUT | OPT

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• Weather

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  Block Trades Temperature (CME) U.S. Cooling Monthly FUT | OPT U.S. Cooling Seasonal FUT | OPT U.S. Heating Monthly FUT | OPT U.S. Heating Seasonal FUT | OPT U.S. Weekly Weather FUT | OPT Canada CAT Monthly FUT | OPT Canada CAT Seasonal FUT | OPT Canada Cooling Monthly FUT | OPT Canada Cooling Seasonal FUT | OPT Canada Heating Monthly FUT | OPT Canada Heating Seasonal FUT | OPT Europe CAT Monthly FUT | OPT Europe CAT Seasonal FUT | OPT Europe Heating Monthly FUT | OPT Europe Heating Seasonal FUT | OPT Asia-Pacific Monthly FUT | OPT Asia-Pacific Seasonal FUT | OPT Australia Cooling Monthly FUT | OPT Australia Cooling Seasonal FUT | OPT Australia Heating Monthly FUT | OPT Australia Heating Seasonal FUT | OPT	Hurricanes (CME) Hurricane FUT | OPT Hurricane Seasonal FUT | OPT Hurricane Seasonal Maximum FUT | OPT Frost (CME) Frost Monthly FUT | OPT Frost Seasonal FUT | OPT Snowfall (CME) Snowfall Monthly FUT | OPT Snowfall Seasonal FUT | OPT Rainfall (CME) Rainfall Monthly FUT | OPT Rainfall Seasonal FUT | OPT

Interest Rate Spot and Futures Markets as Market Barometers

Interest rate spot and futures markets represent sensitive barometers of market conditions and sentiments of market participants. Recent years and months have witnessed a confluence of economic crises that are reflected in both the long and the short-end of the yield curve.

Our intent is to highlight two spreads that reside on both the long- and the short-ends of the yield curve that have proven to be particularly interesting barometers of the general level of market risk. Specifically, the Swap-Treasury spread on the long end of the curve; and, the 3-month LIBOR vs. OIS spread on the short-end of the curve.