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Express your views with Interest Rate futures and options
As the leader in interest rate derivative markets, CME Group provides the liquidity, flexibility and transparency that investors require to trade and manage interest rate risk. The suite of Interest Rate futures and options covers the entire yield curve, offering active traders the opportunity to execute a myriad of strategies:

  • Speculating on the direction of interest rates
  • Capitalizing on shifts in the yield curve
  • Expressing opinions about inflation or changes in U.S. Federal Reserve monetary policy
  • Diversifying your investments

Deep, Liquid Markets Enhance Yield Curve Spread Trading
Intercommodity spread trading between the various U.S. Treasury futures contracts allows you to capitalize on your expectations on changes in the yield curve. Implied intercommodity spread functionality on CME Globex, and the deep liquidity of the Treasury futures markets, means that you can execute these positions quickly and efficiently. See:

 
 
Products
Contract Size
Tick Size
Example Notional Value
Performance Bond/Margin
Contract Months
30 Year U.S. Treasury Bonds (ZB)
$100,000
Points and 1/32nd Point; Minimum = 1/32nd = $31.25
128.15 = $128,468.75
128(1,000) = 128,000
15 (31.25) =
$468.75
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Mar, Jun, Sep, Dec - Three consecutive expirees listed
10 Year U.S. Treasury Notes (ZN)
$100,000
Points and 1/32nd Point; Minimum = 1/2 of 1/32nd = $15.625
120.21 = $120,656.25; 120(1,000) = $120,000; ((21*2) ($15.625)) = $656.25
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Mar, Jun, Sep, Dec - Five consecutive expirees listed
Eurodollar (GE)
$1,000,000
100-Yield; Minimum .0025 first expiree = $6.25, .005 all other expiree's = $12.50
98.50 = $246,250; (9850*2)($12.50)
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All Calendar Months Going Out Two Years
Fed Funds (ZQ)
$5,000,000
100-daily average Fed Funds overnight rate; .0025 first Expiree = $10.42, .005 all other expiree's = $20.84
98.50 = $246,250; (9850*2)($12.50)
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Two First Serials and 40 Quarterlies (Ten Years out)
34w