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3-Month Overnight Index Swap (OIS) Futures and Options
Efficient contracts that complement 30-Day Fed Funds and Eurodollar contracts. Similar to 30-Day Fed Fund contracts, 3-Month Overnight Index Swap (OIS) futures and options track the overnight effective Federal Funds rate, a major benchmark of the U.S. short-term interest rate market. The difference is that while the Fed Funds contracts track to the average effective Fed Funds rate over the course of a calendar month, the 3-Month OIS contracts track the compounded Fed Funds rate over a 3-month period. This piece explains how these contracts are being used in the market and provides you with the contract specifications and key expiration dates you need to start trading.
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