CME Group is offering Euro MAC Swap futures as a novel means of gaining exposure, or managing the risks attendant to Euro-denominated Interest Rate Swap (IRS) instruments.
But they may also be used as a means of hedging or spreading vs. other Euro-denominated fixed income investments, such as bonds or notes issued by a government or corporate entity.
This note summarizes the salient features of Euro MAC Swap futures contracts and discusses their relationship with Euro-denominated bonds.
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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.