U.S. Treasury futures are contractual obligations to either buy (take delivery of) or sell (make delivery of) U.S. Treasury bonds or notes. Though most contracts are offset prior to contract expiration, the delivery process exerts significant influence on the prices at which Treasury futures contracts trade. This booklet describes the rules and procedures that govern the Treasury futures delivery process. It is intended as an introduction for those who wish to better understand the mechanics of delivery and how delivery can affect pricing of Treasury futures.
As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. Comprised of four exchanges - CME, CBOT, NYMEX and COMEX - we offer the widest range of global benchmark products across all major asset classes, helping businesses everywhere mitigate the myriad of risks they face in today's uncertain global economy.
Follow us for global economic and financial news.
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.