Trade Implied Treasury and Swap Spreads on CME Globex
U.S. Treasury Futures Conversion Factors

Product Snapshot: 2-Year U.S. Treasury Note Futures This product is based on the 2-Year U.S. Treasury Note, a negotiable debt obligation issued by the U.S. government and backed by its full faith and credit.

2-Year U.S. Treasury Note Futures provide a way to:

• Hedge interest rate risk at the short end of the yield curve
• Express a view on the direction of interest rates at the short end of the yield curve
• Execute a wide range of trading strategies including:
  • Yield curve trades against other Treasury futures
  • Spread trades against other CME Group Interest Rate products

Things to know:

• Trading takes place:
  • On the CME Group trading floor during open outcry trading hours
  • Electronically on the CME Globex platform
    • Virtually around the clock, around the world
    • Complete price transparency and anonymity
    • About 95% of product volume is electronic
• CME Group Clearing matches and settles all trades and guarantees counterparty creditworthiness
  • Settled via physical delivery