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

Product Snapshot: U.S. Treasury Bond Futures
This product is based on the benchmark Treasury Bond, the longest maturity of any bond issued by the U.S. Treasury. The Treasury bond marketplace is deep and liquid. It is traded by a wide range of users, including hedgers, speculators, bankers, bond dealers, mortgage servicers and portfolio managers.

Treasury Bond futures provide a way to:

  • Hedge long-term interest rate risk
  • Express a view on the direction of interest rates at the long 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 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 Clearing matches and settles all trades and guarantees counterparty creditworthiness
    • Settled via physical delivery