Welcome to U.S. Treasury Futures

Deeply liquid CBOT U.S. Treasury futures provide efficient tools available around the clock for many uses: hedging interest-rate risk, potentially enhancing income, adjusting portfolio duration, speculating on interest rates and spread trading.

The contracts track deliverable baskets of U.S. treasuries, fixed-income securities issued and backed by the U.S. government to finance debt (amounting to $14 trillion in outstanding marketable debt at the end of March 2017).

Of the contracts offered on multiple maturity points of the U.S. yield curve, the 5-Year and 10-Year Treasury Note (T-Note) futures are the most actively traded.

  2-Year Note 5-Year Note 10-Year Note Ultra 10 T-Bond Ultra T-Bond
Contract Size $200,000 $100,000 $100,000 $100,000 $100,000 $100,000
Deliverable Maturities 13/4 to
2 years
41/6 to
5 1/4 years
61/2 to
10 years
95/12 to
10 Years
15 years up to
25 years
25 years to
30 years
Product Symbol ZT ZF ZN TN ZB UB
Contract Months Quarterly: March, June, September and December
Trading Hours Electronic: 5:00p.m. - 4:00p.m., Sunday - Friday (Central Time)
Minimum Tick 1/4 of 1/32
of 1 point
1/4 of 1/32
of 1 point
1/2 of 1/32
of 1 point
1/2 of 1/32
of 1 point
1/32 of 1 point 1/32 of 1 point
Dollar Value of One Tick $15.625 $7.8125 $15.625 $15.625 $31.25 $31.25
Options Available Quarterly, Serial, Weekly (Fridays & Wednesdays)

Why Trade Treasury Futures?

Deep Liquidity

Discover liquidity that rivals or even surpasses cash treasury market liquidity. 5-Yr. and 10-Yr. T-Note futures are the most actively traded, at 969,000 and 1.5 million+* contracts per day, respectively

Nearly 24-hour electronic access

Act as world news and events unfold, with markets trading nearly 24 hours, 6 days a week

Reduce trading costs

Tight bid/asks spreads can help reduce one part of your trading costs when entering/exiting positions

Flexible execution

Access liquidity multiple ways, such as via the central limit order book, blocks and EFRPs

Margin offset savings

Save from margin offsets with other CME Group Interest Rate products and benchmark futures on the S&P 500 Index and Gold 

Capital efficiency of Futures

Control a larger notional value for a relatively small amount of capital

Safety and security

Central clearing helps substantially mitigate your counterparty credit risk 

*Data as of end of Q1 2017

Compare Treasury Futures vs. Cash Treasury Securities

  • Standardization, neutrality and central clearing enable lower margin requirements in futures.
  • Safety & security of central clearing substantially mitigates counterparty credit risk.
  • Treasury futures provide a unique solution for customers seeking off-balance-sheet Treasury positions.
  • Deep, growing liquidity with the notional value of futures volume now 86.4% of cash Treasury notes and bonds volume, up from 56% at the end of 2012.
  • Combined notional volume in 10-Year (TY) and Ultra 10-Year (TN) futures is now 134% of the proximate sector of the cash market (6 to 11 years).
  • Reduced transaction costs, with best bid/offer price spreads that match minimum price increments for over 99% of each trading day.
  • Broad, diverse customer mix with an average of 1,273 Large Open Interest Holders in H1-2017.

Cash volume based on NY FRB Data. 2017 reported at a 52-week moving average through 8/9/2017.

Manage Market Event Risk with Treasury Futures

When major market events happen, traders worldwide turn to our Treasury futures markets, as evidenced in three key events in 2016:

Post U.S. Election
(November 9, 2016)

Post Dec FOMC Rate Hike Announcement
(December 15, 2016)
Post UK Referendum
(June 24, 2016)

Over
8.9 million contracts
traded for the day

Over
6 million contracts
traded for the day
Over
5.9 million contracts
traded for the day
4.8 million contracts
traded on CME Globex before U.S. trading hours
1.4 million contracts
traded on CME Globex before U.S. trading hours

Over
3.54 million contracts
traded on CME Globex before U.S. trading hours

Key Economic Events and Reports That Move Markets

FOMC (Federal Open Markets Committee)
Meets 8 times a year on U.S. monetary policy and the key interest rate; any change will impact the markets

U.S. Employment Statistics
1st Friday of each month by the Bureau of Labor Statistics; gauges how many jobs the U.S. economy added /lost over last month. Increase indicates economic growth, is a key indicator for the Fed

U.S. Treasury Auctions
The U.S. Treasury regularly sells new U.S. treasuries at auction to finance public debt, which impacts supply and, in turn, price

CPI (Consumer Price Index)
Mid-month by BLS; measures inflation or cost-of-living changes, tracking the average price of a basket of goods and services. Is a key driver of Fed policy

Learn to Trade Treasury Futures