A Look at CME Group Offerings

Options offer tremendous flexibility to pursue speculative strategies on a finely designed basis. In particular, CME Group lists options exercisable for 2-year, 5-year and 10-year Treasury note futures; as well as options exercisable for “classic” and “Ultra” T-bond futures.

These option contracts generally offer a high degree of liquidity, transparency, price discovery and are accessible through the CME Globex® electronic trading platform.

This document is intended to provide a review of the fundamentals of CME Group Treasury options; and, a discussion of the ways in which these options may be utilized to pursue well defined speculative strategies in a wide range of market environments. While our examples focus on the use of options exercisable for 10-year Treasury note futures, the principles illustrated are generalizable to all our options on Treasury futures and options exercisable for other instruments as well.


All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
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