Yield futures ‒ Contract description and terms
Yield futures reference the benchmark yield for the 2-Year Note, 5-Year Notes, 10-Year Note, and 30-year US Treasury Bond.
Yield futures trade in a direct relationship to changes in yield, unlike the traditional US Treasury Futures contracts, which trade in price terms and as an inverse relationship to yield.
Each contract has the same basis point value of $10.00. The minimum price increment for all these contracts is 1/10 of one basis point which equals $1.00. Contracts cease trading at 3 p.m. ET on the last business day of the contract month. These contracts are financially settled and will be settled to the 3 p.m. ET BrokerTec US Treasury fixing levels.
At any given time, the nearest two monthly contracts will be listed. For example, in early September, the September and October contracts will be available. On the last business day of September, the September futures expires, and the November contract will be listed.
Yield futures are available to trade on CME Globex from Sunday through Friday, nearly 24 hours a day.