Surging T-Bill issuance has increased the need for a direct and effective hedging instrument for short-term government debt. 13-Week U.S. Treasury Bill futures aim to meet that need – offering a capital-efficient and precise way to hedge the potential T-Bill yield at auction while also providing for inter-commodity spreads and margin offset opportunities.
Resources
Features and benefits
Pinpoint T-Bill exposure
Precisely hedge risks related to yields of 13-Week T-Bill at auctions with six contracts over the nearest one year forward curve.
Spread SOFR vs. T-Bills
Seamlessly trade the basis between leading U.S. money market rates with inter-commodity spreads vs. SOFR futures.
Unlock capital efficiencies
Enjoy automatic margin offsets vs. established interest rate products.
Explore this product in depth
Vendor Codes
| Outrights | SOFR-TBILL ICS | |
|---|---|---|
| CME Globex | TBF3 | SR3-TBF3 |
| Bloomberg | TZR | SFRTZR Comdty |
| CQG | TB | SR3TB |
| DTN | @TBF | @SR3Z23@TBFZ23 |
| Fidessa | TBF3 | SR3-TBF3 |
| FIS Global | TBF3 | SR3-TBF3 |
| ION Group | TBF3 | SR3-TBF3 |
| Itiviti | TBF3 | SR3-TBF3 |
| Refinitiv | TB3F | SRA-TB3F |
| TT | TBF3 | SR3-TBF3 |
| Vela | TBF3 | SR3-TBF3 |
Trade T-Bill Futures on CME Direct
A fast, secure, and highly configurable trading front end, CME Direct offers a one-stop shop for accessing liquidity across CLOB trading, RFQs, and block negotiation/reporting workflows. Not on CME Direct? Get started.
Download T-Bill trading grids
- Right click on the link and select "Save link as...".
- Save the file as an .XML on your computer.
- In CME Direct, select import view in the main menu.
- Import the grid into CME Direct.
- Under Menu, click on Save Window Layout.
VIDEO
Introduction to hedging with T-Bill futures
David Gibbs, Director of Education at CME Group, discusses ways to use T-Bill futures to hedge interest rate exposure, how the contract fits with other STIR products, and more.
View the latest insights on trends in the Interest Rate futures and options market.
Courses
Take self-guided courses on Interest Rates
If you're new to futures, the courses below can help you quickly understand the Interest Rate market and start trading.
Subscribe to receive the latest updates for T-Bill futures
Receive the latest updates about T-Bill futures by signing up.
