U.S. Treasury futures, options and cash

Explore the most liquid markets for trading U.S. government debt.

Unrivaled liquidity

Execute large orders in markets featuring tight bid/ask spreads and depth around the clock.

Maximum efficiency

Optimize capital via margin offsets, portfolio margining and FICC cross-margining.

Flexible execution

Trade using the central limit order book, RFQs or negotiated blocks and EFRPs.

Treasury futures

Treasury futures represent the most liquid centralized market for U.S. Treasuries, trading on average $645 billion in notional per day in 2023, or 111% of the entire cash market reported by TRACE.

Get information on exchange rules, delivery procedures and clearing services. View CBOT Rulebook.

Yield futures

Yield futures offer direct exposure to U.S. Treasury yields at key points on the curve, with yield-based pricing, cash settlement, and fixed DV01 and duration.

Get information on exchange rules, delivery procedures and clearing services. View CBOT Rulebook.

Treasury options

With 1.1 million contracts traded daily in 2023, and 72 expirations listed at a time, Treasury options give users non-linear flexibility for fine-tuning risk exposures.

Get information on exchange rules, delivery procedures and clearing services. View CBOT Rulebook.

BrokerTec U.S. Treasury Actives

Anchored by more than 120 dealers globally, BrokerTec is a foundational source of liquidity and price discovery for on-the-run Treasury securities.

EFFICIENCY AT EVERY STAGE

Gain the exposure you need, with the efficiency that only the home of Treasury risk management can provide.

Access leading liquidity, multiple ways

Tap into best-in-class electronic order book liquidity, or trade bilaterally via flexible, relationship-based protocols.

  Futures and options BrokerTec
Central Limit Order Book (CME Globex)

Equal access CLOB

  • Streaming and RFQ liquidity
  • Curve trading via inter-commodity spreads
  • Trade-at-settlement (TAS)

Dealer-to-dealer market

  • On-the-run U.S. Treasuries
  • Curve trading via RV Curve
Relationship-based trading

CME ClearPort (bilateral)

  • Blocks
  • EFPs (cash-futures)
  • EFRs (swaps-futures)
 

BrokerTec Stream

  • Dealer-to-client direct streaming
  • Live for UST Benchmarks
  • 1/16 minimum price increments

Trade seamlessly across markets

Execute curve spreads, swap spreads and futures-cash basis spreads, while unlocking execution efficiencies.

Execute futures curve spreads in a single click

Inter-commodity spreads (ICS) are pre-defined spreads listed on CME Globex used to execute Treasury spread trades in a single transaction.

  • Zero slippage
  • Increased matching opportunities
  • Reduced noise during volatile markets

Trade swap spreads more efficiently

Invoice swap spreads, or packaged trades between Treasury futures and a related interest rate swap, offer a more efficient alternative for trading swap spreads.

  • Off-balance sheet exposure
  • Precise alignment of dates between futures and swaps
  • Up to 85% margin offsets when clearing both legs at CME

Manage the Treasury basis

A U.S. Treasury basis trade represents the price differential, expressed in 1/32s, between U.S. Treasury futures and an underlying delivery eligible U.S. Treasury note or bond. 

  • Traded as a price spread, basis trades are privately negotiated and executed outside the CLOB.
  • Move from cash-to-futures and futures-to-cash with less execution risk and market impact cost.
  • Futures leg submitted to CME Clearing as an EFP (exchange-for-physical) transaction under Rule 538, cash leg processed through client’s security account.

Spread cash bonds more cost-effectively and without legging risk

BrokerTec RV Curve delivers a single market to trade U.S. Treasury benchmark spread pairs and butterflies, bringing the efficiency of implied orders to cash bonds.

  • Reduced legging risk
  • Inside liquidity (1/10th of a bp ticks)
  • Excess efficiencies -- Implied orders are likely to incur additional yield as a result of rounding, saving that is 100% allocated to the RV order.

Optimize your margin requirements

Get more from your capital with best-in-class cross-margining opportunities.

Unlock unparalleled efficiencies by offsetting cleared swaps vs. futures and options exposures through Portfolio Margining.

AVG DAILY SAVINGS IN 2023*

$7.7 billion

OPTIONS-RELATED SAVINGS UP TO

100%

FUTURES-RELATED SAVINGS UP TO

97%

Access margin efficiencies between U.S. Treasury securities and Interest Rate futures.

POTENTIAL SAVINGS ON CASH VS. FUTURES BASIS TRADES UP TO

80%

Gain margin efficiencies with automatic offsets between Interest Rate futures and options positions.

MARGIN OFFSETS UP TO

90%

*Data as of year-end 2023, margin offsets subject to change

Learn about Treasury basics

Explore foundational readings covering the ins and outs of Treasury products.

Take self-guided courses on U.S. Treasury futures and options products.

If you're new to futures, the courses below can help you quickly understand the U.S. Treasury market and start trading.

Contact an Interest Rate expert

Connect with a member of our expert Interest Rate team for more information about our products.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2024 CME Group Inc. All rights reserved.