A more precise hedge for 20-year Treasury exposure

20-Year U.S. Treasury Bond futures will offer greater efficiency and precision in managing exposure at the 20-year maturity point on the U.S. Treasury curve. Enjoy new curve and basis spreading opportunities with a contract that creates a close proxy for forward-starting cash 20-year bond exposures through a deliverable basket of original issue 20-year and 30-year Treasury bonds with remaining term to maturity between 19 years 2 months and 19 years 11 months.

Features and benefits

More precise 20Y hedging

A focused deliverable basket of 20-year and 30-year bonds, with remaining term to maturity between 19 years 2 months and 19 years 11 months.

Yield curve spreads

A full suite of inter-commodity spreads vs. established tenors will offer new curve trading opportunities while assisting with liquidity development.

Relative-value opportunities

Trade the 20Y futures-cash basis (via EFP) or hedge neighboring swap exposures at the 20-year term to maturity with Invoice Swap Spreads (via EFR).

Capital efficiencies

Enjoy margin offsets vs. existing interest rate products. Portfolio margining with CME-cleared interest rate swaps is expected later in 2022.

Explore this product in depth

Track forward-looking risk expectations on U.S. Treasuries with the CME Group Volatility Index (CVOLTM), a robust measure of 30-day implied volatility derived from deeply liquid options on Treasury futures.

PRODUCTS

Invoice Swap Spread Trading

Explore packaged trades between Treasury futures and forward-starting interest rate swaps, a liquid alternative to spreading vs. cash treasuries.

Block Market Makers

Firm Name Contact(s) Phone Number Hours
Barclays David Piazza +1 212 528 1010 RTH
Goldman Sachs Jerry Strabley +1 212 902 5010  RTH
JP Morgan Peter Isola +1 212 834 4652 RTH
Morgan Stanley Reed Staub +1 212 761 1724 RTH

Vendor trading codes

Access 20-Year futures across a range of leading vendor trading platforms.

Product CME Globex Bloomberg Blue Trading Broadway Technology CQG DTN Fidessa FIS Global ION (Pats & FFastFill) Itiviti (Orc & Tbricks) Refinitiv TT Vela
20-Year T-Bond Futures TWE TWEA TWE TWE Coming
Soon
@TWE TWE TWE TWE TWE ZP Coming
Soon
TWE
2Y vs. 20Y (1:1 ICS) TTW   TTW TTW @TTW TTW TTW TTW TTW 1TTW-1TTW TTW
2Y vs. 20Y (7:1 ICS) TWW   TWW TWW @TWW TWW TWW TWW TWW 1TWW-1TWW TWW
3Y vs. 20Y (1:1 ICS) TRW   TRW TRW @TRW TRW TRW TRW TRW 1TRW-1TRW TRW
3Y vs. 20Y (4:1 ICS) THW   THW THW @THW THW THW THW THW 1THW-1THW THW
5Y vs. 20Y (1:1 ICS) FTW   FTW FTW @FTW FTW FTW FTW FTW 1FTW-1FTW FTW
5Y vs. 20Y (5:1 ICS) FYW   FYW FYW @FYW FYW FYW FYW FYW 1FYW-1FYW FYW
10Y vs. 20Y (1:1 ICS) TYW   TYW TYW @TYW TYW TYW TYW TYW 1TYW-1TYW TYW
10Y vs. 20Y (3:1 ICS) TOW   TOW TOW @TOW TOW TOW TOW TOW 1TOW-1TOW TOW
Ultra 10Y  vs. 20Y (1:1 ICS) NYW   NYW NYW @NYW NYW NYW NYW NYW 1NYW-1NYW NYW
Ultra 10Y  vs. 20Y (2:1 ICS) NTW   NTW NTW @NTW NTW NTW NTW NTW 1WTN-1WTN NTW
T-Bond vs. 20Y (1:1 ICS) ZBW   ZBW ZBW @ZBW ZBW ZBW ZBW ZBW 1ZBW-1ZBW ZBW
T-Bond vs. 20Y (4:3 ICS) ZTW   ZTW ZTW @ZTW ZTW ZTW ZTW ZTW 1ZTW-1ZTW ZTW
20Y vs. Ultra Bond (1:1 ICS) TWU   TWU TWU @TWU TWU TWU TWU TWU 1TWU-1TWU TWU
20Y vs. Ultra Bond (3:2 ICS) TWB   TWB TWB @TWB TWB TWB TWB TWB 1TWB-1TWB TWB

Learn about 20-Year T-Bond futures

Understand the basics of 20-Year T-Bond futures, fundamentals behind the contract, and the role it fills on the long-end of the Treasury futures curve.

Subscribe for updates on 20Y Bond futures

Sign up to be one of the first to receive announcements related to 20Y Bond futures.

>

Track forward-looking risk expectations on U.S. Treasuries with the CME Group Volatility Index (CVOLTM), a robust measure of 30-day implied volatility derived from deeply liquid options on Treasury futures.

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.

© 2022 CME Group Inc. All rights reserved.