Micro Treasury Yield futures

Micro-sized treasuries, major possibilities
Now trading

Tap into the precision of a smaller-sized Treasury Yield contract

Discover a streamlined, intuitive approach to trading interest rate markets with Micro Treasury Yield futures, contracts based on one of the world's largest and most influential markets.

Key features

Traded in yield

Directly references the most widely followed US Treasury market metric – yields of recently auctioned (or, on the run) Treasury securities – the most followed issues within each tenor.

Four major benchmarks

Trade the most followed points on the curve: 2-Year Notes, 5-Year Notes, 10-Year Notes, and 30-Year Bonds, anchored by BrokerTec US Treasury benchmarks.

Constant BPV streamlines spreading opportunities

All four contracts are sized at a constant basis point value of $10/basis point of yield (0.01%), allowing for streamlined spread trading. Take positions on the rate’s direction or the yield curve’s shape.

Flexibility of a Micro contract

Small BPV enables a low-cost alternative to other interest rate offerings and gives individual and institutional traders more flexibility in managing their benchmark interest rate exposure.

Four tenors for benchmark US Treasury exposure

Product Code Contract Last Change Chart Open High Low Globex Vol

Contract specifications

  MICRO 2-YEAR YIELD FUTURES MICRO 5-YEAR YIELD FUTURES MICRO 10-YEAR YIELD FUTURES MICRO 30-YEAR YIELD FUTURES
PRODUCT CODE 2YY 5YY 10Y 30Y
SETTLEMENT Cash-settled to BrokerTec 2-Year benchmark Cash-settled to BrokerTec 5-Year benchmark Cash-settled to BrokerTec 10-Year benchmark Cash-settled to BrokerTec 30-Year benchmark
PRICE CONVENTION US Treasury Yield
CONTRACT SIZE $10.00 DV01
TICK SIZE $1.00 (1/10 of 1 bp)
# OF EXPIRIES 2 nearest monthly contracts
TERMINATION Last Business Day of Month

 

Where can I trade Micro Treasury Yield futures?

Below is a list of brokers that offer CME Group Micro Treasury Yield futures.

NinjaTrader

NinjaTrader provides award-winning trading software and brokerage services to active traders. Supporting 100,000+ users around...

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Tradovate

Tradovate combines brokerage and our proprietary trading technology into a single service and offers it through commission...

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Tradestation

TradeStation Group, Inc. is the parent company of online securities and futures brokerage firms and trading technology companies...

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Interactive Brokers

Interactive Brokers Group affiliates provide automated trade execution and custody of securities commodities and foreign exchange...

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Ironbeam

Ironbeam is an industry leading futures broker and FCM providing cutting edge technology, research, and clearing services to traders...

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Amp

AMP Futures, a Chicago-USA-based Futures Commission Merchant (FCM) that provides access to the global electronic futures...

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About the BrokerTec US Treasury benchmarks

BrokerTec is the leading central limit order book for cash US Treasury trading, offering customers 24-hour access to those markets. Micro Treasury Yield futures contracts will be based on the 2-, 5-, 10-, and 30-year yields traded on BrokerTec’s central limit order book.

Micro Treasury Yield futures will settle each day to their corresponding BrokerTec US Treasury benchmark at 3:00 p.m. Time. These benchmarks are published four times a day (11:00 a.m., 4:00 p.m., 5:00 p.m. and 3:00 p.m.) and are generated using volume weighted average yields (VWAYs) for the 15-minute window prior to the fixing times for on-the-run US Treasuries (2-Year, 3-Year, 5-Year, 7-Year, 10-Year, 20-Year, and 30-Year). CME Group Benchmark Administration Limited (CBA) is the benchmark administrator.

Note: the cash US Treasuries on which the futures are based trade around the clock, but the benchmark yield is published four times a day.

Latest yields

Learn about Micro Treasury Yield Futures

Learn more about our Micro Treasury Yield futures from market expert Jim Iuorio, Managing Director, TJM Institutional Services.

Download a CME Direct trading grid

Current CME Direct users can import a trading grid populated with Micro Treasury Yield futures contracts below to quickly add them to your CME Direct screen:

  1. Right-click on one of the links for the relevant grid (Outrights or Inter-commodity spreads).
  2. Save the files as an .XML on your computer.
  3. In CME Direct, select Import View in the main menu.
  4. Import the grid into CME Direct.
  5. Under Menu, click on Save Window Layout.

Not on CME Direct? Get started.

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