U.S. Treasury Futures and Options
Learn MoreTake advantage of the liquidity, security, and diversity of government bond markets with U.S. Treasury futures and options.
Available on the 2-year, 5-year, 10-year, and 30-year tenors, U.S. Treasuries are standardized contracts on U.S. government notes or bonds that offer a wide variety of strategies for customers looking to hedge or assume risk based on interest rate market exposure.
Benefit from a highly liquid marketplace and growing market volume as well as easy-to-access leverage capital and operational efficiencies with CME Group's U.S. Treasuries.
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Treasury Tools
Treasury Futures Education
Understanding Treasury Futures: An In-Depth Guide
Gain an in-depth understanding of the fundamentals of trading U.S. Treasury bond and note futures.
The Basics of U.S. Treasury Futures
Learn the basics behind trading Treasury futures, from contract specifications to trading examples.
U.S. Treasury Futures Delivery Process
Learn about the rules and procedures that govern the Treasury futures delivery process how delivery can affect pricing of Treasury futures.
A Simple Treasury Futures Duration Adjustment
Learn how to use U.S. Treasury futures to adjust portfolio duration and interest rate sensitivity.
Case Study: Key Rate Duration Adjustment
Discover the effectiveness of UST futures for adjusting portfolio duration and compare long options positions to equivalent straight futures hedge.
Treasury Futures Delivery Options, Basis Spreads, and Delivery Tails
Learn about the cash-to-futures basis spread, the options embedded in the Treasury futures delivery mechanism, and tactics for managing basis spread exposures and delivery tails.
Treasury Futures Calendar Spreads
Learn about how to use Treasury futures calendar spreads and the benefits of doing so.
Treasury Futures Calendar Spreads with Tails
Understand Treasury futures Calendar Spreads with tails on CME Globex, which allow you to customize precise calendar spreads with tail percentages.
Yield Curve Spread Trades
Learn more about Yield Curve Spread trades, which provide market participants with the opportunity to generate returns and effectively hedge portfolios.
Product Research and Analysis
Managing Behemoth Treasury Issuance
As exploding US debt collides with other macro crosscurrents to create large uncertainty with respect to inflation, unemployment, and GDP, total cost-minded investors are turning to CME Group's liquidity pools and tools to manage elevated risks.
Treasury Cash Market Penetration Methodology
Read about the shift in methodology from Primary Dealer to TRACE data for analyzing the ratio of notional-weighted trade activity in futures compared to underlying cash market volumes.
US Treasury Issuance: Drivers, Mechanics, and Holders
Examine the projected US Treasury issuance and its impact on futures deliverable baskets across the Treasury curve.
The 20-Year Bond in a Brave New World
The U.S. Treasury's new 20-year bond brings a new set of dynamics to the back end of the curve. Read about its potential impact on cash, derivatives and funding markets.
Expanded Treasury Issuance to Boost Futures Deliverable Baskets
With US Treasury issuance expected to surge in the coming quarters, the deliverable baskets underpinning Treasury futures will also see a boost.
Holistic Liquidity Measures During Covid-19: Supply, Demand, and Market Conditions
While the economic risks caused by virus concerns reduced order book depth, relative cost to trade actually declined when compared to the expansion in daily trading ranges.
CFTC Study: The Liquidity Hierarchy in the U.S. Treasury Market
Read an analysis of liquidity in the U.S. Treasury market as measured by DV01 risk transfer.
The New Treasury Market Paradigm
This paper applies external sources to examine the evolution of liquidity in both cash and futures markets as well as other important factors such as settlement fails in cash Treasuries.
Classic Bond Futures Soar the Gap
Read about the performance of Classic Bond futures during the first two-and-a-half-year period of its jump across the 5-year gap on the Treasury bond curve
Whether you are a new trader looking to get started in futures, or an experienced trader looking for a more efficient way to trade the U.S. government bond market, look no further than U.S. Treasury futures.
- Learn about the Treasuries Delivery Process
- Understand Treasuries Contract Specifications
- The Basics of Treasuries Basis
- Treasuries Hedging and Risk Management
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