10-Year US Treasury futures and options are deeply liquid and efficient tools for hedging interest rate risk, potentially enhancing income, adjusting portfolio duration, interest rate speculation and spread trading.
10-Year futures are the most actively traded Treasury product on planet, and it's share of risk transfer grows during non-U.S hours, and during periods of higher volatility.*
Enjoy off-balance sheet exposure, concentration of positions in a single line item, netting, transparency, and initial margins that reflect one-day period of risk.
Access liquidity multiple ways, such as via the central limit order book, blocks and EFRPs.
Two options expiries every week (Wed and Fri) provide flexibility to manage existing positions and greater precision to trade high impact economic events.
Face value at maturity of $100,000
Points and fractions of points with par on the basis of 100 points
CME Globex: ZN
CME ClearPort: 21
Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each …
To better serve the evolving needs of today’s treasury market, we’re introducing an enhanced 3-Year Treasury Note futures contract with a reduced tick size, a bigger deliverable basket, and more.
Spread 10-Year Treasury futures versus other benchmark tenors to express a view on the shape of the yield curve curve, adjust portfolio duration, and unlock cross-margin savings.
Trade the 2s10s spread, one of the most-watched economic indicators, with up to 50% margin offsets
Trade the highly active 5s10s spread with margin offsets of up to 68%
Express a vierw on the belly of the curve with margin offsets of up to 68%
Express a view on shape of the the long-end of the curve with margin offsets of up to 68%
Margins offsets are subject to change based upon market conditions.
Invoice Swaps Spreads are packaged trades that involve buying (selling) UST futures and paying (receiving) fixed on a related interest rate swap with a similar risk profile, which gives our clients a more efficient alternative for trading swap spreads.
A US Treasury basis trade represents the price differential, expressed in 1/32s, between UST futures and an underlying delivery eligible US Treasury note or bond.
Meets 8 times a year on U.S. monetary policy and the key interest rate; any change will impact the markets.
The U.S. Treasury regularly sells new U.S. treasuries at auction to finance public debt, which impacts supply and, in turn, price.
1st Friday of each month by the Bureau of Labor Statistics; gauges how many jobs the U.S. economy added /lost over last month. Increase indicates economic growth, is a key indicator for the Fed.
Mid-month by BLS; measures inflation or cost-of-living changes, tracking the average price of a basket of goods and services. Is a key driver of Fed policy.
If you're new to futures, the courses below can help you quickly understand the US Treasury market and start trading.
Connect with a member of our expert Interest Rate team for more information about our products.