Welcome to U.S. Treasury Futures

Deeply liquid CBOT U.S. Treasury futures provide efficient tools available around the clock for many uses: hedging interest-rate risk, potentially enhancing income, adjusting portfolio duration, speculating on interest rates and spread trading.

The contracts track deliverable baskets of U.S. treasuries, fixed-income securities issued and backed by the U.S. government to finance debt (amounting to $14 trillion in outstanding marketable debt at the end of March 2017).

Of the contracts offered on multiple maturity points of the U.S. yield curve, the 5-Year and 10-Year Treasury Note (T-Note) futures are the most actively traded.

	2-Year Note	5-Year Note	10-Year Note	Ultra 10	T-Bond	Ultra T-Bond
Contract Size	$200,000	$100,000	$100,000	$100,000	$100,000	$100,000
Deliverable Maturities	13/4 to 2 years	41/6 to 5 1/4 years	61/2 to 10 years	95/12 to 10 Years	15 years up to 25 years	25 years to 30 years
Product Symbol	ZT	ZF	ZN	TN	ZB	UB
Contract Months	Quarterly: March, June, September and December
Trading Hours	Electronic: 5:00p.m. - 4:00p.m., Sunday - Friday (Central Time)
Minimum Tick	1/4 of 1/32 of 1 point	1/4 of 1/32 of 1 point	1/2 of 1/32 of 1 point	1/2 of 1/32 of 1 point	1/32 of 1 point	1/32 of 1 point
Dollar Value of One Tick	$15.625	$7.8125	$15.625	$15.625	$31.25	$31.25
Options Available	Quarterly, Serial, Weekly (Fridays & Wednesdays)

Treasury Futures Market Snapshot

Product	Last	Change	Chart	Globex Vol

Why Trade Treasury Futures?

Deep Liquidity

Discover liquidity that rivals or even surpasses cash treasury market liquidity. 5-Yr. and 10-Yr. T-Note futures are the most actively traded, at 969,000 and 1.5 million+* contracts per day, respectively

Nearly 24-hour electronic access

Act as world news and events unfold, with markets trading nearly 24 hours, 6 days a week

Reduce trading costs

Tight bid/asks spreads can help reduce one part of your trading costs when entering/exiting positions

Flexible execution

Access liquidity multiple ways, such as via the central limit order book, blocks and EFRPs

Margin offset savings

Save from margin offsets with other CME Group Interest Rate products and benchmark futures on the S&P 500 Index and Gold

Capital efficiency of Futures

Control a larger notional value for a relatively small amount of capital

Safety and security

Central clearing helps substantially mitigate your counterparty credit risk

*Data as of end of Q1 2017

Manage Market Event Risk with Treasury Futures

When major market events happen, traders worldwide turn to our Treasury futures markets, as evidenced in three key events in 2016:

Post U.S. Election (November 9, 2016)	Post Dec FOMC Rate Hike Announcement (December 15, 2016)	Post UK Referendum (June 24, 2016)
Over 8.9 million contracts traded for the day	Over 6 million contracts traded for the day	Over 5.9 million contracts traded for the day
4.8 million contracts traded on CME Globex before U.S. trading hours	1.4 million contracts traded on CME Globex before U.S. trading hours	Over 3.54 million contracts traded on CME Globex before U.S. trading hours

Key Economic Events and Reports That Move Markets

FOMC (Federal Open Markets Committee)
Meets 8 times a year on U.S. monetary policy and the key interest rate; any change will impact the markets

U.S. Employment Statistics
1^st 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

U.S. Treasury Auctions
The U.S. Treasury regularly sells new U.S. treasuries at auction to finance public debt, which impacts supply and, in turn, price

CPI (Consumer Price Index)
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

Learn to Trade Treasury Futures

Find the resources you need to take the next step at the CME Institute.

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Who We Are

CME Group is the world's leading and most diverse 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.