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Learn why traders use futures, how to trade futures, and what steps you should take to get started.
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 | 1 3⁄4 to 2 years |
4 1⁄6 to 5 1⁄4 years |
6 1⁄2 to 10 years |
9 5⁄12 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) | |||||
| Product | Last | Change | Chart | Globex Vol |
|---|
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
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 |
Post Dec FOMC Rate Hike Announcement (December 15, 2016) |
Post UK Referendum (June 24, 2016) |
Over |
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 |
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
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
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
Find the resources you need to take the next step at the CME Institute.
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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.
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