Interest rate futures

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Interest-rate futures are futures contracts on interest-bearing securities (debt), for example U.S. Treasury bills or Treasury bonds, Treasury notes, and certificates of deposit. They are used to hedge or to speculate on future interest rates and security prices. Futures on benchmark interest rates are some of the most widely traded products on the major futures exchanges.

The five most actively traded interest rate futures are:
1. Eurodollar Futures (offered at the CME)
2. 10-Year U.S. Treasury Note Futures (at the CME)
3. Euro-Bund Futures and Options (offered by Eurex)
4. Eurodollar Options on Futures (CME)
5. 3-Month Euribor Futures (on Liffe)

In addition to the CME, Eurex, and Liffe, interest rate futures are traded on the SFE, MexDer, and TFX.

• CME Group offers futures and options on Eurodollars, 30-day Fed Funds, U.S. Treasury bonds and the Lehman Brothers U.S. Aggregate Index, plus futures on credit-default indexes and interest rate swaps.