US Treasury futures

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U.S. Treasury bond and note futures are widely used for managing risk on fixed-income securities. Holding fixed-income securities can be tantamount to speculating on the future direction of interest rates.

Interest rate futures were pioneered by the Chicago Board of Trade (CBOT) in 1975 in response to a need for tools that could protect against sharp and frequent swings in the cost of money. The first of such products was U.S. Treasury bond futures, which were followed by futures on 10-year, 5-year, and 2-year U.S. Treasury notes.

The CME Group, which acquired the CBOT in July 2007, offers some of the most widely traded Treasury futures contracts.

U.S. Treasury futures contracts traded include:

• CME Group U.S. Treasury Bond
• CME Group Ultra U.S. Treasury Bond
• CME Group 2-Year U.S. Treasury notes
• CME Group 3-Year U.S. Treasury notes
• CME Group 5-Year U.S. Treasury notes
• CME Group 10-Year U.S. Treasury notes
• ELX 2-Year Treasury Notes
• ELX 5-Year Treasury Notes
• ELX 10-Year Treasury Notes
• ELX 30-Year Treasury Bonds
• NYSE Liffe US Treasury futures