CME Three-Month €STR futures reflect euro overnight interest rate expectations between IMM dates. The contract represents the leading pool of centralized liquidity on the Euro Short-Term Rate (ESTR) – the European risk-free rate that is quickly becoming the preferred benchmark in EUR swaps and cash markets.
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Features and benefits
Hedge EUR overnight markets effectively
Harness the capital efficiency of futures to carry out euro-based overnight balance sheet hedging.
Trade IBOR/OIS basis seamlessly
Trade the differential between the cost of funds for IBOR and overnight money market or repo rates.
Capitalize on rapidly deepening liquidity
Take advantage of robust top-of-book depth, tightening bid/asks, and already active outright, spread, and ICS markets.
PRODUCTS
Hedge potential T-Bill yields precisely
Now live: Trade T-Bill futures across six expirations to hedge the risks of soaring Treasury debt issuance and volatility in the short end of the curve.
Explore this product in depth
Trade €STR within the leading STIR ecosystem
Seamlessly trade €STR versus SOFR or Euribor to manage basis risks, capture relative-value opportunities, and unlock cross-margin savings.
€STR vs. SOFR
Manage cross currency basis spreads between EU and U.S. money market rates or price and hedge forward FX.
€STR vs. Euribor
Trade the differential between Euribor and ESTR with the efficiency of single contract basis spread futures.
Find €STR on CME Direct
A fast, secure, and highly configurable trading front end, CME Direct offers a one-stop shop for accessing liquidity
across CLOB trading, RFQs, and block negotiation/reporting workflows.
Not on CME Direct? Get started.
Download €STR trading grids
- Right click on the link and select "Save link as...".
- Save the file as an .XML on your computer.
- In CME Direct, select import view in the main menu.
- Import the grid into CME Direct.
- Under Menu, click on Save Window Layout.
Courses
The Euro Short Term Rate, or €STR, is the primary overnight money-market benchmark rate in the Euro area and reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area.
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