U.S. Treasury futures, options and cash
Explore the most liquid markets for trading U.S. government debt.
Execute large orders in markets featuring tight bid/ask spreads and depth around the clock.
Trade using the central limit order book, RFQs or negotiated blocks and EFRPs.
Optimize capital via margin offsets, portfolio margining and FICC cross-margining.
Treasury futures
Treasury futures represent the most liquid centralized market for U.S. Treasuries, trading on average $645 billion in notional per day in 2023, or 111% of the entire cash market reported by TRACE.
Get information on exchange rules, delivery procedures and clearing services. View CBOT Rulebook.
Micro Treasuries and Yield futures
Tailored for individual traders, Micro Treasury futures and Yield futures offer a more approachable way to access Treasury markets, with less margin and the choice to trade in price or yield.
Get information on exchange rules, delivery procedures and clearing services. View CBOT Rulebook.
Treasury options
With 1.1 million contracts traded daily in 2023, and 72 expirations listed at a time, Treasury options give users non-linear flexibility for fine-tuning risk exposures.
Get information on exchange rules, delivery procedures and clearing services. View CBOT Rulebook.
Anchored by more than 120 dealers globally, BrokerTec is a foundational source of liquidity and price discovery for on-the-run Treasury securities.
EFFICIENCY AT EVERY STAGE
Gain the exposure you need, with the efficiency that only the home of Treasury risk management can provide.
Access leading liquidity, multiple ways
Tap into best-in-class electronic order book liquidity, or trade bilaterally via flexible, relationship-based protocols.
| Futures and options | BrokerTec | |
|---|---|---|
| Central Limit Order Book (CME Globex) |
Equal access CLOB
|
Dealer-to-dealer market
|
| Relationship-based trading |
CME ClearPort (bilateral)
|
BrokerTec Stream
|
Trade seamlessly across markets
Execute curve spreads, swap spreads and futures-cash basis spreads, while unlocking execution efficiencies.
Optimize your margin requirements
Get more from your capital with best-in-class cross-margining opportunities.
Unlock unparalleled efficiencies by offsetting cleared swaps vs. futures and options exposures through Portfolio Margining.
$7.7 billion
100%
97%
Access margin efficiencies between U.S. Treasury securities and Interest Rate futures.
80%
Gain margin efficiencies with automatic offsets between Interest Rate futures and options positions.
90%
*Data as of year-end 2023, margin offsets subject to change
Analyze Treasury markets
Build and refine your trading strategies with free pricing and analytics tools for CME Group Treasury products.
Quicklinks
Learn about Treasury basics
Explore foundational readings covering the ins and outs of Treasury products.
Take self-guided courses on U.S. Treasury futures and options products.
If you're new to futures, the courses below can help you quickly understand the U.S. Treasury market and start trading.
Contact an Interest Rate expert
Connect with a member of our expert Interest Rate team for more information about our products.
