A more precise hedge for 20-year Treasury exposure
20-Year U.S. Treasury Bond futures will offer greater efficiency and precision in managing exposure at the 20-year maturity point on the U.S. Treasury curve. Enjoy new curve and basis spreading opportunities with a contract that creates a close proxy for forward-starting cash 20-year bond exposures through a deliverable basket of original issue 20-year and 30-year Treasury bonds with remaining term to maturity between 19 years 2 months and 19 years 11 months.
Features and benefits
More precise 20Y hedging
A focused deliverable basket of 20-year and 30-year bonds, with remaining term to maturity between 19 years 2 months and 19 years 11 months.
Yield curve spreads
A full suite of inter-commodity spreads vs. established tenors will offer new curve trading opportunities while assisting with liquidity development.
Relative-value opportunities
Trade the 20Y futures-cash basis (via EFP) or hedge neighboring swap exposures at the 20-year term to maturity with Invoice Swap Spreads (via EFR).
Capital efficiencies
Enjoy margin offsets vs. existing interest rate products. Portfolio margining with CME-cleared interest rate swaps is expected later in 2022.
Explore this product in depth
Track forward-looking risk expectations on U.S. Treasuries with the CME Group Volatility Index (CVOLTM), a robust measure of 30-day implied volatility derived from deeply liquid options on Treasury futures.
PRODUCTS
Invoice Swap Spread Trading
Explore packaged trades between Treasury futures and forward-starting interest rate swaps, a liquid alternative to spreading vs. cash treasuries.
Block Market Makers
| Firm Name | Contact(s) | Phone Number | Hours |
|---|---|---|---|
| Barclays | David Piazza | +1 212 528 1010 | RTH |
| Goldman Sachs | Jerry Strabley | +1 212 902 5010 | RTH |
| JP Morgan | Peter Isola | +1 212 834 4652 | RTH |
| Morgan Stanley | Reed Staub | +1 212 761 1724 | RTH |
Vendor trading codes
Access 20-Year futures across a range of leading vendor trading platforms.
| Product | CME Globex | Bloomberg | Blue Trading | Broadway Technology | CQG | DTN | Fidessa | FIS Global | ION (Pats & FFastFill) | Itiviti (Orc & Tbricks) | Refinitiv | TT | Vela |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20-Year T-Bond Futures | TWE | TWEA | TWE | TWE | Coming Soon | @TWE | TWE | TWE | TWE | TWE | ZP | Coming Soon | TWE |
| 2Y vs. 20Y (1:1 ICS) | TTW | TTW | TTW | @TTW | TTW | TTW | TTW | TTW | 1TTW-1TTW | TTW | |||
| 2Y vs. 20Y (7:1 ICS) | TWW | TWW | TWW | @TWW | TWW | TWW | TWW | TWW | 1TWW-1TWW | TWW | |||
| 3Y vs. 20Y (1:1 ICS) | TRW | TRW | TRW | @TRW | TRW | TRW | TRW | TRW | 1TRW-1TRW | TRW | |||
| 3Y vs. 20Y (4:1 ICS) | THW | THW | THW | @THW | THW | THW | THW | THW | 1THW-1THW | THW | |||
| 5Y vs. 20Y (1:1 ICS) | FTW | FTW | FTW | @FTW | FTW | FTW | FTW | FTW | 1FTW-1FTW | FTW | |||
| 5Y vs. 20Y (5:1 ICS) | FYW | FYW | FYW | @FYW | FYW | FYW | FYW | FYW | 1FYW-1FYW | FYW | |||
| 10Y vs. 20Y (1:1 ICS) | TYW | TYW | TYW | @TYW | TYW | TYW | TYW | TYW | 1TYW-1TYW | TYW | |||
| 10Y vs. 20Y (3:1 ICS) | TOW | TOW | TOW | @TOW | TOW | TOW | TOW | TOW | 1TOW-1TOW | TOW | |||
| Ultra 10Y vs. 20Y (1:1 ICS) | NYW | NYW | NYW | @NYW | NYW | NYW | NYW | NYW | 1NYW-1NYW | NYW | |||
| Ultra 10Y vs. 20Y (2:1 ICS) | NTW | NTW | NTW | @NTW | NTW | NTW | NTW | NTW | 1WTN-1WTN | NTW | |||
| T-Bond vs. 20Y (1:1 ICS) | ZBW | ZBW | ZBW | @ZBW | ZBW | ZBW | ZBW | ZBW | 1ZBW-1ZBW | ZBW | |||
| T-Bond vs. 20Y (4:3 ICS) | ZTW | ZTW | ZTW | @ZTW | ZTW | ZTW | ZTW | ZTW | 1ZTW-1ZTW | ZTW | |||
| 20Y vs. Ultra Bond (1:1 ICS) | TWU | TWU | TWU | @TWU | TWU | TWU | TWU | TWU | 1TWU-1TWU | TWU | |||
| 20Y vs. Ultra Bond (3:2 ICS) | TWB | TWB | TWB | @TWB | TWB | TWB | TWB | TWB | 1TWB-1TWB | TWB |
Learn about 20-Year T-Bond futures
Understand the basics of 20-Year T-Bond futures, fundamentals behind the contract, and the role it fills on the long-end of the Treasury futures curve.
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