Treasury bond futures refers to the derivative trading method of treasury bonds that determines the buying and selling prices in advance through organized trading places and delivers currencies and bonds at a specific time in the future. Treasury bond futures is a kind of financial futures and an advanced financial derivative. It came into being against the background of the instability of American financial market in 1970s, in order to meet the needs of investors to avoid interest rate risk.

Treasury bond futures are one of the most active financial futures in the world. On September 6, 20 13, treasury bonds futures were officially listed and traded on China Financial Futures Exchange.

1. trading unit: also called contract size, it refers to the trading quantity specified by the exchange for each futures contract.

2. Price quotation: refers to the expression of futures prices. Short-term treasury bond futures contracts are quoted by index, that is, 100 MINUS last year's yield.

3. Minimum price change: refers to the minimum range of price change in futures trading.

4. Daily price fluctuation limit: refers to the price limit system established to limit the excessive rise and fall of futures prices.

5. Contract month: refers to the month when the futures contract is due for delivery.

6. Trading time: refers to the specific time when various contracts stipulated by the exchange can be traded on each trading day.

7. Last trading day: In futures trading, most contracts are closed by reverse trading, but such reverse trading must be carried out within the specified time. This stipulated time is the last trading day.

8. Delivery arrangement: including delivery time, delivery place, delivery method and the level of the subject matter that can be delivered.

9. Position limit: refers to the maximum number of futures contracts that traders can hold in a certain period of time as stipulated by the exchange.