Treasury bond futures refer to a kind of financial derivatives that trade with treasury bonds as the subject matter. Treasury bond futures trading varieties include treasury bond futures main contracts and treasury bond futures related varieties.

The main bond futures contract refers to the bond futures contract with high trading activity and liquidity. In our country, the main contract of treasury bond futures is based on the main contract issued by Chinese debt companies. At present, the main bond futures contract is 10 year bond futures contract.

The trading unit of the main bond futures contract is the hand, and the face value of each hand is 6,543,800 yuan. The trading time is 9: 00 am-15 and 0: 30 pm-3:15, with a total of 6 hours and 30 minutes. The transaction method is centralized bidding, and the transaction is conducted on the exchange.

Treasury bond futures related varieties Treasury bond futures related varieties refer to financial derivatives related to treasury bond futures, including treasury bond futures options, inter-period arbitrage and cross-variety arbitrage.

Treasury futures option refers to the right to buy or sell treasury futures at a specific price within a specific time. The trading unit of treasury bond futures options is hand, and the face value of each hand is 6,543,800 yuan.

Intertemporal arbitrage refers to arbitrage transactions between treasury bond futures contracts with different maturities. For example, buy a contract with a shorter term and sell a contract with a longer term, and get arbitrage income through the price difference.

Cross-variety arbitrage refers to the arbitrage transaction between treasury bonds futures and other financial derivatives. For example, through the cross arbitrage of treasury bonds futures and stock index futures, arbitrage gains can be obtained through spreads.

The trading time, trading mode and trading unit of treasury bond futures are similar to the main contract of treasury bond futures, which shall be subject to the provisions of the exchange.

As a financial derivative, treasury bond futures have the functions of risk management and investment appreciation. Investors can participate in the national debt market through the trading activities of national debt futures and realize their investment goals.