This problem is a quotation method for medium and long-term treasury bonds futures based on CBOT. 5. The contract face value of 1 0 and 30-year treasury bond futures are both 1 0000USD, and 1% of the contract face value is1point, that is,1point represents1000USD; The minimum change price of 30-year treasury bond futures is 1/32 points, that is, 3 1.25 USD/contract; In addition, the minimum price change of 5-year and 10-year treasury bonds is 1/2 of 1/32, that is, 15.625 USD/contract. The quotation format of CBOT long-term treasury bonds futures is "XX-XX", where the number before "-"represents how many points, and the number after "-"represents how many points 1/32. Among them, there may be three digits after "-"because the minimum changing price of 5-year and 10-year is 1/2 of132. The quoted price of 10-year treasury bond futures is 97- 125, and the actual quoted price is 97+12.5 * (1/32) = 97.390625 yuan, because the quoted price of treasury bond futures is generally 100 yuan.

1. 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.

Second, the basic characteristics

Futures trading is a complex trading method, which has the following main characteristics different from spot trading:

1. Treasury futures trading does not involve the transfer of bond ownership, but only the risk of price changes related to this ownership.

Treasury bond futures trading must be conducted at designated trading places. The futures trading market aims at opening and liberalization, and over-the-counter trading and private hedging are prohibited.

3. All treasury bond futures contracts are standardized contracts. Treasury bond futures trading is a leveraged transaction, and a margin system is implemented.

4. Treasury bond futures trading shall be subject to the debt-free day settlement system.

Generally speaking, physical delivery is not common in treasury bond futures trading.