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.

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

Treasury bond 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 OTC 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.

5. Treasury bond futures trading is generally less physical delivery.

1. trading unit: treasury bond futures contracts, each 1 10,000.

2. Minimum variable price: the minimum variable price is 0.005 yuan.

4. Daily price fluctuation limit: the price fluctuation limit is 2% of the settlement price of the previous trading day.

5. Trading time: 9: 00 am15-1:30 pm13: 00-15:15, and the trading time on the last trading day of the contract is 9: 00 am.

6. Last trading day: The last trading day of the contract is the second Friday of the expiration month.

7. Delivery arrangement: The last delivery date is the third trading day of the last trading day, and the delivery method of physical delivery is adopted.

At present, the handling fee is 3.03, which is the same for all three kinds of government bonds.