Treasuryfutures refers to the derivative trading method of treasury bonds, which 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.

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.