Bond futures is a kind of interest rate futures and a standardized contract. The buyer and the seller promise to buy and sell a certain number of interest rate-related commodities at an agreed price on a specific date in the future. This "interest-related commodity" is usually a medium-and long-term bond.
The so-called interest rate futures refer to futures contracts with bond securities as the subject matter, which can avoid the risk of securities price changes caused by bank interest rate fluctuations. There are many kinds of interest rate futures, and there are also many classification methods. Generally, according to the contract term, interest rate futures can be divided into short-term interest rate futures and long-term interest rate futures.