proportion

(1) The interest rate futures price changes inversely with the actual interest rate, that is, the higher the interest rate, the lower the bond futures price; The lower the interest rate, the higher the bond futures price.

Delivery mode

(2) The delivery method of interest rate futures is special. Interest rate futures are mainly delivered in cash, sometimes in cash. Cash delivery is to determine the delivery price of futures contracts with the existing interest rate of banks as the conversion factor.

Extended data

Due to various factors such as design and demand, not all interest rate futures contracts are successful. Among many existing interest rate futures, transactions tend to be concentrated.

Take the United States as an example Generally speaking, almost all important and actively traded interest rate futures are concentrated in two exchanges: Chicago Board of Trade and Chicago Mercantile Exchange (International Money Market Division).

These two exchanges mainly focus on long-term interest rate futures and short-term interest rate futures. Among the long-term interest rate futures, the most representative ones are US long-term treasury bonds futures and 10-year US medium-term treasury bonds futures, while the representative varieties of short-term interest rate futures are 3-month US short-term treasury bonds futures and 3-month European dollar time deposit futures.

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