Treasury bond futures is a branch of many futures varieties, which belongs to the category of interest rate futures in terms of categories. They are advanced financial derivatives for national debt, which play a great role in price discovery, risk avoidance and hedging. Specifically, treasury bond futures refer to the trading place signed by both parties in the investment process and agreed at a specific time in the future. Deliver a specified number of standardized futures contracts at the price agreed by both parties in advance. For treasury bonds, in the futures contract, the buyer agrees to buy a certain amount of treasury bonds on the agreed date and at the agreed price, and the seller agrees to sample a certain amount of treasury bonds on the agreed date and at the agreed price.

Treasury bond futures, as a branch of derivatives, have the following five characteristics:

Treasury futures are traded through standardized contracts, which do not involve the transfer of bond rights and interests, but only the risk of price changes of such rights and interests.

Treasury bond futures implement a margin system, and investors only need to pay a certain proportion of the agreed funds to operate the contract. The lower the margin ratio, the greater the operational risk of investors, and treasury bond futures are leveraged transactions.

Treasury bond futures trading follows the daily market monitoring system, that is, after the end of the day's trading, the exchange will conduct margin settlement to prevent debt overnight and control futures risk within the minimum time window. This system is called the daily market supervision system, also called the daily debt system.

Treasury bond futures contracts are standardized contracts and should be traded on designated exchanges according to law. Off-exchange trading and personal hedging are prohibited.

The trading and delivery of treasury bonds futures are not synchronized, and physical delivery rarely occurs, which is obviously different from the trading method after spot bond trading.