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<title>Interest rate future</title>

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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Interest rate future</span></span>

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</style><div role="note" class="hatnote navigation-not-searchable">"Short Sterling" redirects here. For the World War II bomber, see <a href="Short_Stirling" title="Short Stirling">Short Stirling</a>.</div>

<p>An <b>interest rate future</b> is a <a href="Futures_contract" title="Futures contract">futures contract</a> (a <a href="Financial_derivative" class="mw-redirect" title="Financial derivative">financial derivative</a>) with an interest-bearing instrument as the underlying asset.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It is a particular type of <a href="Interest_rate_derivative" title="Interest rate derivative">interest rate derivative</a>. Examples include Treasury-bill futures, Treasury-bond futures and <a href="Eurodollar" title="Eurodollar">Eurodollar</a> futures.

</p><p>As of 2019, the global market for exchange-traded interest rate futures was notionally valued by the <a href="Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> at $34,771 billion.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>

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<p>Interest rate futures are used to <a href="Hedge_(finance)" title="Hedge (finance)">hedge</a> against the risk that interest rates will move in an adverse direction, causing a cost to the company.

</p><p>For example, borrowers face the risk of interest rates rising. Futures use the inverse relationship between interest rates and bond prices to hedge against the risk of rising interest rates. A borrower will enter to sell a future today. Then if interest rates rise in the future, the value of the future will fall (as it is linked to the underlying asset, bond prices), and hence a profit can be made when closing out of the future (i.e. buying the future).

</p><p>Treasury futures are contracts sold on the Globex market for March, June, September and December contracts. As pressure to raise interest rates rises, futures contracts will reflect that speculation as a decline in price. Price and yield will always be in an inversely correlated relationship.

</p><p>Interest rate futures are not directly correlated with the market interest rates. When one enters into an interest rate futures contract (like a bond future), the trader has ability to eventually take delivery of the underlying asset. In the case of notes and bonds this means the trader could potentially take delivery of a bunch of bonds if the contract is not cash settled. The bonds which the seller can deliver vary depending on the futures contract. The seller can choose to deliver a variety of bonds to the buyer that fit the definitions laid out in the contract. The futures contract price takes this into account, therefore prices have less to do with current market interest rates, and more to do with what existing bonds in the market are cheapest to deliver to the buyer.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>

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<div class="mw-heading mw-heading2"><h2 id="Short-term_interest_rate_futures">Short-term interest rate futures</h2></div>

<p>A <b>short-term interest rate (STIR) future</b> is a <a href="Futures_contract" title="Futures contract">futures contract</a> that derives its value from the <a href="Interest_rate" title="Interest rate">interest rate</a> at maturation. Common short-term interest rate futures are <a href="Eurodollar" title="Eurodollar">Eurodollar</a>, <a href="Euribor" title="Euribor">Euribor</a>, <a href="Euroyen" class="mw-redirect" title="Euroyen">Euroyen</a>, Short Sterling and Euroswiss, which are calculated on <a href="LIBOR" class="mw-redirect" title="LIBOR">LIBOR</a> at settlement, with the exception of Euribor which is based on Euribor and Euroyen which is based on <a href="TIBOR" title="TIBOR">TIBOR</a>. This value is calculated as 100 minus the interest rate. Contracts vary, but are often defined upon an interest rate index such as 3-month sterling or US dollar <a href="LIBOR" class="mw-redirect" title="LIBOR">LIBOR</a>.

</p><p>They are traded across a wide range of currencies, including the <a href="G12_country" class="mw-redirect" title="G12 country">G12 country</a> currencies and many others.

</p><p>Some representative contracts are:

</p><p><i>United States</i>

</p>

<ul><li>90-day <a href="Eurodollars" class="mw-redirect" title="Eurodollars">Eurodollar</a> (CME)<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> - This will be terminated in June 2023 and converted to the Three-Month SOFR futures.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></li>

<li><a href="SOFR" title="SOFR">SOFR</a> 1-month and 3-month futures (CME)<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></li>

<li><a href="Federal_funds" title="Federal funds">Federal funds</a> 30-day (CBOT)<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ul>

<p><i>Europe</i>

</p>

<ul><li>3-month <a href="Euribor" title="Euribor">Euribor</a> (<a href="Euronext.liffe" class="mw-redirect" title="Euronext.liffe">Euronext.liffe</a>)</li>

<li>90-day <a href="Pound_sterling" title="Pound sterling">Sterling</a> <a href="LIBOR" class="mw-redirect" title="LIBOR">LIBOR</a> (<a href="Euronext.liffe" class="mw-redirect" title="Euronext.liffe">Euronext.liffe</a>)</li>

<li>Euro <a href="Swiss_franc" title="Swiss franc">Sfr</a> (<a href="Euronext.liffe" class="mw-redirect" title="Euronext.liffe">Euronext.liffe</a>)</li></ul>

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<ul><li>3-month <a href="Euroyen" class="mw-redirect" title="Euroyen">Euroyen</a> (TIF) - This will be terminated in 2024, and 3-month <a href="TONAR" title="TONAR">TONA</a> futures will start in 2023.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li>

<li>3-month BIBOR futures (BB3) (TFEX)</li></ul>

<p>where

</p>

<ul><li>CME is the <a href="Chicago_Mercantile_Exchange" title="Chicago Mercantile Exchange">Chicago Mercantile Exchange</a></li>

<li>CBOT is the <a href="Chicago_Board_of_Trade" title="Chicago Board of Trade">Chicago Board of Trade</a></li>

<li>TIF is the <a href="Tokyo_Financial_Exchange" title="Tokyo Financial Exchange">Tokyo International Financial Futures Exchange</a></li>

<li>SFE is the <a href="Sydney_Futures_Exchange" class="mw-redirect" title="Sydney Futures Exchange">Sydney Futures Exchange</a></li>

<li>TFEX is the Thailand Futures Exchange</li></ul>

<p>As an example, consider the definition of the <a href="Chicago_Mercantile_Exchange" title="Chicago Mercantile Exchange">Chicago Mercantile Exchange</a> Eurodollar interest rate future, the most widely and deeply traded financial futures contract.

</p>

<ul><li>They are listed on a 10-year cycle. Other markets only extend about 2–4 years.</li>

<li>Last Trading Day is the second London business day preceding the third Wednesday of the contract month.</li>

<li>Delivery Day is cash <a href="Settlement_(finance)" title="Settlement (finance)">settlement</a> on the third Wednesday.</li>

<li>The minimum fluctuation (<a href="Commodity_tick" title="Commodity tick">Commodity tick</a> size) is half a <a href="Basis_point" title="Basis point">basis point</a> or 0.005%.</li>

<li>Payment is the difference between the price paid for the contract (in ticks) multiplied by the "tick value" of the contract which is $12.50 per tick.</li>

<li>Before the Last Trading Day the contract trades at market prices. The Final Settlement Price is the <a href="British_Bankers_Association" class="mw-redirect" title="British Bankers Association">British Bankers Association</a> (BBA) percentage rate for Three–Month Eurodollar Interbank Time Deposits, rounded to the nearest 1/10000th of a percentage point at 11:00 London time on that day, subtracted from 100. (Expressing financial futures prices as 100 minus the implied interest rate was originally intended to make the contract price behave similarly to a <a href="Bond_(finance)" title="Bond (finance)">Bond</a> price in that an increase in price corresponds to a decrease in yield).</li></ul>

<p>Short-term interest rate futures are extensively used in the <a href="Hedge_(finance)" title="Hedge (finance)">hedging</a> of <a href="Interest_rate_swap" title="Interest rate swap">interest rate swaps</a>.

</p>

<div class="mw-heading mw-heading3"><h3 id="Exchange-traded_Strategies">Exchange-traded Strategies</h3></div>

<p>A great deal of the trading on these contracts is exchange traded multi-leg strategies, essentially bets upon the future shape of the <a href="Yield_curve" title="Yield curve">yield curve</a> and/or <a href="Basis_(options)" class="mw-redirect" title="Basis (options)">basis</a>. Both <a href="Liffe" class="mw-redirect" title="Liffe">Liffe</a> and <a href="Chicago_Mercantile_Exchange" title="Chicago Mercantile Exchange">CME</a> allow direct exchange trading in calendar spreads (the order book for spreads is separate from that of the underlying futures), which are quoted in terms of implied prices (price differences between futures of different expiries). Exchange-traded futures spreads greatly reduce execution risk and slippage, allowing traders to place guaranteed limit orders for entire spreads, otherwise impossible when entering into spreads via two separate futures orders.

</p>

<ul><li><a href="Forward_contract" title="Forward contract">Forward contract</a></li>

<li><a href="Interest_rate_derivative" title="Interest rate derivative">Interest rate derivative</a></li>

<li><a href="Interest_rate_swap" title="Interest rate swap">Interest rate swap</a></li>

<li><a href="Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

<ul><li><a rel="nofollow" class="external text" href="http://www.cmegroup.com/education/featured-reports/understanding-treasury-futures.html">The Fundamentals of Trading U.S. Treasury Bond and Note Futures</a> by <a href="CME_Group" title="CME Group">CME Group</a></li>

<li><a rel="nofollow" class="external text" href="http://www.answers.com/topic/interest-rate-futures-contract">Answers.com description of interest rate futures contracts</a></li>

<li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120515235222/http://www.euronext.com/trader/contractspecifications/derivative/wide/contractspecifications-3657-EN.html?euronextCode=L-LON-FUT">Euronext description of short sterling contracts</a></li>

<li>Quandl: <a rel="nofollow" class="external text" href="https://www.quandl.com/c/futures/rates">Rates Futures</a> – free, historical data</li>

<li><a rel="nofollow" class="external text" href="http://exceltradingmodels.com/interest-rate-futures-contract-specifications-and-tick-values/">Interest Rate Futures Contract Specifications and Tick Values</a> at ExcelTradingModels.com</li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160108164307/http://www.parliament.the-stationery-office.co.uk/pa/ld200910/ldselect/ldeucom/93/9304.htm">"The future regulation of derivatives markets: is the EU on the right track? (Introduction)"</a>. Parliament. 23 March 2010. Archived from <a rel="nofollow" class="external text" href="http://www.parliament.the-stationery-office.co.uk/pa/ld200910/ldselect/ldeucom/93/9304.htm">the original</a> on 8 January 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">18 June</span> 2013</span>.</cite></span>

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<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bis.org/statistics/extderiv.htm?m=6%7C32%7C616">"Exchange-traded derivatives statistics"</a>. <a href="Bank_for_International_Settlement" class="mw-redirect" title="Bank for International Settlement">Bank for International Settlement</a><span class="reference-accessdate">. Retrieved <span class="nowrap">20 June</span> 2020</span>.</cite></span>

</li>

<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><cite id="CITEREFWillette2013" class="citation web cs1">Willette, Jeff (1 October 2013). <a rel="nofollow" class="external text" href="http://www.radbrains.com/commodity/bond-futures-what-do-the-quote-prices-really-mean/">"Bond Futures: What Do The Quote Prices Really Mean?"</a>. <i>www.RadBrains.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2013-10-08</span></span>.</cite></span>

</li>

<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.cmegroup.com/markets/interest-rates/stirs/eurodollar.contractSpecs.html">Eurodollar Futures Contract Specs - CME Group</a></span>

</li>

<li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.cmegroup.com/articles/faqs/transitioning-from-eurodollar-futures-and-options-to-sofr-faq.html">Transitioning from Eurodollar futures and options to SOFR - FAQ - CME Group</a></span>

</li>

<li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.cmegroup.com/markets/interest-rates/stirs/three-month-sofr.contractSpecs.html">Three-Month SOFR Futures Contract Specs - CME Group</a></span>

</li>

<li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.cmegroup.com/markets/interest-rates/stirs/30-day-federal-fund.contractSpecs.html">30 Day Federal Funds Futures Contract Specs - CME Group</a></span>

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<li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.tfx.co.jp/en/pubcom/pdf/publiccoment20220815_e.pdf">Actions in response to Japanese Interest Rate Benchmark Reform - Tokyo Financial Exchange Inc.</a></span>

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</style><div id="Derivatives_market428" style="font-size:114%;margin:0 4em"><a href="Derivatives_market" title="Derivatives market">Derivatives market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div><a href="Derivative_(finance)" title="Derivative (finance)">Derivative (finance)</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Option_(finance)" title="Option (finance)">Options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Delta_neutral" title="Delta neutral">Delta neutral</a></li>

<li><a href="Exercise_(options)" title="Exercise (options)">Exercise</a></li>

<li><a href="Expiration_(options)" title="Expiration (options)">Expiration</a></li>

<li><a href="Moneyness" title="Moneyness">Moneyness</a></li>

<li><a href="Open_interest" title="Open interest">Open interest</a></li>

<li><a href="Risk-free_interest_rate" class="mw-redirect" title="Risk-free interest rate">Risk-free interest rate</a></li>

<li><a href="Strike_price" title="Strike price">Strike price</a></li>

<li><a href="Synthetic_position" title="Synthetic position">Synthetic position</a></li>

<li><a href="Greeks_(finance)" title="Greeks (finance)">the Greeks</a></li>

<li><a href="Volatility_(finance)" title="Volatility (finance)">Volatility</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Vanilla_option" class="mw-redirect" title="Vanilla option">Vanillas</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="American_option" class="mw-redirect" title="American option">American</a></li>

<li><a href="Bond_option" title="Bond option">Bond option</a></li>

<li><a href="Employee_stock_option" title="Employee stock option">Employee stock option</a></li>

<li><a href="European_option" class="mw-redirect" title="European option">European</a></li>

<li><a href="Fixed_income" title="Fixed income">Fixed income</a></li>

<li><a href="Option_style" title="Option style">Option styles</a></li>

<li><a href="Warrant_(finance)" title="Warrant (finance)">Warrants</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Exotic_option" title="Exotic option">Exotics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Asian_option" title="Asian option">Asian</a></li>

<li><a href="Barrier_option" title="Barrier option">Barrier</a></li>

<li><a href="Basket_option" title="Basket option">Basket</a></li>

<li><a href="Binary_option" title="Binary option">Binary</a></li>

<li><a href="Callable_bull/bear_contract" title="Callable bull/bear contract">Callable bull/bear contract</a></li>

<li><a href="Chooser_option" title="Chooser option">Chooser</a></li>

<li><a href="Cliquet_option" title="Cliquet option">Cliquet</a></li>

<li><a href="Compound_option" title="Compound option">Compound</a></li>

<li><a href="Forward_start_option" title="Forward start option">Forward start</a></li>

<li><a href="Interest_rate_option" title="Interest rate option">Interest rate</a></li>

<li><a href="Lookback_option" title="Lookback option">Lookback</a></li>

<li>Mountain range</li>

<li><a href="Rainbow_option" title="Rainbow option">Rainbow</a></li>

<li><a href="Spread_option" title="Spread option">Spread</a></li>

<li><a href="Swaption" title="Swaption">Swaption</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Options_strategy" title="Options strategy">Strategies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Backspread" title="Backspread">Backspread</a></li>

<li><a href="Box_spread_(options)" class="mw-redirect" title="Box spread (options)">Box spread</a></li>

<li><a href="Butterfly_(options)" title="Butterfly (options)">Butterfly</a></li>

<li><a href="Calendar_spread" title="Calendar spread">Calendar spread</a></li>

<li><a href="Collar_(finance)" title="Collar (finance)">Collar</a></li>

<li><a href="Condor_(options)" title="Condor (options)">Condor</a></li>

<li><a href="Covered_option" title="Covered option">Covered option</a></li>

<li><a href="Credit_spread_(options)" title="Credit spread (options)">Credit spread</a></li>

<li><a href="Debit_spread" title="Debit spread">Debit spread</a></li>

<li><a href="Diagonal_spread" title="Diagonal spread">Diagonal spread</a></li>

<li><a href="Fence_(finance)" title="Fence (finance)">Fence</a></li>

<li><a href="Intermarket_spread" title="Intermarket spread">Intermarket spread</a></li>

<li><a href="Iron_butterfly_(options_strategy)" title="Iron butterfly (options strategy)">Iron butterfly</a></li>

<li><a href="Iron_condor" title="Iron condor">Iron condor</a></li>

<li><a href="Jelly_roll_(options)" title="Jelly roll (options)">Jelly roll</a></li>

<li><a href="Ladder_(option_combination)" title="Ladder (option combination)">Ladder</a></li>

<li><a href="Naked_option" title="Naked option">Naked option</a></li>

<li><a href="Straddle" title="Straddle">Straddle</a></li>

<li><a href="Strangle_(options)" title="Strangle (options)">Strangle</a></li>

<li><a href="Protective_option" title="Protective option">Protective option</a></li>

<li><a href="Ratio_spread" title="Ratio spread">Ratio spread</a></li>

<li><a href="Risk_reversal" title="Risk reversal">Risk reversal</a></li>

<li><a href="Vertical_spread" title="Vertical spread">Vertical spread</a> (<a href="Bear_spread" title="Bear spread">Bear</a>, <a href="Bull_spread" title="Bull spread">Bull</a>)</li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Valuation_of_options" title="Valuation of options">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Bachelier_model" title="Bachelier model">Bachelier</a></li>

<li><a href="Binomial_options_pricing_model" title="Binomial options pricing model">Binomial</a></li>

<li><a href="Black_model" title="Black model">Black</a></li>

<li><a href="Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes</a> (<a href="Black%E2%80%93Scholes_equation" title="Black–Scholes equation">equation</a>)</li>

<li><a href="Finite_difference_methods_for_option_pricing" title="Finite difference methods for option pricing">Finite difference</a></li>

<li><a href="Foreign_exchange_option#Valuation:_the_Garman–Kohlhagen_model" title="Foreign exchange option">Garman–Kohlhagen</a></li>

<li><a href="Heston_model" title="Heston model">Heston</a></li>

<li><a href="Lattice_model_(finance)" title="Lattice model (finance)">Lattices</a></li>

<li><a href="Margrabe's_formula" title="Margrabe's formula">Margrabe</a></li>

<li><a href="Put%E2%80%93call_parity" title="Put–call parity">Put–call parity</a></li>

<li><a href="Monte_Carlo_methods_for_option_pricing" title="Monte Carlo methods for option pricing">MC Simulation</a></li>

<li><a href="Real_options_valuation" title="Real options valuation">Real options</a></li>

<li><a href="Trinomial_tree" title="Trinomial tree">Trinomial</a></li>

<li><a href="Vanna%E2%80%93Volga_pricing" title="Vanna–Volga pricing">Vanna–Volga</a></li></ul>

</div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Swap_(finance)" title="Swap (finance)">Swaps</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Amortising_swap" title="Amortising swap">Amortising</a></li>

<li><a href="Asset_swap" title="Asset swap">Asset</a></li>

<li><a href="Basis_swap" title="Basis swap">Basis</a></li>

<li><a href="Commodity_swap" title="Commodity swap">Commodity</a></li>

<li><a href="Conditional_variance_swap" title="Conditional variance swap">Conditional variance</a></li>

<li><a href="Constant_maturity_swap" title="Constant maturity swap">Constant maturity</a></li>

<li><a href="Correlation_swap" title="Correlation swap">Correlation</a></li>

<li><a href="Credit_default_swap" title="Credit default swap">Credit default</a></li>

<li><a href="Currency_swap" title="Currency swap">Currency</a></li>

<li><a href="Dividend_swap" title="Dividend swap">Dividend</a></li>

<li><a href="Equity_swap" title="Equity swap">Equity</a></li>

<li><a href="Foreign_exchange_swap" title="Foreign exchange swap">Forex</a></li>

<li><a href="Forward_rate_agreement" title="Forward rate agreement">Forward Rate Agreement</a></li>

<li><a href="Inflation_swap" title="Inflation swap">Inflation</a></li>

<li><a href="Interest_rate_swap" title="Interest rate swap">Interest rate</a></li>

<li><a href="Overnight_indexed_swap" title="Overnight indexed swap">Overnight indexed</a></li>

<li><a href="Total_return_swap" title="Total return swap">Total return</a></li>

<li><a href="Variance_swap" title="Variance swap">Variance</a></li>

<li><a href="Volatility_swap" title="Volatility swap">Volatility</a></li>

<li><a href="Year-on-year_inflation-indexed_swap" title="Year-on-year inflation-indexed swap">Year-on-year inflation-indexed</a></li>

<li><a href="Zero_coupon_swap" title="Zero coupon swap">Zero Coupon</a></li>

<li><a href="Zero-coupon_inflation_swap" title="Zero-coupon inflation swap">Zero-coupon inflation-indexed</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div class="hlist"><ul><li><a href="Forward_contract" title="Forward contract">Forwards</a></li><li><a href="Futures_contract" title="Futures contract">Futures</a></li></ul></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Contango" title="Contango">Contango</a></li>

<li>Commodities future</li>

<li><a href="Currency_future" title="Currency future">Currency future</a></li>

<li><a href="Dividend_future" title="Dividend future">Dividend future</a></li>

<li><a href="Forward_market" title="Forward market">Forward market</a></li>

<li><a href="Forward_price" title="Forward price">Forward price</a></li>

<li><a href="Forward_contract#Spot–forward_parity" title="Forward contract">Forwards pricing</a></li>

<li><a href="Forward_rate" title="Forward rate">Forward rate</a></li>

<li><a href="Futures_contract#Pricing" title="Futures contract">Futures pricing</a></li>

<li><a href="Margin_(finance)" title="Margin (finance)">Margin</a></li>

<li><a href="Normal_backwardation" title="Normal backwardation">Normal backwardation</a></li>

<li><a href="Perpetual_futures" title="Perpetual futures">Perpetual futures</a></li>

<li><a href="Single-stock_futures" title="Single-stock futures">Single-stock futures</a></li>

<li><a href="Slippage_(finance)" title="Slippage (finance)">Slippage</a></li>

<li><a href="Stock_market_index_future" title="Stock market index future">Stock market index future</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Exotic_derivative" title="Exotic derivative">Exotic derivatives</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Commodity_derivative" class="mw-redirect" title="Commodity derivative">Commodity derivative</a></li>

<li><a href="Energy_derivative" title="Energy derivative">Energy derivative</a></li>

<li><a href="Freight_derivative" class="mw-redirect" title="Freight derivative">Freight derivative</a></li>

<li><a href="Inflation_derivative" title="Inflation derivative">Inflation derivative</a></li>

<li><a href="Property_derivative" title="Property derivative">Property derivative</a></li>

<li><a href="Weather_derivative" title="Weather derivative">Weather derivative</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other derivatives</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation (CDO)</a></li>

<li><a href="Constant_proportion_portfolio_insurance" title="Constant proportion portfolio insurance">Constant proportion portfolio insurance</a></li>

<li><a href="Contract_for_difference" title="Contract for difference">Contract for difference</a></li>

<li><a href="Credit-linked_note" title="Credit-linked note">Credit-linked note (CLN)</a></li>

<li><a href="Credit_default_option" title="Credit default option">Credit default option</a></li>

<li><a href="Credit_derivative" title="Credit derivative">Credit derivative</a></li>

<li><a href="Equity-linked_note" title="Equity-linked note">Equity-linked note (ELN)</a></li>

<li><a href="Equity_derivative" title="Equity derivative">Equity derivative</a></li>

<li><a href="Foreign_exchange_derivative" title="Foreign exchange derivative">Foreign exchange derivative</a></li>

<li><a href="Fund_derivative" title="Fund derivative">Fund derivative</a></li>

<li><a href="Fund_of_funds" title="Fund of funds">Fund of funds</a></li>

<li><a href="Interest_rate_derivative" title="Interest rate derivative">Interest rate derivative</a></li>

<li><a href="Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li>

<li><a href="Power_reverse_dual-currency_note" title="Power reverse dual-currency note">Power reverse dual-currency note (PRDC)</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Market issues</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Consumer_debt" title="Consumer debt">Consumer debt</a></li>

<li><a href="Corporate_bond" title="Corporate bond">Corporate debt</a></li>

<li><a href="Government_debt" title="Government debt">Government debt</a></li>

<li><a href="Great_Recession" title="Great Recession">Great Recession</a></li>

<li><a href="Municipal_debt" class="mw-redirect" title="Municipal debt">Municipal debt</a></li>

<li><a href="Tax_policy" title="Tax policy">Tax policy</a></li></ul>

</div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>

<ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"></span> </span><a href="Portal%3ABusiness" title="Portal:Business">Business portal</a></li></ul>

</div></td></tr></tbody></table></div></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2024-07-12" href="https://en.wikipedia.org/wiki/?title=Interest_rate_future&oldid=1234041712">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

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