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Full Description
U.S. Treasury futures and options are the world's largest fixed income markets. They enable investors and traders to trade, risk manage and invest in U.S. government notes or bonds for future delivery. The U.S. government bond market is the most liquid, secure and diverse among international government bond markets. The U.S. government uses the U.S. bond market to finance its maturing debt and expenditures, and with the expansion of U.S. borrowing, these markets have never been so large nor so closely watched around the world.
Treasury Futures and Options is the first standard reference handbook of its kind. It systematically reviews all of the varied elements of these crucial markets, providing practitioners and non-practitioners with a full description of the operations and potential of Treasury futures and options. The book presents readers with a full sense of how these gigantic markets function, including elements such as trading execution, risk management, delivery mechanism, market participants and regulatory treatment. It describes the key elements of market design, as well as walking through the trading and hedging opportunities that these markets provide. It is divided into three main sections. The first explains the background and current state of the cash and derivative Treasury markets. The second section focuses on risk management and trading using Treasury futures and options, while the third section looks at related products, key types of trader and governance.
Treasury Futures and Options is essential for every fixed income trader, regulator, financial investor, researcher and economist that looks at the U.S. Treasury market.
Contents
1 - Treasury Market Development 2 - Introducing Cash Treasuries 3 - Introducing Treasury Futures 4 - Overview of Different Futures and Maturities 5 - Risk Management with Treasury Futures 6 - Trading Execution of Treasury Derivatives 7 - Trading Treasury Future Spreads 8 - Spreading Treasury Futures to Other Markets 9 - Managing Physical Delivery, Basis Risk and Tails 10 - Options on Treasury Futures 11 - Invoice Swap Spread Trading 12 - Related Products: Yield Futures and Micro Treasuries 13 - Market Participants 14 - Regulatory Oversight 15 - Related Academic Studies 16 - The Evolving Treasury Futures Market 17 - The Treasury Market's Path Forward
