10-year CGB Futures

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10-year CGB Futures (T)

发布日期：2022/1/18 16:05:42 点击次数：4594

The yield of 10-year CGB is the bellwether for long-term interest rates and a key node on the CGB yield curve. The launch of 10-year CGB futures provides a tool for managing long-term interest rate risks, increases the pricing efficiency of long-term CGBs and further improves how effectively the CGB yield curve reflects the market supply and demand.

Underlying Bond	Nominal long-term CGBs with face value of RMB 1 million and nominal coupon rate of 3%
Deliverable CGBs	Book entry interest-bearing treasury bond with a maximum term to maturity of 10 years and a residual maturity of no less than 6.5 years upon the first day of the expiry month
Price Quotation	RMB 100 net price
Tick Size	RMB 0.005
Contract Months	Three nearest quarterly months of the March, June, September and December cycle
Trading Hours	09:30 a.m. - 11:30 a.m., 01:00 p.m. - 03:15 p.m.
Trading Hours on the Last Trading Day	09:30 a.m. - 11:30 a.m.
Limit Up/Limit Down	±2% of the settlement price on the preceding trading day
Minimum Trading Margin	2% of the contract value
Last Trading Day	Second Friday of the Contract's expiry month
Last Delivery Day	Third trading day after the last trading day
Delivery Method	Physical delivery
Product Code	T
Exchange	China Financial Futures Exchange