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NOB Spread
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NOB Spread

  #1 (permalink)
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NOB Spread

If I'm trading a nob spread can I use 2 contracts on ZN and 1 on ZB and have the leading leg be ZB? As in if I think that bonds are going down short 1 ZB buy 2 ZN? I know the ratio is usually 3:1 ZN:ZB but I can only use 3 contracts, so to offset risk I was just going to trade as such


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  #2 (permalink)
 Vendor: tradingtechnologies.com 
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It's really up to you how you configure you synthetic spread. If you construct a 2:1 or 3:1 NOB spread just remember what what you are doing to the spread; you are doing to the first leg. If my NOB is 2ZN:1ZB and I buy the spread I am buying 2 ZN an selling 1 ZB.

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  #3 (permalink)
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TradingTech View Post
It's really up to you how you configure you synthetic spread. If you construct a 2:1 or 3:1 NOB spread just remember what what you are doing to the spread; you are doing to the first leg. If my NOB is 2ZN:1ZB and I buy the spread I am buying 2 ZN an selling 1 ZB.



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I'm new to nob spread, but what's the difference from simply buying 3 ZN selling 1 ZB then waiting for bonds to go up, compared to doing that on a fancy platform? Is the former called a synthetic spread and the latter an official spread?


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  #4 (permalink)
 Vendor: tradingtechnologies.com 
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They're both synthetic spreads. What you get with a spreading application is optimal execution. Let's say the price of bonds is 15 tick higher than the price of notes. You could manually bid 3 ZN and offer 1 ZB but you may not get both as they're highly correlated. If your bid in ZN gets filled it is likely your ask in ZB is now off the market and you'll have to lower your ask price in ZB. Effectively, instead of buying the spread at 15 you may now pay 16 or 17. An automated spreader will only execute the legs when it is certain that you may buy the spread at 15.

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