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Ultra 10 Year (TN) vs 10 Year (ZN/TY)
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Ultra 10 Year (TN) vs 10 Year (ZN/TY)

  #1 (permalink)
Market Wizard
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Ultra 10 Year (TN) vs 10 Year (ZN/TY)

@geth03, @Nedster, @Raider, @TWDsje, @Jensen, @JonathanRose, @mattz

Scrapped your names from some of the recent Bond Threads. Trying to confirm the differences between the Ultra 10 Year (TN) and the old/standard 10 Year (ZN/TY). As far as I can tell the only difference is in the bonds that you can deliver (9.5 to 10 years versus 6.5 to 10 years) is that correct?

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  #3 (permalink)
Trading Apprentice
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Difference between 10yr Futures Contract and /TN


Think of the 10yr Futures Contract (/ZN) as a 7yr bond
The /ZN is closer to a true 10yr

That's a big difference though
/ZF (5yr) - is really a 4yr
/ZB (30yr) - is really 18yr
/UB is closer to a true 30yr

does that help?

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  #4 (permalink)
Seth
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In practical terms the difference is an orders of magnitude difference in volume and liquidity.

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  #5 (permalink)
Market Wizard
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JonathanRose View Post
Think of the 10yr Futures Contract (/ZN) as a 7yr bond
The /ZN is closer to a true 10yr

That's a big difference though
/ZF (5yr) - is really a 4yr
/ZB (30yr) - is really 18yr
/UB is closer to a true 30yr

does that help?

Thanks Jonathan, that does.


TWDsje View Post
In practical terms the difference is an orders of magnitude difference in volume and liquidity.

Could you expand? Are you saying the Ultra has a fraction of liquidity?

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  #6 (permalink)
Seth
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Volume is basically like 100,000 transactions per month vs 1,000,0000 per month.

http://www.cmegroup.com/daily_bulletin/monthly_volume/Web_ADV_Report_CBOT.pdf

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  #7 (permalink)
Market Wizard
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Thank you, I'd never looked at the Ultra before but got some emails from CME about it.
Everybodies answers where very helpful.

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  #8 (permalink)
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sorry i dont really know about the fundamental stuff, i only know how to trade

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