Three contract expirations will be listed, comprising December 2001, March 2002, and June 2002. Regular trading hours will be as follows:
- 7:20 a.m. to 2:00 p.m. Chicago time (Mon-Fri), Open Outcry
- 8:00 p.m. to 4:00 p.m. Chicago time (Sun-Fri), the CBOT®'s Electronic Trading Platform
This new product, approved by the CBOT® Board of Directors on July 17, will offer institutional investors, such as bank treasurers, mortgage passthrough traders, mortgage originators, mortgage servicers, portfolio managers, and other over-the-counter market participants, a vehicle for hedging credit and interest rate exposure.
CBOT® President and CEO David J. Vitale said, "Our new 10-year Interest Rate Swap futures contract is the first in a complex of swap-related products that we plan to bring to the marketplace. These new products will reinforce the Chicago Board of Trade's preeminent franchise in world capital markets, and will provide more effective risk management tools for swap market participants, particularly those seeking alternative benchmarks to Treasury securities.
"We will continue to take advantage of opportunities presented by emerging market trends, and, coupled with the liquidity CBOT® members and member firms bring to all the exchange's products, do everything we can to further enhance service to our customers."
