CBOT President and CEO Bernard W. Dan said, "EFS transactions allow CBOT market users to combine access to the most liquid U.S. Treasury futures market in the world with the $27 trillion interest rate swap market, increasing the flexibility of CBOT U.S. Treasury futures as a risk management tool. By offering EFS transactions, the CBOT is responding to our customers' need to conduct these trades in a secure and transparent marketplace. "
The CBOT's EFS transactions provide an efficient alternative for adjusting or unwinding existing positions, and initiating new positions, in either over-the-counter (OTC) interest rate swaps or CBOT U.S. Treasury futures. Additionally, market participants now will have another mechanism for establishing spread positions between CBOT U.S. Treasury futures contracts and OTC interest rate swaps.