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New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Today, March 25th is their first day live and to little fanfare it seems but there's actual trading with tight bid-ask spread and currently more bids and offers than the 10Y micro -- about 200 on each side.
Specifications:
Ultra 10-Year Note
Minimum tick: $1.5625 (1/2 of 1/32 of a point)
Maintenance margin (on 25 March 2024): 280 USD
Globex code: MTN
Ultra T-Bond
Minimum tick: $3.125 (1/32 of a point)
Maintenance margin (on 25 March 2024): 595 USD
Globex code: MWN
They're regular micros, a tenth of the size of their full-sized counterparts, but unlike the big contractsboth micros use FIFO -- first in, first out -- matching.
Will these take off? Interesting to also have to 10Y yield micro futures which I very much like and hope to see grow. And great to have more tools to reach the long end of the curve.
Update: I'm on IBKR and currently can watch these but not yet trade them. There are also some interesting inter-commodity spreads. For example the two micros can be traded against each other for an 80% margin haircut with 2 MTN to 1 MYN, and MTN (the Ultra 10) can be paired against 10Y (ten year yield micro) for a 75% haircut with a ratio of 5 MTN to 4 10Y.
CMEGroup just sent me a promotional email advertising these new micros (I've been looking forward to their release) that includes this more proper introduction:
Thanks for the info. I did not know they started already. Volume on them is very low so far, but MM will make sure most get good fills. After the success of the other micro contracts, am sure these will trade well. I have traded the 10Y before and always have it on my radar. Especially lately with all the "inflation" news.
