MRCI's Treasury Futures FAQ explains how we quote 5-Year Treasury Note (FV), Treasury Bond, and Interest Rate futures and spreads used throughout MRCI's Historical Interest Rates Report and other historical market research. Learn why MRCI's pricing may appear different from CME, Barchart, and other data providers, and how to interpret Treasury futures quotes and spreads.
New to Treasury futures trading? Our Futures Contract Symbols & Exchange Abbreviations guide explains common futures symbols, exchange abbreviations, delivery months, and contract specifications used throughout MRCI's historical market research.
When the Chicago Board of Trade (CBOT) reduced the minimum price increment for Treasury futures from 1/32 to 1/4 of 1/32, the exchange began quoting prices using a format such as:
123~000, 123~002, 123~005, 123~007, 123~010
In this format:
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~002 = 1/4 of 1/32
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~005 = 1/2 of 1/32
-
~007 = 3/4 of 1/32
MRCI displays Treasury futures prices using 128ths instead of fractional 32nds. Although the display format differs from CME, the prices are mathematically identical.
For example:
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CME: 123~090 = 123 and 9/32
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MRCI: 123~036 = 123 and 36/128
These prices are mathematically identical—only the display format differs.
2. How does MRCI quote the 30-Year Treasury Bond / 10-Year Treasury Note spread?
MRCI quotes this spread in 1/32 increments, including half-32nds (e.g., 0~005).
For charting purposes, however, the values are plotted as decimals.
For example:
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16/32 = 0.50
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8/32 = 0.25
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24/32 = 0.75
