In January 1976, U.S. Treasury bills were declared eligible for trading in the financial futures market. the international monetary market (IMM), A Division of the Chicago Mercantile Exchange, announced that contracts for future delivery would be written on T-bills contracts are for $1 million each, while single contracts on one-year bills carry denominations of $250,000.
Future trading in the bill market has become extremely popular. For example, during 1979 daily average trading in T-bill contracts on the IMM was about $7.5 billion. This was almost as large as the daily volume of spot market trading in T-bills conducted by U.S. government securities dealers.
Thursday, September 3, 2009
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