“It turned out that only two markets were truly liquid: German-bond and US-Treasury futures,” says Manoj Pradhan, a fixed-income analyst at Morgan Stanley.

“事实表明只有两个市场真的是流动的：德国债券和美国国库券期货市场，”摩根斯坦利固收益入分析师Manoj Pradhan如是说。

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The design of medium and long-term Treasury bond futures contracts mainly includes the design of underlying assets, margins, daily price limits and position limits, etc.

中长期国债期货合约设计主要包括对标的资产、保证金水平、每日价格涨跌幅限制、持仓控制等条款的设计。

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On the other hand, one of the biggest floor traders I ever worked with trades for his own account with an average position of 500 Treasury bond futures at a time.

另一方面，我遇到的交易量最大的场内交易者，他的账户平均有500份债券期货。

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The Board of Trade followed suit five years later with trading in Treasury-bond futures.

ECONOMIST: Well, up to a point

The other dinosaur den is financial options--the equivalent of the right, for example, to buy Treasury bond futures at a certain strike price--where traders hang over the railings, screaming and waving frantically.

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