News & Insights

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September 08, 2015
Commentary by Bob Zwirb

The Chicago Mercantile Exchange Group ("CME") announced that it will launch 7 and 20-year U.S. Dollar Deliverable Swap Futures ("DSFs") on September 28, 2015. The new DSFs are a product extension to the 2, 5, 10 and 30-year deliverable swap futures that it offers currently. According to CME, DSFs are held by all major client segments, including asset managers, leveraged money and dealers. The CME stated that "[a]t expiration, the contracts physically deliver into an OTC interest rate swap cleared by CME Clearing," with the long-position holder becoming fixed-rate receiver and the short