Chicago Board of Trade 5-Year and 10-Year Interest Rate Swap futures are designed to fill a vital need for exchange-traded derivative contracts that reference intermediate- and long-term swap rates:

This reference guide reviews key benefits of CBOT Swap futures, discusses their hedge effectiveness, explains the mechanics of contract pricing, and summarizes the salient features of their terms and conditions.

For the full document view the PDF below.

 - May Swap Futures Reference Guide - 05.17.2007