Bund and Bobl Cash Product

[jeffbg123]

Hey,

Do the German Bund and Bobl have a cash product that trades at an exchange? If so, where does it trade, and what times does it trade? Google is letting me down

Thanks
-Jeff

 

[pboyles]

The futures trade on eurex, what do you mean by a cash product?

 

[jeffbg123]

I mean the underlying.

For instance the 10 year futures trade on the CBOT, but the 10 year note trades on BrokerTec and eSpeed.

The Bund future trades on Eurex, but does the Bund cash instrument trade anywhere?

Thanks
-Jeff

 

[arabianights]

Not precise equivilants as they are based on notional bonds but you can easily trade the ctds

 

[pboyles]

Deutsch Borse?

 

[arabianights]

try mts.

Why do you want to trade em anywya?

 

[jeffbg123]

I dont want to trade them, I just want quotes. What time does the cash market close?

 

[arabianights]

no clue - it's never bothered me in the slightest. I probably should know!

 

[MrGecko]

Get a list of deliverables here and find out the CTD, then use the ISIN for quotes. Deutsche Börse do quote prices but I would guess that the liquidity/volume is elsewhere, and this will be reflected in the prices they quote.

Still, better than a kick in the tits.

 

[tripleogstar]

probably very difficult to get the volume date as cash bonds are OTC, well a lot of bonds tend to be

 

[Martinghoul]

Cash mkt closes 4:15, roughly... The main platform (a la BrokerTec) for EUR guvvies, including Germany, these days is MTS, as Cap'n Arab has mentioned. There's also TradeWeb, but it's much smaller.

 

[jeffbg123]

4:15 what time zone? What is that in Central US time (Chicago)?

 

[Martinghoul]

4:15 BST, I think (or is it GMT?). I don't know what that's in CST.

 

[MrGecko]

You mean the cash market closes whenever it is 4:15 pm in London, right?

 

[jeffbg123]

So thats either 10:15 AM or 9:15 AM?

 

[Martinghoul]

You mean the cash market closes whenever it is 4:15 pm in London, right?

It doesn't really close, per se, as you can still trade. But, if I am not mistaken, that's when a snapshot of the day's closing prices is taken (to coincide with the EUREX close). Also, a cash mkt-maker can stop showing prices on MTS from that time onwards. They don't have to stop and can still trade, if they/clients desire, but after 4:15 it's at their discretion. Obviously, as long as they have fulfilled their liquidity obligation for the day in full. And yes, I think it's 10:15 CST, although it may get messy with all the Daylight Savings crap happening at different times in the US and UK.

I should say that the important thing is that it's 5:15PM Fft time for German cash. Other country mkts may close earlier, of course.

 

[jeffbg123]

Does anyone know if the bund and bobl make coupon payments quarterly, annually, or semi-annually?

Thanks
-Jeff

 

[Martinghoul]

Does anyone know if the bund and bobl make coupon payments quarterly, annually, or semi-annually?

Thanks
-Jeff

Annually, like most other EUR sovereign paper (apart from BTPS).