Cheapest to deliver issue

The acceptable Treasury security with the highest implied repo rate; the rate that a seller of a futures contract can earn by buying an issue and then delivering it at the settlement date.

Cheapest to Deliver

The individual units of an underlying asset that would be least expensive for the seller of a futures contract to deliver to the buyer. Some derivatives specify the quality of product that the seller must deliver. If there is no specification, the seller has the right to deliver any quality and still fulfill the requirements of the contract. In such a case, the rational seller will always deliver the CTD. This may be a product of lower quality, and the price of such a futures contract will reflect this.

单词	cheapest to deliver issue
释义	Cheapest to deliver issue Cheapest to deliver issue The acceptable Treasury security with the highest implied repo rate; the rate that a seller of a futures contract can earn by buying an issue and then delivering it at the settlement date. Cheapest to Deliver The individual units of an underlying asset that would be least expensive for the seller of a futures contract to deliver to the buyer. Some derivatives specify the quality of product that the seller must deliver. If there is no specification, the seller has the right to deliver any quality and still fulfill the requirements of the contract. In such a case, the rational seller will always deliver the CTD. This may be a product of lower quality, and the price of such a futures contract will reflect this.
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