exception of Euribor which is based on Euribor and Euroyen which is based on TIBOR. This value is calculated as 100 minus the interest rate. Contracts vary, but are often defined upon an interest rate index such as 3-month sterling or US dollar LIBOR. They are traded across a wide range of currencies, including the G12 country currencies and many others. Some representative contracts are: United States 90-day Eurodollar (CME) - This will be terminated in June 2023 and converted to the Three-Month SOFR futures. SOFR 1-month and 3-month futures (CME) Federal funds 30-day (CBOT) Europe 3-month Euribor (Euronext.liffe) 90-day Sterling LIBOR (Euronext.liffe) Euro Sfr (Euronext.liffe) Asia 3-month Euroyen (TIF) - This will be terminated in 2024, and 3-month TONA futures will start in 2023. 90-day Bank Bill (SFE) 3-month BIBOR futures (BB3) (TFEX) where CME is the Chicago Mercantile Exchange CBOT is the Chicago Board of Trade TIF is the Tokyo International Financial Futures Exchange SFE is the Sydney Futures Exchange TFEX is the Thailand Futures Exchange As an example, consider the definition of the Chicago Mercantile Exchange Eurodollar interest rate future, the most widely and deeply traded financial futures contract. They are listed on a 10-year cycle. Other markets only extend about 2–4 years. Last Trading Day is the second London business day preceding the third Wednesday of the contract month. Delivery Day is cash settlement on the third Wednesday. The minimum fluctuation (Commodity tick size) is half a basis point or 0.005%. Payment is the difference between the price paid for the contract (in ticks) multiplied by the "tick value" of the contract which is $12.50 per tick. Before the Last Trading Day the contract trades at market prices. The Final Settlement Price is the British Bankers Association (BBA) percentage rate for Three–Month Eurodollar Interbank Time Deposits, rounded to the nearest 1/10000th of a percentage point at 11:00 London time on that day, subtracted from 100. (Expressing financial futures prices as 100 minus the implied interest rate was originally intended to make the contract price behave similarly to a Bond price in that an increase in price corresponds to a decrease in yield). Short-term interest rate futures are extensively used in the hedging of interest rate swaps. Exchange-traded Strategies A great deal of the trading on these contracts is exchange traded multi-leg strategies, essentially bets upon the future shape of the yield curve and/or basis. Both Liffe