Related academic studies

Chapter 15 surveys the extensive academic research devoted to U.S. Treasury futures and their role in the broader financial system. Foundational work established key concepts in market efficiency, term structure modeling, and cash–futures basis trading. The chapter reviews major contributions from economists in government, academia, and industry, including studies on liquidity, volatility, market stress events, and the influence of hedge funds and high-frequency traders. It highlights significant research on international market spillovers, as well as ongoing efforts to model interest rate dynamics and systemic risk. Current academic focus addresses emerging topics like artificial intelligence (AI), tokenization of Treasuries, evolving capital rules, and growing retail participation. The chapter underscores that Treasury futures remain a dynamic research area, offering substantial opportunities for further investigation as market structure and regulation continue to evolve.