Bonds and Treasuries

TWS lets you trade Smart-routed US Treasury bonds, notes and bills, and US-traded corporate bonds.

Before you can trade bonds, you must upgrade your trading permissions. To access Account Management, on the View menu select Account Management. Under Trading Access select Trading Configuration. In the Trading Permissions section of the page, check Bonds.

Trade bonds and treasuries

This procedure assumes that you have market data for a contract on your trading page. If you don't, see the procedures below to add data.

1. To trade a contract from your trading page, click the Ask price to create a BUY order; click the Bid price to create a sell order.

2. Modify order parameters including time in force (TIF), action, quantity, order type and price as necessary.

3. Click "T" to transmit your order.

Add Treasuries market data to your trading page

1. Click the Treasuries icon on the Trading toolbar, or use the View menu and select Treasuries.

2. In the Contract Selection box, use the Type list in the left pane to choose Bills, Bonds or Notes.

3. Filter your contracts using the Maturity date, Issue Date and Coupon filter lists.

4. Select the contract(s) from the right pane and click OK.

If you want to add multiple types of treasuries to your screen, click Add instead of OK. This will add the selected contracts to your trading screen and then allow you to select a different type and add more contracts. Click OK to close the box.

Add corporate bonds market data to your trading page

1. Enter an underlying symbol and hit enter, then select the Bond instrument from the selection list.

2. In the Contract Selection box, use the Maturity date, Issue Date and Coupon filter lists to narrow your display choices.

3. Select the contract(s) from the right pane and click OK.

If you want to add multiple contracts with different maturities, click Add instead of OK. This will add the selected contracts to your trading screen and then allow you to select a different maturity date and add more contracts. Click OK to close the box.

3. Market data for the bond is displayed on the trading page. The following information is noted in the Description field of the market data line:

• Instrument type - For treasuries. Labeled as bond, note, or bill.

• Coupon - the interest rate used to calculate the amount you will receive as interest payments over the course of a year.

• Maturity date - the date on which the issuer must repay the face value of the bond.

• CUSIP number - a nine-character ID for a specific security.

• Bond rating - For corporate bonds. Identifies the credit rating of the issuer. A higher credit rating generally indicates a less risky investment. The bond ratings are from Moody's and S&P, respectively.

NOTE: To see contract details, right-click a market data line and select Contract Info, then select Description.

Copyrights and Trademarks