Trading in the 10-year Treasury bond futures contract On Thursday 18 March 2021, you will be required to enter into five June 2021 10- year bond futures contracts. You may enter into these contracts as a buyer or as a seller. Whether you enter into these contracts as a buyer or a seller will depend on your expectations as to the likely direction of long-term interest rates. Again, you should state a logical basis for entering into these contracts as a buyer or seller. For example, you might speculate that long-term interest rates are likely to rise or fall. Note that again the basis of your speculation is of lesser importance here than is demonstrating that you understand fully the nature of the transactions that you enter into. Using the settlement price of the June 2021 10-year bond futures contract on Thursday 18 March 2021, detail your financial position after you have entered into these five contracts. You should ignore margin calls but you should include in your discussion the deposit that you were required to provide. On Tuesday 4 May 2021, you must close out your position and do so at the settlement price of the June 2021 10-year bond futures contract.