Characteristics of Different Types of Futures Contracts

In Eurodollar futures, the long gains when interest rates decline, and vice verse.

Treasury Bond Futures

• Face value: $100,000
• Underlying: Treasury bonds with maturity greater than 15 years
• Quotation: Quoted as percent and fraction of 1% (1/32) of face value
• Settlement: Deliverable contracts

The short can deliver from many bonds that meet the delivery terms. Generally, the cheapest-to-deliver bond will be delivered. 

Stock Index Futures

• Face value: 250 times the level of index
• Underlying: Stock index
• Quotation: Index value
• Settlement: Cash settlement (in multiples of 250)
• Gain/loss: Each index point represents a gain/loss of $250 per contract

The above figures assume the example of S&P 500 Index Futures.

Currency Futures

• Face value: Depends on the currency (A euro contract is on EUR 125,000). This is in the US with USD as the domestic currency.
• Settlement: Delivery
• Gain/Loss: A change of 0.0001 USD translates to $12.50 on a Euro contract.