EFTA Document EFTA01393114

TREASURY SECURITIES The underlying debt securities of price-based op- tions and the debt securities from which the underlying yields of yield-based options are derived are all Trea- sury securities--e.g.. 30-year Treasury bonds. 10-year Treasury notes. 5-year Treasury notes and Treasury bills. Treasury bonds and notes are direct obligations of the United States that pay a fixed rate of interest semi- annually. Bonds are issued for maturities of more than ten years (although many issues ar