Business and Personal Finance Dictionary

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• MUNICIPAL FUTURES
  
  A municipal index futures contract that has been traded at the Chicago Board of Trade since June 11, 1985. The futures contract is based on an index, known as The Bond Buyer Municipal Bond Index, composed of 40 bonds which are priced at the close of trading each day. This is no market for amateur speculators; it is used primarily by professional money managers to hedge their municipal portfolios.
  
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