A futures contract on a Eurodollar interest rate such as the 3-month (90-day) Eurodollar interest rate. In the US markets, it allows the holder to lock in an interest rate on US$ 1 million for a 3-month period in the future.
For large open interest contracts, this period starts on the third Wednesday of the delivery month. Eurodollar futures contracts can be delivered ten years in the future in the months of March, June, September, and December.
