Term Structure can not only be used to price fixed-income securities such as the most of treasury bonds,but also to valuate the futures contracts and contingent claims(Brennan and Schwarts,1977).

• 利用利率期限结构,可以对所有的固定收益证券进行定价,如大多数国债,甚至可以对期货合约进行定价(BrennanandSchwarts,1977)。