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CME Group, the world's leading derivatives marketplace, has announced it will launch Treasury Link, an industry-first functionality connecting the world's largest U.S. Treasury futures and cash liquidity pools.
The new service will enable transparent, centralised spread trading between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex. It is expected to launch in Q4 2026, pending regulatory review.
Leveraging proven FX Link technology, Treasury Link will allow market participants to transact the differential between futures and cash markets via a single submission. This will eliminate legging risk and allow clients to manage their exposure via a single spread for the first time.
Mike Dennis, Global Head of Fixed Income, CME Group said:
"Treasury Link will connect the cash and futures markets in a way that wasn't possible before, delivering faster, more efficient execution to market participants and unlocking new spread trading opportunities across fixed income. This functionality offers improved execution performance, pairing with CME Group Capital efficiencies which total $27 billion across cash, futures and swaps."
Jamie Mortimore, Global Head Rates E-Trading, Citi
Jamie Mortimore, Global Head Rates E-Trading, Citi commented:
"As a leading liquidity provider in U.S. Treasuries, we welcome initiatives that bring greater execution efficiency and transparency to the market. Treasury Link will complement our existing capabilities, helping us to manage risk more effectively and improve the liquidity we can extend to our global client base."
Reed Staub, Head of NA Futures Execution, Morgan Stanley
Reed Staub, Head of NA Futures Execution, Morgan Stanley said:
"The introduction of Treasury Link removes a significant variable, legging risk, from the equation, and represents a major leap forward in market structure efficiency."
CME Group's Fixed Income complex continues to see strong levels of trading volume and participation. H1 2026 highlights include:
Interest Rate futures and options (F&O) average daily volume (ADV) of 16.6 million contracts, up 9% year-on-year (YoY), including U.S. Treasury F&O ADV of 9.7 million contracts, up 8% YoY, including $923 billion notional ADV for U.S. Treasury futures. 10-Year U.S. Treasury Note F&O ADV stood at 3.4 million contracts, up 7% YoY, while 5-Year U.S. Treasury Note F&O ADV reached 2.2 million contracts, up 3% YoY, and 2-Year U.S. Treasury Note F&O ADV reached 1.4 million contracts, up 22% YoY. U.S. Treasury futures also recorded a daily volume of 37.6 million contracts on 26 May, a record.
BrokerTec overall ADV reached $1.067 trillion, up 13% YoY, with cash U.S. Treasuries ADV of $93 billion in June, up 5% YoY. A 2026 single-day record of $215 billion was set on 23 March 2026.
Treasury Link builds on the recent launch of BrokerTec Chicago, a second BrokerTec central limit order book (CLOB) targeting relative value traders. Co-located in the Aurora data centre next to CME Group's U.S. Treasury futures and options market, the new platform reached a single-day volume record of $1.22 billion on 8 April 2026.
U.S. Treasury futures will continue to be listed on and subject to the rules of CBOT, and cash Treasuries trading will continue to be offered via BrokerTec.
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