CME connects repo platforms via Global Front End
12 June 2025 US
Image: A_Stefanovska/stock.adobe.com
CME Group has welcomed the integration of the firm’s BrokerTec Quote platform with the US and EU repo central limit order book (CLOB).
The two platforms will connect via the firm’s Global Front End in the second half of the year, enabling clients to access “enhanced opportunities” regarding data analytics.
BrokerTec Quote is a regulated dealer-to-client request-for-quote (RFQ) trading solution designed to provide more efficient trading; CLOB is the firm’s dealer-to-dealer electronic trading platform.
According to CME Group, the connectivity will allow for efficient and transparent pricing for the sell side, as well as core liquidity regarding incoming RFQs.
The sell side will be able to trade and manage orders between the two different market segments, while the buy side will see fast price discovery for best execution, the firm adds.
Featured in the latest issue of Securities Finance Times, John Edwards, global head of BrokerTec, CME Group, says this move is a “really interesting development” within the repo market.
As part of this new connectivity, sell side clients will need to upgrade to BrokerTec’s back-end trading system (BETS) — which will allow the company to bring additional features and functionalities to the CLOB.
Sara Carter, global head of BrokerTec repo, CME Group, comments: “We're really, really excited. The upgrade has started in the US already, and it will soon be enabled for European accounts. Additionally, the BETS upgrade provides another level of security for the banks.”
The two platforms will connect via the firm’s Global Front End in the second half of the year, enabling clients to access “enhanced opportunities” regarding data analytics.
BrokerTec Quote is a regulated dealer-to-client request-for-quote (RFQ) trading solution designed to provide more efficient trading; CLOB is the firm’s dealer-to-dealer electronic trading platform.
According to CME Group, the connectivity will allow for efficient and transparent pricing for the sell side, as well as core liquidity regarding incoming RFQs.
The sell side will be able to trade and manage orders between the two different market segments, while the buy side will see fast price discovery for best execution, the firm adds.
Featured in the latest issue of Securities Finance Times, John Edwards, global head of BrokerTec, CME Group, says this move is a “really interesting development” within the repo market.
As part of this new connectivity, sell side clients will need to upgrade to BrokerTec’s back-end trading system (BETS) — which will allow the company to bring additional features and functionalities to the CLOB.
Sara Carter, global head of BrokerTec repo, CME Group, comments: “We're really, really excited. The upgrade has started in the US already, and it will soon be enabled for European accounts. Additionally, the BETS upgrade provides another level of security for the banks.”
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