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CME Group introduces Treasury Link
10 July 2026 US
Image: Mitchell/stock.adobe.com
CME Group will launch Treasury Link, a new functionality designed to enable transparent, centralised spread trading between CBOT Treasury futures and BrokerTec cash Treasuries.
The service, which the firm aims to launch in the fourth quarter, will allow participants to trade the futures–cash spread through a single submission on CME Globex.
Treasury Link builds on the recent launch of BrokerTec Chicago, a second central limit order book for relative‑value traders co‑located in CME Group’s Aurora data centre.
BrokerTec Chicago reached a single‑day volume record of US$1.22 billion on 8 April 2026.
Treasury Link uses CME Group’s FX Link technology to remove legging risk and enable users to manage their exposure via a single spread.
Mike Dennis, global head of fixed income at CME Group, says: “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 US$27 billion across cash, futures, and swaps.”
Jamie Mortimore, global head rates e-trading at Citi, adds: “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.”
The service, which the firm aims to launch in the fourth quarter, will allow participants to trade the futures–cash spread through a single submission on CME Globex.
Treasury Link builds on the recent launch of BrokerTec Chicago, a second central limit order book for relative‑value traders co‑located in CME Group’s Aurora data centre.
BrokerTec Chicago reached a single‑day volume record of US$1.22 billion on 8 April 2026.
Treasury Link uses CME Group’s FX Link technology to remove legging risk and enable users to manage their exposure via a single spread.
Mike Dennis, global head of fixed income at CME Group, says: “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 US$27 billion across cash, futures, and swaps.”
Jamie Mortimore, global head rates e-trading at Citi, adds: “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.”
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