SHERIDAN, WYOMING -- July 10, 2026 -- CME Group announced the launch of Treasury Link, a new functionality designed to connect U.S. Treasury futures and cash liquidity pools for centralized spread trading. The service enables transparent execution between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex, with an expected Q4 2026 launch pending regulatory review. Market participants will transact the differential between futures and cash markets via a single submission, eliminating legging risk for the first time.
Treasury Link Eliminates Legging Risk Through Single Spread Execution
Treasury Link leverages proven FX Link technology to allow traders to manage exposure via a single spread submission. This removes the need to execute separate legs in cash and futures markets. Mike Dennis, Global Head of Fixed Income at CME Group, stated the functionality delivers faster, more efficient execution while unlocking new spread trading opportunities across fixed income. The platform pairs with CME Group Capital efficiencies totaling $27 billion across cash, futures, and swaps.
Major Market Participants Confirm Operational Benefits
Jamie Mortimore, Global Head Rates E-Trading at Citi, confirmed the initiative brings greater execution efficiency and transparency to the market. The functionality will complement existing capabilities and help manage risk more effectively while improving liquidity extended to global clients. Reed Staub, Head of NA Futures Execution at Morgan Stanley, described Treasury Link as a major leap forward in market structure efficiency by removing legging risk from the equation.
Interest Rate Futures Volume Grew 9 Percent in First Half 2026
CME Group reported interest rate futures and options average daily volume of 16.6 million contracts in H1 2026, up 9 percent year-on-year. U.S. Treasury futures and options averaged 9.7 million contracts daily, an 8 percent increase, representing $923 billion notional average daily volume. The 10-Year U.S. Treasury Note averaged 3.4 million contracts daily, up 7 percent. The 2-Year U.S. Treasury Note saw 22 percent growth to 1.4 million contracts daily. U.S. Treasury futures reached a record daily volume of 37.6 million contracts on May 26.
BrokerTec Cash Treasuries Reached $93 Billion Daily Volume in June
BrokerTec overall average daily volume reached $1.067 trillion in H1 2026, up 13 percent year-on-year. Cash U.S. Treasuries averaged $93 billion daily in June, a 5 percent increase. The platform set a single-day record of $215 billion on March 23, 2026. These volumes demonstrate sustained institutional demand for cash Treasury trading infrastructure alongside futures markets.
BrokerTec Chicago Platform Complements Treasury Link Infrastructure
Treasury Link builds on the recent launch of BrokerTec Chicago, a second central limit order book targeting relative value traders. Co-located in the Aurora data center next to CME Group's U.S. Treasury futures and options market, the platform reached a single-day volume record of $1.22 billion on April 8, 2026. U.S. Treasury futures will continue to be listed on and subject to CBOT rules, while cash Treasuries trading will continue via BrokerTec.
Regulatory Review Required Before Q4 2026 Launch Date
The Treasury Link service requires regulatory review before the anticipated Q4 2026 launch. CME Group operates as the world's leading derivatives marketplace, enabling clients to trade futures, options, cash, and OTC markets across all major asset classes. The company offers futures and options trading through the CME Globex platform, fixed income trading via BrokerTec, and foreign exchange trading on the EBS platform. CME Clearing operates as one of the world's leading central counterparty clearing providers.
For more information about Treasury Link and implementation details, visit https://www.cmegroup.com/markets/interestrates/treasury-link.html