What are the BrokerTec volume highlights related to CME Group's Treasury markets in 2026?

BrokerTec overall average daily volume was $1.067 trillion, up 13% year-on-year in H1 2026. According to CME Group, cash U.S. Treasuries ADV reached $93 billion in June, with a single-day record of $215 billion on March 23, 2026.

CME Group to Launch Treasury Link, Enhancing U.S. Treasury Spread Trading Between Cash and Futures Markets

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Positive)

Rhea-AI Summary

CME Group (NASDAQ:CME) plans to launch Treasury Link, an industry-first tool connecting U.S. Treasury futures on CBOT with BrokerTec cash Treasuries on CME Globex. The service enables single-ticket spread trading, removing legging risk, and is expected in Q4 2026, pending regulatory review.

H1 2026 highlights include Interest Rate F&O ADV of 16.6M (+9% YoY), U.S. Treasury F&O ADV of 9.7M (+8% YoY, $923B notional), and BrokerTec ADV of $1.067T (+13% YoY). CME cites $27B in capital efficiencies across cash, futures and swaps.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

Launch of Treasury Link for centralized futures–cash Treasury spread trading in Q4 2026
Single submission spread orders remove legging risk between CBOT futures and BrokerTec cash Treasuries
Interest Rate F&O ADV 16.6M in H1 2026, up 9% year-on-year
U.S. Treasury F&O ADV 9.7M in H1 2026, up 8% year-on-year
BrokerTec overall ADV $1.067 trillion in H1 2026, up 13% year-on-year
CME Group cites $27 billion in capital efficiencies across cash, futures and swaps

Negative

Treasury Link launch timing depends on completion of pending regulatory review

News Market Reaction – CME

-1.38%

-1.38% News Effect

On the day this news was published, CME declined 1.38%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

What This Means

CME Group’s plan to launch Treasury Link, directly linking CBOT Treasury futures with BrokerTec cash...

Analysis

CME Group’s plan to launch Treasury Link, directly linking CBOT Treasury futures with BrokerTec cash Treasuries, adds to already strong fixed income and BrokerTec volumes, but investors must weigh execution, adoption, and recent net insider selling trends.

Key Figures

Capital efficiencies: $27 billion Interest Rate F&O ADV: 16.6 million contracts U.S. Treasury F&O ADV: 9.7 million contracts +5 more

8 metrics

Capital efficiencies $27 billion Across cash, futures and swaps cited for CME Group

Interest Rate F&O ADV 16.6 million contracts H1 2026, up 9% YoY

U.S. Treasury F&O ADV 9.7 million contracts H1 2026, up 8% YoY

Treasury futures notional ADV $923 billion H1 2026 U.S. Treasury futures

10-Year U.S. Treasury Note ADV 3.4 million contracts H1 2026 F&O, up 7% YoY

Record Treasury futures volume 37.6 million contracts Single-day U.S. Treasury futures volume on May 26, 2026

BrokerTec overall ADV $1.067 trillion H1 2026, up 13% YoY

Cash U.S. Treasuries ADV $93 billion June 2026, up 5% YoY

Historical Context

5 past events · Latest: Jul 07 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 07	Ag sentiment report	Negative	+2.5%	Farmer sentiment indices fell, highlighting pressure from high input costs.
Jul 02	Volume record update	Positive	+2.4%	Reported record June ADV and second-highest Q2 ADV across major products.
Jun 30	Beef trim launch	Positive	+1.0%	Announced new 90% and 50% Lean Beef Trim futures and options contracts.
Jun 30	Single stock futures	Positive	+1.0%	Planned launch of standard and Micro Single Stock futures on leading U.S. stocks.
Jun 17	Leadership transition	Negative	-3.5%	Announced CEO Terry Duffy will step down and Lynne Fitzpatrick will become CEO.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent CME Group product and volume announcements have often coincided with positive next-day share moves, while a management transition headline saw a negative reaction.

Key Terms

legging risk, central limit order book, average daily volume, central counterparty clearing

4 terms

legging risk financial

"This will eliminate legging risk and allows clients to manage their exposure"

Legging risk is the danger that when a trade involves several linked parts (legs) executed separately—such as buying one option and selling another—the market moves between executions and leaves the trader with an unintended or unbalanced position. It matters to investors because the price change or timing gap can create unexpected loss or exposure, similar to buying one half of a paired order and finding the other half has become much more expensive or scarce by the time you complete it.

central limit order book technical

"a second BrokerTec central limit order book (CLOB) targeting relative value traders"

A central limit order book is a continuously updated electronic list that shows buy and sell orders for a stock in one place, sorted by price and time. Think of it as a public marketplace bulletin board where the highest offers to buy and the lowest offers to sell meet and get matched; it matters to investors because it determines real-time price formation, liquidity, and how quickly large trades can be executed without moving the market.

average daily volume financial

"average daily volume (ADV) of 16.6 million contracts, up 9% year-on-year"

Average daily volume is the typical number of shares or contracts of a security traded each day, calculated by averaging daily trading amounts over a recent period. It matters to investors because it indicates how easy it is to buy or sell without moving the price—like traffic on a road: high volume is a busy freeway that lets many cars pass smoothly, while low volume can make large orders cause big price changes and higher costs.

View in glossary

central counterparty clearing technical

"operates one of the world's leading central counterparty clearing providers"

A central counterparty clearing (CCP) is a specialized financial intermediary that sits between buyers and sellers of securities or derivatives, becoming the buyer to every seller and the seller to every buyer to guarantee trades are completed. Like an insurance-backed referee, it manages the risk of someone failing to pay by requiring collateral, pooling resources, and simplifying many trades into smaller net payments, which helps investors by lowering the chance of loss from a counterparty default and improving market stability and liquidity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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07/09/2026 - 09:33 AM

- New functionality will make interest rate trading more efficient for CME Group global market participants

CHICAGO, July 9, 2026 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will launch Treasury Link, an industry-first functionality to seamlessly connect the world's largest U.S. Treasury futures and cash liquidity pools. The new service will enable transparent, centralized spread trading between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex and 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 allows clients to manage their exposure via a single spread for the first time.

"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," said Mike Dennis, Global Head of Fixed Income at CME Group. "This functionality offers improved execution performance, pairing with CME Group Capital efficiencies which total $27 billion across cash, futures and swaps."

"As a leading liquidity provider in U.S. Treasuries, we welcome initiatives that bring greater execution efficiency and transparency to the market," said Jamie Mortimore, Global Head Rates E-Trading at Citi. "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 introduction of Treasury Link removes a significant variable — legging risk — from the equation, and represents a major leap forward in market structure efficiency," said Reed Staub, Head of NA Futures Execution, Morgan Stanley.

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).
- 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 of 3.4 million contracts, up 7% YoY
- 5-Year U.S. Treasury Note F&O ADV of 2.2 million contracts, up 3% YoY
- 2-Year U.S. Treasury Note F&O ADV of 1.4 contracts, up 22% YoY
- Record U.S. Treasury futures daily volume of 37.6 million contracts on May 26.
BrokerTec overall ADV of $1.067 trillion, up 13% YoY.
- Cash U.S. Treasuries ADV of $93 billion in June, up 5% YoY
  - 2026 single-day record of $215 billion on March 23, 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 center 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 April 8, 2026.

The U.S. Treasury futures will continue to be listed on and subject to the rules of CBOT and the cash Treasuries trading will continue to be offered via BrokerTec.

For more information, please visit: https://www.cmegroup.com/markets/interestrates/treasury-link.html.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

BrokerTec Americas LLC. ("BAL") is a registered broker-dealer with the U.S. Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority, Inc. (https://brokercheck.finra.org/), and is a member of the Securities Investor Protection Corporation (www.SIPC.org). BAL offers products and services in relation to U.S. Treasury Benchmark instruments, Repurchase and Reverse Repurchase instruments. BAL does not provide services to private or retail customers. All investments involve risk of loss, particularly in terms of fluctuations in value and yield. If an investment is denominated in a currency other than your base currency, exchange rate fluctuations may have a favorable or unfavorable impact. Further, there are risks associated with investing in fixed income asset classes that include, but are not limited to, market risk, interest rate risk, default risk, event risk, credit risk, and government security risk.

CME-G

View original content:https://www.prnewswire.com/news-releases/cme-group-to-launch-treasury-link-enhancing-us-treasury-spread-trading-between-cash-and-futures-markets-302821968.html

SOURCE CME Group

FAQ

What is CME Group's Treasury Link announced on July 9, 2026?

Treasury Link is a CME Group functionality for spread trading between U.S. Treasury futures and cash Treasuries. It connects CBOT Treasury futures with BrokerTec cash Treasuries on CME Globex, enabling centralized, transparent spread execution via a single submission.

When will CME (CME) launch Treasury Link for U.S. Treasury spread trading?

Treasury Link is expected to launch in Q4 2026, pending regulatory review. According to CME Group, the service will run on CME Globex and connect CBOT Treasury futures with BrokerTec cash Treasuries for single-ticket spread trading.

How does Treasury Link reduce legging risk for CME Group Treasury traders?

Treasury Link allows traders to submit a single order for the futures–cash spread, eliminating separate legs. According to CME Group, this single submission removes legging risk and lets participants manage exposure through one spread price between CBOT futures and BrokerTec cash Treasuries.

What recent trading volume metrics did CME (CME) report for H1 2026 fixed income products?

CME Group reported Interest Rate futures and options ADV of 16.6 million contracts, up 9% year-on-year. U.S. Treasury F&O ADV reached 9.7 million contracts, up 8% year-on-year, including $923 billion notional ADV in U.S. Treasury futures during the first half of 2026.

How does Treasury Link build on CME Group's BrokerTec Chicago platform?

Treasury Link follows the launch of BrokerTec Chicago, a second central limit order book for relative value traders. According to CME Group, BrokerTec Chicago, co-located with U.S. Treasury futures and options, reached a single-day volume record of $1.22 billion on April 8, 2026.

What capital efficiencies does CME (CME) highlight in connection with its Treasury ecosystem?

CME Group cites $27 billion in capital efficiencies across cash, futures and swaps in its fixed income ecosystem. According to the company, Treasury Link is designed to complement these efficiencies by centralizing futures–cash spread trading between CBOT Treasury futures and BrokerTec cash Treasuries.