Leading Financial Institutions to Join BrokerTec Chicago for First Day of Trading

Rhea-AI Summary

CME Group (NYSE:CME) announced that major financial institutions including Citigroup, J.P. Morgan, and Morgan Stanley will participate in the launch of BrokerTec Chicago's U.S. Treasury trading platform on October 6, 2025.

The new central limit order book will enable trading of seven on-the-run benchmark U.S. Treasuries with smaller notional sizes and tighter price increments. BrokerTec recently achieved a record single-day average daily notional volume of $1.05 trillion in Q1, while CME Group's U.S. Treasury futures and options reached an all-time average daily volume record of 8.8 million contracts in 2025.

Insights

Fixed Income Trading Infrastructure Specialist

CME Group's new BrokerTec Chicago platform attracting major banks signals potential revenue growth and competitive advantage in Treasury markets.

The announcement of Citigroup, J.P. Morgan, and Morgan Stanley joining CME Group's BrokerTec Chicago platform for its October 6 launch represents a significant strategic advancement in the Treasury trading ecosystem. This new central limit order book specifically designed for cash U.S. Treasuries creates a unified trading environment that aligns futures and cash markets under CME's infrastructure.

What makes this development particularly noteworthy is the platform's structural design - offering smaller notional sizes and tighter price increments to match futures market characteristics. This approach directly addresses the fragmentation issues that have historically separated cash and futures Treasury trading, potentially increasing capital efficiency for market participants who trade both instruments.

The timing is strategically optimal given the record debt issuance environment and increasing economic uncertainty mentioned in the release. BrokerTec's impressive Q1 performance, with a $1.05 trillion single-day average notional volume across its platforms, demonstrates the substantial market demand for efficient Treasury trading infrastructure. Combined with CME's record 8.8 million contracts in Treasury futures and options trading in 2025, this integration creates a powerhouse offering.

By leveraging existing connectivity infrastructure through CME Globex and BrokerTec API, the platform minimizes technical barriers to adoption, potentially accelerating user migration. The participation of these major financial institutions from day one provides crucial liquidity that will be essential for the platform's success, creating a virtuous cycle that could attract additional trading volume from other market participants seeking the best execution venues.

• New Central Limit Order Book for U.S. Treasury Trading to Launch Oct. 6

CHICAGO, Sept. 4, 2025 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that Citigroup, J.P. Morgan and Morgan Stanley will be available to trade cash U.S. Treasuries on BrokerTec Chicago when it launches on October 6.

"With leading financial firms on board for day one on BrokerTec Chicago, trading U.S. Treasury futures and cash will be more efficient than ever before," said Mike Dennis, CME Group Global Head of Fixed Income. "CME Group is in a unique position to bring these markets together, unlocking value for our clients worldwide who want to more precisely hedge their risk amid record debt issuance and ongoing economic uncertainty."

At launch, clients will be able to trade all seven of BrokerTec's on-the-run benchmark U.S. Treasuries. To align with the futures market, these products will be available in smaller notional sizes and at tighter price increments. Clients will be able to use their existing connectivity to CME Globex, including the BrokerTec API.

CME Group operates BrokerTec, whose platform for benchmark cash U.S. Treasuries and U.S. and EU repo transactions is the world's leading marketplace for fixed income trading. In Q1 this year, BrokerTec set an all-time single-day average daily notional volume record of $1.05 trillion across its dealer-to-dealer central limit order book, dealer-to-client request-for-quote and streaming platforms.

CME Group U.S. Treasury futures and options also reached an all-time average daily volume record of 8.8 million contracts in 2025. 

BrokerTec Chicago is offered as part of BrokerTec Americas LLC. For more information, visit https://www.cmegroup.com/chicago-CLOB.

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, 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. 

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, including U.S. Treasury, Government of Canada, Corporate and Mortgage-backed products. 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 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.

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SOURCE CME Group

FAQ

When will CME Group launch BrokerTec Chicago's U.S. Treasury trading platform?

BrokerTec Chicago will launch on October 6, 2025, with Citigroup, J.P. Morgan, and Morgan Stanley participating from day one.

What trading volume records has CME Group's BrokerTec achieved recently?

BrokerTec set an all-time single-day average daily notional volume record of $1.05 trillion across its platforms in Q1 2025.

What products will be available for trading on BrokerTec Chicago at launch?

At launch, traders will have access to seven on-the-run benchmark U.S. Treasuries with smaller notional sizes and tighter price increments.

How can clients connect to CME Group's BrokerTec Chicago platform?

Clients can use their existing connectivity to CME Globex, including the BrokerTec API, to access the platform.

What trading volume did CME Group's U.S. Treasury futures achieve in 2025?

CME Group's U.S. Treasury futures and options reached an all-time average daily volume record of 8.8 million contracts in 2025.