Snapshot from Jul 27, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Business / CME Group launches Treasury Link
Business product launch

CME Group launches Treasury Link

Analysis based on 9 articles · First reported Jul 09, 2026 · Last updated Jul 09, 2026

Sentiment
15
Attention
3
Articles
9
Market Impact
General
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Market Impact

Treasury Link is expected to enhance trading efficiency in U.S. Treasury markets, potentially increasing volumes and reducing costs for market participants. The innovation may strengthen CME Group's competitive position in fixed income and attract more liquidity to its platforms.

Financial Services Derivatives Fixed Income
Event Summary

CME Group announced the launch of Treasury Link, a new functionality that connects U.S. Treasury futures on CBOT with cash Treasuries on BrokerTec via CME Globex. The service, expected in Q4 2026 pending regulatory review, eliminates legging risk by allowing spread trading through a single submission. It leverages FX Link technology and aims to improve execution efficiency. CME Group reported H1 2026 interest rate F&O ADV of 16.6 million contracts (up 9% YoY) and BrokerTec overall ADV of $1.067 trillion (up 13% YoY). BrokerTec Chicago, a second CLOB, reached a single-day volume record of $1.22 billion on April 8, 2026.

Key Actions
80 CME Group announced launch of
60 CME Group reported H1 2026 ADV
40 BrokerTec set volume record
Entities Involved
exch
CME Group
CME Group is the developer and operator of Treasury Link, which enhances its fixed income offering and may drive increased trading volumes and revenue.
Importance 100.0 Sentiment 20.0
exch
Chicago Board of Trade
CBOT lists the U.S. Treasury futures that are part of the Treasury Link spread, benefiting from increased trading activity.
Importance 80.0 Sentiment 15.0
exch
BrokerTec
BrokerTec provides the cash Treasury liquidity pool for Treasury Link, and its platform saw record volumes, indicating strong demand.
Importance 80.0 Sentiment 15.0
priv
CME Globex
CME Globex is the trading platform where Treasury Link will operate, enhancing its functionality.
Importance 50.0 Sentiment 10.0
stock
Citigroup
Citigroup, as a liquidity provider, expressed support for Treasury Link, which may improve its risk management and client services.
Importance 30.0 Sentiment 10.0
stock
Morgan Stanley
Morgan Stanley praised Treasury Link for removing legging risk, potentially benefiting its execution operations.
Importance 30.0 Sentiment 10.0
per
Michael Dennis
Michael Dennis, Global Head of Fixed Income at CME Group, announced the launch and highlighted its benefits.
Importance 20.0 Sentiment 5.0
priv
CME Group
CME Group provides clearing services; Treasury Link may increase clearing volumes.
Importance 20.0 Sentiment 5.0
per
Jamie Mortimore
Jamie Mortimore of Citigroup commented positively on Treasury Link, reflecting industry support.
Importance 15.0 Sentiment 5.0
per
Reed Staub
Reed Staub of Morgan Stanley endorsed Treasury Link for improving market structure efficiency.
Importance 15.0 Sentiment 5.0
govactor
United States — United States Department of the Treasury
U.S. Treasury securities are the underlying assets; the event does not directly affect the department.
Importance 10.0 Sentiment 0.0
priv
EBS
EBS is mentioned as part of CME Group's FX trading platform; not directly impacted.
Importance 5.0 Sentiment 0.0
index
S&P Dow Jones Indices
S&P Dow Jones Indices is referenced in trademark disclaimers; not directly involved.
Importance 5.0 Sentiment 0.0
govactor
United States — Financial Industry Regulatory Authority
FINRA is mentioned as a regulator of BrokerTec Americas LLC; not directly impacted.
Importance 5.0 Sentiment 0.0
govactor
United States — Securities Investor Protection Corporation
SIPC is mentioned as a member protection organization; not directly impacted.
Importance 5.0 Sentiment 0.0
Relationships
Citigroup related ↔ Morgan Stanley
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