CME Group said Thursday that Citigroup, J.P. Morgan and Morgan Stanley will be among the first participants when its new central limit order book for U.S. Treasury trading, BrokerTec Chicago, goes live on 6 October.
CME Group Secures Major Banks for BrokerTec Chicago Launch
The platform will allow clients to trade all seven of BrokerTec’s on-the-run benchmark U.S. Treasuries, offered in smaller notional sizes and tighter price increments to align with the futures market.
Access will be available through existing CME Globex connectivity, including the BrokerTec API.
“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.”
BrokerTec, operated by CME Group, is already a leading venue for fixed income trading, handling U.S. Treasuries and U.S. and EU repo transactions. In the first quarter of 2025, it recorded a single-day average daily notional volume record of $1.05 trillion across its trading platforms.
CME Group’s U.S. Treasury futures and options also reached record levels this year, with average daily volumes of 8.8 million contracts.
BrokerTec Chicago will form part of BrokerTec Americas LLC, adding to CME Group’s global offering across futures, options, cash and OTC markets.
