CME Group to Launch Treasury Link for U.S. Treasury Spread Trading
CME Group announced it will launch Treasury Link in Q4 2026, pending regulatory approval. The new functionality aims to streamline spread trading between U.S. Treasury futures and cash markets.
Chicago, IL – CME Group, a global derivatives marketplace, announced on Tuesday that it will launch Treasury Link in the fourth quarter of 2026, pending regulatory review. This new functionality is designed to connect the liquidity pools of U.S. Treasury futures and BrokerTec's cash Treasuries on the CME Globex platform.
The service will enable transparent, centralized spread trading between CBOT Treasury futures and cash Treasuries. Utilizing technology similar to CME's FX Link solution, Treasury Link will allow market participants to transact the differential between futures and cash markets through a single submission. This is intended to eliminate "legging risk," the risk associated with executing separate legs of a trade at different times.
"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. He added that the functionality offers improved execution performance and capital efficiencies.
The launch comes as CME Group's interest rate complex has seen significant trading volumes. In the first half of 2026, interest rate futures and options had an average daily volume of 16.6 million contracts. BrokerTec's overall average daily volume reached $1.067 trillion, an increase of 13% year-on-year.