International derivatives marketplace CME Group today announced that it will launch a second BrokerTec central limit order book (CLOB) for cash U.S. Treasuries in the third quarter of 2025.
The new CLOB will be co-located in Chicago next to CME Group’s deeply liquid U.S. Treasury futures and options markets to support trading between cash and derivatives markets.
“As clients navigate this period of heightened uncertainty and record debt issuance, U.S. Treasury spread trading continues to drive price discovery and liquidity across cash, futures and repo markets,” said Mike Dennis, Global Head of Fixed Income, CME Group. “By launching a new trading venue, we will bring the full U.S. Treasury ecosystem closer together, delivering simplicity and efficiency for global market participants.”
“Until now, clients have had to manage the intricacies of deploying relative value strategies between New York…
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