CME · Earnings call · 2026Q3T · Full report

Treasury Link Expansion

CME GROUP INC. · 2026-10-21 · Importance 34 · Surprise 42

Treasury Link is designed to enable transparent, centralized spread trading between Treasury futures and BrokerTec cash Treasuries on CME Globex. Management said it connects the two leading U.S. Treasury liquidity pools, provides guaranteed execution for cash-versus-futures spread transactions, and eliminates legging risk. The functionality went live in CME’s release environment, with clients testing it and strong demand reported from existing and prospective participants seeking execution efficiencies. CME described the initiative as part of a broader effort to connect its cash and futures markets.

Key facts

• CME Group's Treasury Link went live in its new release environment over the weekend before the call, and clients tested the functionality that week.
• CME Group said Treasury Link would guarantee execution of cash-versus-futures spread transactions and eliminate legging risk.
• CME Group said Treasury Link was part of its effort to bring cash and futures markets closer together and was evaluating further product-linking opportunities beyond Treasuries.
• CME Group was advancing execution technology to introduce Treasury Link.
• CME Group saw strong Treasury Link demand from existing and prospective new participants interested in cash-and-futures execution efficiencies.
• CME Group's Treasury Link enables transparent, centralized spread trading between Treasury futures and BrokerTec cash Treasuries on CME Globex.