CME Group said on Thursday that it will launch Treasury Link, a feature intended to make spread trading between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex more centralized. The exchange operator called the product an industry first. Launch is expected in Q4 2026, subject to regulatory review.
Treasury Link will let market participants execute the futures-cash differential through a single submission, removing the need to leg into each side separately. CME Group said the product leverages its existing FX Link technology.
U.S. Treasury futures will remain listed on CBOT, and cash Treasury trading will stay on BrokerTec. Treasury Link adds a spread-execution layer on top of that setup on Globex.
“The introduction of Treasury Link removes a significant variable, legging risk, from the equation, and represents a major leap forward in market structure efficiency,” said Reed Staub, Head of NA Futures Execution at Morgan Stanley.
The launch follows CME Group’s rollout of BrokerTec Chicago, a second central limit order book for cash U.S. Treasuries co-located in its Aurora data center alongside Treasury futures and options markets. U.S. Treasury futures notional average daily volume reached $923 billion in the first half of 2026.
