CME Group to Launch Treasury Link to Connect Cash and Futures U.S. Treasury Markets | LeapRate
CME Group announced on Thursday its plans to launch Treasury Link, a new service designed to connect U.S. Treasury futures and cash markets through a single spread trading mechanism.
The derivatives marketplace described the service as an industry first, adding that it is expected to launch in the fourth quarter of 2026 subject to regulatory review.
It is expected to enable transparent, centralised spread trading between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex.
CME explained that by leveraging the technology behind its existing FX Link product, Treasury Link will allow market participants to transact the differential between futures and cash markets via a single submission, eliminating legging risk for the first time.
“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,” commented Mike Dennis, Global Head of Fixed Income at CME Group.
Reed Staub, Head of North American Futures Execution at Morgan Stanley, said the introduction of Treasury Link “removes a significant variable — legging risk — from the equation, and represents a major leap forward in market structure efficiency.”
The launch comes as CME Group’s fixed income complex continues to see strong trading volumes. In the first half of 2026, interest rate futures and options average daily volume rose 9% year-on-year to 16.6 million contracts, with BrokerTec overall average daily volume up 13% to $1.067 trillion.
U.S. Treasury futures set a single-day volume record of 37.6 million contracts on 26 May.
