In today's dynamic and complex financial landscape, navigating the fixed income markets for mortgages and credit can present unique challenges and potential risks. 

With interest rates at two-decade highs, record federal debt levels, economic uncertainty, and evolving regulatory requirements, market participants need sophisticated tools and innovative strategies to manage their exposure in fixed income markets and achieve their financial goals.

CME Group, a leading global derivatives marketplace, has strategically expanded its presence in fixed income markets. This expansion has been driven by a number of factors, including the growing investor demand for risk management tools, the ever-increasing popularity of electronic trading, and the desire to further diversify the CME Group product offering.

One of the key elements of the fixed income expansion at CME Group has been the launch of TBA futures, contracts that are based on the price of 30-year conforming mortgages. CME Group also launched T-Bill futures (Globex code: TBF3) given the significant amount of short-dated paper that the Treasury is issuing.  Recently, CME Group announced it will continue its fixed income expansion by listing credit futures based on Bloomberg’s flagship suite of Agg indexes including U.S. Corporate and High Yield futures.

CME Group will now offer turnkey solutions for its growing client base by expanding its repo financing business into mortgages and credit with its BrokerTec Quote platform.  As a leading venue for repo transactions, the company has been actively expanding its repo financing offerings in recent years.

CME Group's expansion into fixed income markets is a significant development for the company and for the fixed income industry as a whole. CME Group's strong track record in the derivatives market, its commitment to innovation, and its global reach position it well to become a major player in the fixed income financing space.

BrokerTec Quote

BrokerTec Quote's innovative, client centric model ensures continuous improvement in the user experience. Through a deeply ingrained collaborative approach, BrokerTec actively engages with its clients to gather feedback and identify areas for enhancement. This valuable input drives the development of new features and functionalities, which are then delivered directly to production through monthly releases. This ongoing commitment to innovation ensures that BrokerTec Quote remains at the forefront of the electronic trading landscape, delivering a quality experience for its users. 

Clients consistently choose BrokerTec Quote for its strong reputation as a reliable, safe and secure trading platform. BrokerTec Quote's global reach extends across the U.S., UK, Europe, and Asia, catering to a diverse range of clients. BrokerTec Quote’s broad reach is matched with close to round-the-clock coverage. The platform operates from 11:00 a.m. Tokyo time to 5:15 p.m. New York City time. 

BrokerTec's dedication to its clients comes with white glove support that sets it apart from competitors by offering a personalized and engaging experience. Clients enjoy dedicated support at various functions to ensure responsive customer service to foster a strong relationship curated through multiple communication channels, leading to a significantly enhanced user experience and service adoption through tailored demos.

With 25 years of experience, BrokerTec is highly focused on its security and strong relationships with regulatory authorities. As an integral part of CME Group, BrokerTec benefits from the robust cyber infrastructure that also safeguards CME Group's futures and options trading and data offerings. Such a robust offering supports daily trading as well as helping with customer audits and other insights as required. BrokerTec Quote stands as a trusted and secure trading platform, providing a comprehensive suite of features and benefits that cater to the diverse needs of both buy-side and sell-side market participants. With its commitment to innovation, security, and client focus positions, BrokerTec Quote is a leading choice in the fixed income trading landscape.

CME Group prioritizes business continuity with a secure platform designed to minimize disruptions and thwart ransomware attacks. This ensures uninterrupted service and access to critical information for clients. Additionally, CME Group maintains an in-house development team dedicated to incorporating client feedback into its solutions. This results in an expedited process for building and rolling out new features and enhancements, ensuring that CME Group's offerings remain aligned with the evolving needs of its clients.

BrokerTec stands out as the only platform offering deep and detailed financing market data on European repo with its European Repo VWAP file available on Datamine. Through its European D2D platform, sell-side and active Quote buy-side clients gain exclusive access to financing levels across sovereign repo. This unparalleled transparency empowers clients to make informed decisions and optimize their trading strategies. Additionally, BrokerTec delivers prior day activity via dedicated files the next morning, complete with detailed timestamps. This enables firms to validate their best execution and ensure compliance with regulatory requirements.

Expanding fixed income offerings

BrokerTec offers a wider range of fixed income financing through its Quote platform. Clients will be able to manage much more of their fixed income financing needs easily and securely.  By matching buy-side and dealers to finance broad baskets of securities including credit and mortgage-backed securities, financing and risk management will be even easier to execute.

According to the Financial Times, companies are rushing to issue bonds in the U.S. corporate bond market due to low borrowing costs and investor demand. This surge in issuance is driven by the expectation that interest rates will not fall significantly this year, potentially making it advantageous for companies to secure funding now. BrokerTec Quote can help investors with financing of those positions.

In addition, BrokerTec Quote provides a comprehensive solution to managing the full lifecycle of corporate bonds, including securities lending, risk management, roll manager, axe boards, substitutions, rerates, By automating these processes, BrokerTec Quote eliminates manual intervention and helps to reduce the risk of errors. This streamlines the management of corporate bond portfolios, saving time and resources for clients.

Unlike other providers who charge varying rates for financing sovereign, mortgages and credit, BrokerTec offers its Quote service completely free of charge for the buy side. This applies across its entire offering, including sovereigns, corporates, and mortgages, ensuring standard fee structures for all clients. Furthermore, BrokerTec maintains consistent pricing, from overnight to term trades, providing transparency and predictability for users. This commitment to fairness and transparency sets BrokerTec apart as a reliable and cost-effective partner for both the buy- and sell-side.

Get ready for the next phase in credit and mortgage execution

The BrokerTec Quote value proposition continues to grow as it moves into fixed income financing. With CME Group's expansion into fixed income risk management and financing, clients will experience even greater benefits. This integration will provide a comprehensive suite of solutions for managing credit and mortgage exposure, empowering clients to navigate market complexities with confidence. Get ready to embrace the next phase in credit and mortgage execution with BrokerTec and CME Group’s Interest Rates complex, where innovation and expertise converge to deliver exceptional values.

The content in this communication has been compiled by CME Group for general purposes only and is not intended to provide, and should not be construed as, advice. Although every attempt has been made to ensure the accuracy of the information within this communication as of the date of publication, CME Group assumes no responsibility for any errors or omissions and will not update it. Additionally, all examples and information in this communication are used for explanation purposes only and should not be considered investment advice or the results of actual market experience.  This communication does not (within the meaning of any applicable legislation) constitute a Prospectus or a public offering of securities; nor is it a recommendation to buy, sell or retain any specific investment or service.

CME Group does not represent that any material or information contained in this communication is appropriate for use or permitted in any jurisdiction or country where such use or distribution would be contrary to any applicable law or regulation. In any jurisdiction where CME Group is not authorized to do business or where such distribution would be contrary to the local laws and regulations, this communication has not been reviewed or approved by any regulatory authority and access shall be at the liability of the user.

Certain CME Group subsidiaries are authorized and regulated by regulatory authorities. CME Group subsidiaries are required to retain records of telephone conversations and other electronic communications for a period of 5 to 7 years where required by certain regulation, copies of which are available on request (which may be subject to a fee). For further regulatory information please see

BrokerTec Europe Limited is authorized and regulated by the UK Financial Conduct Authority.

NEX SEF Limited is authorized and regulated by the UK Financial Conduct Authority and is registered with the CFTC as a Swap Exchange Facility.

CME Amsterdam B.V. is regulated in the Netherlands by the Dutch Authority for the Financial Markets (AFM) (

BrokerTec Americas LLC. (“BAL”) is a registered broker-dealer with the U.S. Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority, Inc. (, and is a member of the Securities Investor Protection Corporation ( BAL does not provide services to private or retail customers.

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All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

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