- How do I access Treasury Link?
- Do clients need a clearing member (FCM) or the ability to book a future to trade Treasury Link?
- Who do you face as a counterparty for settlement for trades executed on Treasury Link?
- What documentation and identifiers are needed to trade on Treasury Link?
- What trade rules and legal entities govern Treasury Link?
- How will credit be applied on Treasury Link?
- How do I connect to Treasury Link?
- How is iLink messaging handled?
- How will I receive post-trade messages?
1. How do I access Treasury Link?
Accessing Treasury Link requires a dual-market configuration. Participants must ensure their operational and clearing frameworks are ready to handle the regulated futures environment and the cash Treasury ecosystem, be onboarded to BrokerTec Americas LLC and have access to CBOT U.S. Treasury futures markets. Reach out to your BrokerTec account representative or TreasuryLink@cmegroup.com for further information.
2. Do clients need a clearing member (FCM) or the ability to book a future to trade Treasury Link?
Yes. Participants require a CBOT clearing relationship with a Futures Commission Merchant (FCM) for the futures leg.
3. Who do you face as a counterparty for settlement for trades executed on Treasury Link?
- Futures leg: Cleared through CME Clearing (subject to CBOT rules).
- Cash leg: Cleared through the relevant cash CCP and subject to BrokerTec Americas LLC rules.
4. What documentation and identifiers are needed to trade on Treasury Link?
For clients new to BrokerTec, KYC must be completed. Clients must be onboarded to BrokerTec Americas LLC and have access to CBOT U.S. Treasury futures markets. No additional legal agreements are needed for existing BrokerTec Americas clients. GFIDs enabled for BTEC will be set up as new CBOT Executing Firm IDs using a client-chosen clearing firm relationship.
5. What trade rules and legal entities govern Treasury Link?
U.S. Treasury futures transacted through Treasury Link remain subject to CBOT rules. Cash trading is governed by BrokerTec Americas LLC. For regulatory reporting, the TRACE MPID for the BrokerTec Chicago cash leg is "IEBA" and reported to TRACE with a .B modifier.
6. How will credit be applied on Treasury Link?
A dual-limit framework applies. The most restrictive of these limits governs order acceptance.
- Cash leg: Managed under the BrokerTec Chicago (CHBD) Risk Group.
- Futures leg: Managed under Globex Credit Controls (GC2).
7. How do I connect to Treasury Link?
- Connectivity is via Market Segment Gateway (MSGW) only; the Convenience Gateway (CGW) is not available.
- All connectivity that can reach the CME F&O service can access Treasury Link.
- Clients may connect from BTEC Glink Secuaus or CME Econnect NY5.
8. How is iLink messaging handled?
Any iLink session under your enabled GFID can be used to enter orders in Treasury Link. Clients must submit a Customer Account value corresponding to CBOT Treasury futures using Tag 1693. A client may leverage existing iLink sessions utilized by BrokerTec markets or create new BrokerTec iLink sessions for trading Treasury Link.
9. How will I receive post-trade messages?
Messages are delivered via CME STP and Drop Copy (Segment 48).
- Drop Copy: Execution Reports provided for each leg + spread on existing Drop Copy sessions used for market segment 48
- CME STP: Legs will be published in individual Trade Capture Reports (TCRs)
