Coming Q4 2026*

Treasury Link

Say goodbye to legging risk. Starting in Q4,* trade Treasury futures vs. cash Treasuries via a single, atomic spread on Globex.

Connects leading liquidity pools

Seamlessly trade between the world’s largest cash and futures fixed income markets for the first time.

Transparent, centralized execution

Manage Treasury exposure via a single spread, with reduced friction and no legging risk.

Extends best-in-class efficiencies

Achieve execution savings on top of the $25B+ in daily margin savings realized across our Interest Rate complex.

Proven and scalable

Built on innovative technology already in use for FX Link, paving the way for a broader suite of spreads across our fixed income ecosystem.

Bridging cash and futures markets. Reducing friction and eliminating legging risk.

Treasury Link seamlessly connects the world’s largest Interest Rate futures (CBOT) and cash Treasury (BrokerTec) liquidity pools, enabling transparent, centralized spread trading on Globex. With Treasury Link, you can transact the differential between both markets via a single, atomic transaction – eliminating legging risk, reducing friction and maximizing capital efficiency.

*Pending regulatory review

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