Coming Q4 2026* [eyebrow]
Treasury Link
Say goodbye to legging risk. 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.
Treasury Link spreads will be listed with 1 to 1 Ratio and DV01 Weighted (X:Y) Ratio. For more information, view the Treasury Link Spreads - Product Specifications.
View market data multicast IP and port details on the Connectivity and Configuration Details page via login.
Quick Links
Quick Links
- FX Link [link-bold]
- BTEC U.S. Treasuries [link-bold]
- Press Release [link-bold]
- BrokerTec notice August, 27 [link-bold]
- Client Impact Assessment [link-bold]
- Article: CME offers basis traders a leg up (Risk.net) [link-bold]
- Discussion Paper: Calibrating Treasury Link DV01-Weighted Spreads [link-bold]
- Beyond the Basis Trade: Spreading Cash and Futures Using Treasury Link [link-bold]
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