Coming Q4 2026:* Treasury Link
In an industry first, Treasury Link will seamlessly connect the world’s largest Interest Rate futures and cash Treasury liquidity pools, enabling transparent, centralized spread trading on Globex.
Built on innovative technology already in use for FX Link, Treasury Link is a Globex-based functionality enabling simultaneous trading of CBOT Treasury futures and BrokerTec cash Treasuries via a single spread transaction – eliminating legging risk, reducing friction and maximizing capital efficiency.
*Pending regulatory review
Fed uncertainty stirs record open interest in SOFR futures
Open interest (OI) in SOFR futures reached an all-time high in June, surpassing 15.8M contracts, as market participants turned to the efficiency of the world’s most liquid futures market to navigate ongoing money market uncertainty.
- SR3 OI reached an all-time high of 14.2M, with leveraged funds extending record short positions.
- SR3Z6 amassed the largest position of any contract in SOFR history, surging 28% in two months to over 1.8M.
- SR1 OI reached a 2026 high of 1.79M.
- ZQ topped 2.5M for the first time since January, pushing total STIR futures OI to a 2026 high of 18M.
SOFR-Fed Fund spreads see strong activity at 1/4 ticks
SOFR-Fed Fund (SERFF) spreads are now trading in 1/4 ticks across all contract months, enabling more efficient risk transfer in this key funding market spread.
In three weeks at 1/4 ticks
- Bid-asks consistently at 1/4bp across the curve
- Volumes up 40% vs. the prior 10 weeks
- Record activity in N6 spread, including the largest-ever block at 60K per side on July 2
More in Interest Rates
Treasury options set torrid pace in H1
Treasury options volume averaged 1.84M contracts per day in H1, up 16% vs. the prior high set in H1 2025.
Average daily OI surged 32% YoY to over 8.8M contracts outstanding on average.
Outsized growth was observed in 2Y (+97% YoY) and Ultra 10Y (+43% YoY) options.
Credit futures set records in June
Accelerating institutional adoption propelled Credit futures to a record-breaking month.
- Record ADV: 8.7K contracts/day in June
- Record one-day volume: 42K contracts on June 9
- Record OI: 19.5K contracts on June 10
Get direct access to FedWatch data via API
FedWatch, the industry standard for translating Fed Funds futures pricing into actionable rate expectations, is now available via API.
- Intra-day and end-of-day offerings
- JSON-formatted REST API for easy integration
- History dating back to 2015 for back-testing
Research: Investors divided on path ahead for Treasury yields
Will the Fed hike rates to fight inflation, maintain its pause or pivot to cuts if geopolitical tensions ease?
To gauge investor sentiment, Dr. Mark Shore analyzed Treasury options skew and convexity metrics – yielding some surprising findings on where monetary policy is headed.
Data as of July 1, 2026, unless otherwise specified.
View an archive of the Rates Recap online at cmegroup.com/ratesrecap.
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