BrokerTec Recap November 2023

  • 21 Nov 2023
  • By CME Group

RV Butterflies taking flight

Announcing RV Butterflies, BrokerTec's next innovation in RV spread trading with eight Globex-listed three-leg combinations of U.S. Treasury Actives. These will be listed in pre-defined DV01-neutral leg ratios and traded on a yield spread. Deployment in the New Release environment began on November 20, and production deployment is targeted for January 29, 2024. The value proposition for clients includes: 

  • No legging risk - Orders are matched at the atomic level 
  • Implied functionality - Enhanced liquidity in & out of the outright UST CLOB
  • Inside liquidity available - MPI of 0.10 of a basis point
  • Excess rounding efficiencies - Savings that come from rounded yields on implied executions
  • Shared Front End, STP, and Connectivity with the CLOB

Key BrokerTec Quote developments

Several important updates to the BrokerTec Quote platform bring new functionality to users and further enhance the product offering:

  • The Axe Board is now live - This feature allows sell side institutions to publish selected inventory to the buy side, allowing for an RFQ to be generated based upon mutual interest.
  • Enhanced visibility of maturing trades on the "Rolls" tab, making it easy to see maturing trades and renegotiate. 
  • New markets on Quote - extending the choice of collateral for Repo in government bonds in the following currencies and nations:
    • Canadian dollar (CAD) government securities
    • Hungarian forint (HUF) government securities
    • Polish zloty (POL) government securities 

More new features are coming in the months ahead, but please visit the BrokerTec Quote home page for further platform details.  

Securities lending - Approved for euros, more coming soon

As part of our goal to automate trade execution, securities lending has been added to other secured financing transactions for Euro collateral, such as repo and buy/sell backs, which are already supported on the Quote platform. GBP and USD secured financing are under review to be introduced, subject to regulatory approval.

Trading options available currently feature upgrade/downgrade transactions, single security versus GC or triparty collateral, with cash pool collateral soon to follow. Current functions such as Axe Boards, Rolls, and life cycle events are fully supported for securities lending trades over BrokerTec Quote. 

€STR futures critical mass

Important milestones have recently fallen for €STR futures as more activity reaches new levels. Highlights include:

  • OI ~26,000
  • More than 100 participants
  • Over 1,2M contracts traded

Learn more about this contract which is quickly becoming the go-to choice for participants seeking to hedge overnight European money market risk.

BrokerTec customers can also trade floating €STR on the platform, allowing for new opportunities in short-term European repo markets.

View an archive of the Rates Recap online at

GFE 10.8 - Key updates

The latest BrokerTec updates further improve the trader experience. Top highlights of this software upgrade include:

  • Sweepable matching - Executable in Stream 2.0 via a UI toggle
  • Tick Up/Down Live Orders - New buttons added to "Book" tab to change order prices in one tick increments. 
  • More €STR repo support - New import options in bulk order manager 

See the full details by logging into BrokerTec, or see the highlights and contact information below: 

BTEC Stream 2.0

The new and improved BrokerTec Stream platform is designed to deliver the best performance and lowest possible latency for clients.

The latest features include:

  • FIX 4.4-compliant APIs for Makers and Takers
  • Sweepable matching
  • Firm price improvements
  • Front-end access via BrokerTec GFE Client

The latest round of updates also paves the way for future enhancements, including netted credit across BrokerTec markets on CME Globex. 

Streamlined historical data access

Looking for historical data? Utilize the CME Group Reference Data Warehouse (RDW) to streamline and automate the process across futures and options, BrokerTec, and EBS.

What's next for BTEC Quote?

In addition to the bevy of improvements to the platform as of late, there are several key features in development including:

  • Extending existing securities lending program to specific bonds v. triparty baskets
  • Inventory matching to highlight shared interest
  • Balances, netting, and limits monitoring service to provide real time info


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