BrokerTec 2021 Q1 Recap

Enabled by the migration to Globex, BrokerTec will launch RV Curve in Q1, creating a single place to trade US Treasury benchmark spreads. 

RV Curve merges the implied spreads from the outright order books into true spread orders, with a single-threaded matching engine that ensures there is no legging risk when trading on implied spreads. 

The granularity of the RV Curve bid/offer spread is expected to reduce the cost to trade, while liquidity will be enhanced through working implied orders in the BrokerTec central limit order book. 

Highlights:

• RV Curve pairs will be available across all benchmark tenors with pre-defined ratio spreads that approximate the DV01 ratio on a per million basis.
• Trades are executed on yield spread. The yield of the longer tenor is taken from the outright market; the shorter tenor is calculated by adding the executed spread to the yield of the longer.
• All pairs are available for trading on a yield basis at 1/8th of a basis point.

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BrokerTec Stream, a robust, relationship-based streaming platform for trading US Treasury markets, will be live for STP following BrokerTec's migration to CME Globex.

Leverage a single CME STP connection for both the BrokerTec order book and BrokerTec Stream.

Through April 30, 2021, clients will trade commission-free on BrokerTec Stream, with an additional incentive program that could provide credits towards BrokerTec order-book commissions, market data, and connectivity. 

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