Effective Q1 2027, international derivatives marketplace CME Group will introduce Equilibrium Matching (EM), a new matching protocol to support liquidity development for U.S. Treasury Actives on BrokerTec Chicago (Market Segment 48).

This new functionality includes the following enhancements:

• Introduces a batching process (1-2 millisecond random window) for processing of aggressive orders.
• Allows all non-aggressive orders to bypass batching and update the book immediately.
• Enables a Reservation Price to be optionally included on aggressive order prices to achieve price/time priority in “contested” batching events.

This new matching protocol will be available for client testing in New Release on Thursday, November 19.