International derivatives marketplace CME Group, today announced that it will launch Treasury Link, a functionality to seamlessly connect the world’s largest U.S. Treasury futures and cash liquidity pools.

The new service will enable transparent, centralized spread trading between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex. It is expected to launch in the fourth quarter of 2026, pending regulatory review.

Leveraging proven FX Link technology, Treasury Link will allow market participants to transact the differential between futures and cash markets via a single submission. This will eliminate legging risk and allows clients to manage their exposure via a single spread for the first time.

“Treasury Link will connect the cash and futures markets in a way that wasn’t possible before — delivering faster, more efficient execution to market participants and unlocking new spread trading opportunities across fixed income,” said Mike Dennis, Global Head of Fixed Income at CME Group. “This functionality offers improved execution performance, pairing with CME Group Capital efficiencies which total $27 billion across cash, futures and swaps.”

Treasury Link builds on the recent launch of BrokerTec Chicago, a second BrokerTec central limit order book (CLOB) targeting relative value traders. Co-located in the Aurora data center next to CME Group’s U.S. Treasury futures and options market, the new platform reached a single-day volume record of $1.22 billion on April 8, 2026.

The U.S. Treasury futures will continue to be listed on and subject to the rules of CBOT and the cash Treasuries trading will continue to be offered via BrokerTec.