CME Group announced that Citigroup, J.P. Morgan and Morgan Stanley will be available to trade cash US Treasuries on BrokerTec Chicago when it launches on October 6.
Mike Dennis, CME Group global of Fixed Income, said in a statement: “CME Group is in a unique position to bring these markets together, unlocking value for our clients worldwide who want to more precisely hedge their risk amid record debt issuance and ongoing economic uncertainty.”
At launch, clients will be able to trade all seven of BrokerTec’s on-the-run benchmark US Treasuries. To align with the futures market, these products will be available in smaller notional sizes and at tighter price increments. Clients will be able to use their existing connectivity to CME Globex, including the BrokerTec API.
CME Group operates BrokerTec, a platform for benchmark cash US Treasuries and US and EU repo transactions. In Q1 this year, BrokerTec set an all-time single-day average daily notional volume record of $1.05 trillion across its dealer-to-dealer central limit order book, dealer-to-client request-for-quote and streaming platforms.