CME Group (NASDAQ: CME) announced plans to launch Treasury Link, a service designed to connect U.S. Treasury futures and cash liquidity pools, with an expected launch in Q4 2026 pending regulatory review.

Treasury Link will enable spread trading between CBOT Treasury futures and BrokerTec cash Treasuries on CME Globex through a single submission, eliminating what the company describes as "legging risk." The service is built on technology used in CME Group's existing FX Link product.

Mike Dennis, Global Head of Fixed Income at CME Group, said the functionality pairs with CME Group capital efficiencies totaling $27 billion across cash, futures, and swaps.

The announcement follows the recent launch of BrokerTec Chicago, a second central limit order book co-located in CME Group's Aurora data center, which recorded a single-day volume of $1.22 billion on April 8, 2026.

CME Group reported first-half 2026 trading data showing Interest Rate futures and options average daily volume of 16.6 million contracts, up 9% year-on-year. U.S. Treasury futures and options average daily volume reached 9.7 million contracts, up 8% year-on-year, with $923 billion in notional average daily volume. BrokerTec overall average daily volume reached $1.067 trillion, up 13% year-on-year.

U.S. Treasury futures will continue to be listed on and subject to CBOT rules, while cash Treasuries trading will continue through BrokerTec, according to the press release.