Major Financial Institutions Set for BrokerTec Chicago's Trading Debut on October 6, 2025

Major Financial Institutions Set for BrokerTec Chicago's Trading Debut

As the world’s leading derivatives marketplace, CME Group is poised to elevate cash U.S. Treasury trading with the launch of BrokerTec Chicago on October 6, 2025. The initiative signals a significant leap forward, with major players such as Citigroup, J.P. Morgan, and Morgan Stanley committing to participate on the first day.

Mike Dennis, CME Group's Global Head of Fixed Income, articulated the excitement surrounding the launch. He stated, "With leading financial firms on board for day one on BrokerTec Chicago, trading U.S. Treasury futures and cash will be more efficient than ever before." This development not only reinforces CME Group’s unique position in the market but also unlocks additional value for clients worldwide during a time of record debt issuance and economic uncertainty.

BrokerTec Chicago will initially allow clients to trade all seven on-the-run benchmark U.S. Treasuries. These products will be offered in smaller notional sizes, complemented by tighter price increments, to align with the existing futures market. Additionally, clients will maintain their current connection to the CME Globex platform, including access through the BrokerTec API, ensuring a seamless transition.

In the first quarter of this year, BrokerTec set impressive records, achieving an all-time high of $1.05 trillion in average daily notional volume. This encompassed various trading channels, including dealer-to-dealer central limit order books, client requests for quotes, and streaming platforms. Notably, CME Group’s U.S. Treasury futures and options also marked an outstanding achievement, with an average daily volume hitting 8.8 million contracts in 2025.

BrokerTec, a flagship platform operated by CME Group, is recognized as a premier global marketplace for fixed-income trading, handling benchmark cash U.S. Treasuries and transactions related to U.S. and EU repos. The upcoming launch of BrokerTec Chicago is a compelling move designed to enhance operational efficiency, enabling clients to better address their risk management needs in a complex economic landscape.

CME Group’s ongoing commitment to providing a broad range of trading instruments includes futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals. Their ability to manage risk and capitalize on market opportunities underscores their pivotal role in global finance.

The insights gained through this innovative initiative at BrokerTec are expected to empower market participants to navigate through the intricacies of financial trading more effectively, particularly as they respond to the evolving economic landscape.

In summary, the launch of BrokerTec Chicago on October 6, featuring giants like Citigroup, J.P. Morgan, and Morgan Stanley, represents a new era in U.S. Treasury trading. As CME Group pioneers this initiative, market players can anticipate more efficient trading opportunities aligned with their risk exposure needs. The future of Treasury trading is set for a transformation, promising enhanced strategies and outcomes for all involved.