CME Group Launches Treasury Link in Q4 2026 to Connect $1 Trillion Cash Treasury Market With Futures

CME Group announced plans to launch Treasury Link in the fourth quarter of 2026, a new trading tool that will allow institutional investors to execute spreads between U.S. Treasury futures and cash Treasuries in a single transaction. The service will connect CBOT Treasury futures with BrokerTec cash Treasury markets through CME Globex, pending regulatory approval.

Treasury Link eliminates "legging risk"—the execution risk that one side of a basis trade is completed while market conditions shift before the second leg can be finished. By enabling simultaneous execution of both sides, the platform aims to improve pricing, reduce costs and simplify risk management for hedge funds, proprietary trading firms, banks and asset managers.