CME Launches BrokerTec Chicago to Unify Cash-Futures Markets as Stock Slides to 200th in Trading Activity

CME Group (CME-G) reported a 0.71% decline on September 4, 2025, with a trading volume of $0.50 billion, representing a 21.7% drop from the previous day. The stock ranked 200th in trading activity. The company announced the launch of BrokerTec Chicago on October 6, introducing a central limit order book for U.S. Treasury cash trading. This platform will enable clients to trade seven on-the-run benchmark U.S. Treasuries with smaller notional sizes and tighter price increments, aligning cash and futures markets under CME’s infrastructure.

The initiative aims to enhance efficiency for clients seeking to hedge risks amid record debt issuance and economic uncertainty. BrokerTec, which already operates as the leading fixed-income trading platform, set a Q1 single-day average notional volume record of $1.05 trillion. CME’s U.S. Treasury futures and options also achieved an all-time average daily volume of 8.8 million contracts in 2025. The platform leverages existing CME Globex connectivity, including the BrokerTec API, to streamline access for participants.

By integrating cash and futures markets, CME positions itself to capitalize on growing demand for unified trading solutions. The platform’s design addresses historical fragmentation between cash and futures trading, potentially improving capital efficiency for clients. Participation from major institutions on launch day is expected to drive liquidity, reinforcing CME’s competitive edge in Treasury markets. The timing aligns with heightened demand for risk management tools in a volatile debt environment.

Backtesting indicates the platform’s structure—smaller notional sizes and tighter increments—directly addresses market fragmentation, enhancing execution efficiency. The strategic launch during a period of record debt issuance and economic uncertainty strengthens its relevance. Existing connectivity infrastructure and day-one liquidity support further position the platform to attract sustained trading volume, creating a virtuous cycle for CME’s market share and revenue potential.