CME Slips to 159th in Daily Rankings as Trading Volume Plummets 70.7%

On March 24, 2025, the Chicago Mercantile Exchange (CME) recorded a trading volume of $560 million, marking a 70.7% decrease from the previous day. This decline placed CME at the 159th position in the daily stock market rankings. The stock price of CME fell by 0.16%, marking the second consecutive day of decline, with a total decrease of 1.35% over the past two days.

CME Group Inc. announced plans to launch a second BrokerTec central limit order book (CLOB) for cash U.S. Treasuries during the third quarter of 2025. This new CLOB will be co-located in Chicago, adjacent to CME Group’s highly liquid U.S. Treasury futures and options markets. The aim is to facilitate trading between cash and derivatives markets, enhancing efficiency and simplicity for global market participants.

Mike Dennis, global head of fixed income at CME Group, highlighted the importance of U.S. Treasury spread trading in driving price discovery and liquidity across various markets. The new trading venue is expected to bring the full U.S. Treasury ecosystem closer together, benefiting clients during periods of heightened uncertainty and record debt issuance.

The existing New York-based CLOB will remain the primary venue for price discovery in cash U.S. Treasuries, with an average daily notional volume of $113 billion in February 2025. The second Chicago CLOB, operated by BrokerTec Americas LLC, will focus on relative value strategies, allowing clients to trade all seven of BrokerTec’s on-the-run benchmark U.S. Treasuries in smaller notional sizes and at tighter price increments. This will enable more precise hedging and broader participation from smaller firms, thereby deepening the liquidity pool and increasing matching opportunities.

John Edwards, BrokerTec’s global head, noted that the new CLOB will significantly enhance the client experience for cash versus futures strategies by reducing legging risk. The new venue will be available on Globex and can be accessed via clients’ existing CME Group connectivity, with client testing beginning on April 27, 2025.