CME Group announced plans to launch a second BrokerTec central limit order book (CLOB) for cash U.S. Treasuries in Chicago in the third quarter of 2025. This new venue will be co-located with CME Group’s U.S. Treasury futures and options markets, enabling more efficient trading between cash and derivatives markets.

The initiative aims to streamline relative value strategies by eliminating the challenges of trading between New York and Chicago markets. The new CLOB will allow for smaller notional sizes and finer price increments, expanding access to spread trading for smaller firms and enhancing liquidity.

BrokerTec’s primary CLOB in New York will continue to serve as the main venue for price discovery, with an average daily notional volume of $113 billion in February 2025. The new Chicago-based CLOB will focus on relative value trading, aligning cash Treasuries with futures market dynamics.

Clients can access the platform through CME Group’s Globex network using their existing BrokerTec API connections. Testing begins on April 27, 2025.

For more details, visit [CME Group’s website](https://www.cmegroup.com/chicago-CLOB).