Effective Monday, October 6, 2025, CME Group launched BrokerTec Chicago, a secondary U.S. Treasury (UST) Actives Central Limit Order Book (CLOB) on CME Globex, operated by BrokerTec Americas LLC and located in the CME Globex futures and options data center in Aurora, Illinois. BrokerTec Chicago is designed to enable clients to efficiently manage cash versus futures trading by reducing slippage risk. The products are tailored for cash-futures trading with tighter price and contract notional values aligning with futures, which differentiates this new venue from the existing BrokerTec U.S. Treasury Actives Market CLOB.

The new products offered with BrokerTec Chicago replicate the existing BrokerTec UST active instruments with similar contract size. The notional values for one lot size equivalents are $100k (5, 7, 10, 20, and 30 year) and $200k (2 and 3 year) and the products have a price precision of nine decimals (1/16 of a 32nd).

Clients with listed derivatives connectivity can access BrokerTec Chicago with existing cross-connects. Clients using BrokerTec (GLink Secaucus + CME EConnect NY5) connectivity can access BrokerTec Chicago, but require additional network and client-side configurations.

Trading hours for BrokerTec Chicago instruments are identical to the existing BrokerTec UST Actives instruments and follow the same holiday schedule.

Contents

Revision History

Key Events and Dates

Testing and Certification

Clients who have already certified for Market Data Platform (MDP) 3.0 Premium UDP or MDP Conflated are required to certify via a supplemental test suite to support the new instruments and ensure handling of the increased decimal precision and tick sizes.  Clients who have not been certified for MDP 3.0 Premium UDP or MDP Conflated UDP must complete MDP certification.

All clients and ISVs are strongly encouraged to test end-to-end workflow in New Release prior to launch. This includes processing Market Data, Order Entry, and Straight-Through Processing (CME STP).

Mid-Week Production Connectivity Testing

To support client connectivity for BrokerTec Chicago in the CME Globex production environment, CME Group offers mid-week connectivity testing to MSGW and MDP on:

• Wednesday, July 16, 2025

Mock Trading Sessions

To support the customer experience with BrokerTec Chicago in the CME Globex production environment, CME Group offered customer mock trading sessions on:

• Saturday, August 23, 2025

• Saturday, September 13, 2025

Customers are required to register in advance in order to participate in the mock trading sessions. The Mock Trading Registration Form and Mock Trading Session Script are available now.

To facilitate registration, contact Global Account Management (GAM).

Summary of Impacts

This section summarizes the client impacts for the BrokerTec Chicago U.S. Treasury Actives CLOB on Globex:

• Decimal price precision up to 9 digits (1/16 of 32nds)

• Notional values for 1 lot size equivalents are $100k (5, 7, 10, 20, and 30 year) and $200k (2 and 3 year)

• New Market Segment ID - tag 1300-MarketSegmentID=48

• New BrokerTec Chicago Market Data Premium Channel 504 and MDP Conflated UDP Channel 505

• Network Connectivity

  • CME GLink Aurora and clients with listed derivatives connectivity can access BrokerTec Chicago via existing cross-connects

  • CME GLink Secaucus and CME EConnect NY5 clients may access BrokerTec Chicago via existing cross-connects but require additional network and client-side configuration

• New Drop Copy and Order Entry Service Gateway (OESGW) connectivity details for BrokerTec Chicago

• New TCP for UDP Recovery connectivity details for BrokerTec Chicago

Product Overview

With this launch, CME Group introduced new separate U.S. Treasury Actives instruments with a reduced tick of 1/16 of 32nds and notional values for one lot size equivalents of $100k (5, 7, 10, 20, and 30 year), and $200k (2 and 3 year). BrokerTec Chicago includes the first CME Globex instruments that support a 1/16 of a 32nd tick and decimal precision of nine digits. Details and conversions are available for reference purposes via the Fractional Price Processing for BrokerTec Products site.

Product Specification

Product Attributes

Public IPs - Rendezvous Points

This section outlines the connectivity details for Public IP addresses/Rendezvous Points (RPs) to access the BrokerTec Chicago - U.S. Treasury Actives - CLOB; also available from the CME Public IP Prefix Summary.

iLink Order Entry

This section outlines iLink order entry impacts for BrokerTec Chicago. For client system IP configuration, utilize the iLink connectivity information in the below-referenced SFTP files. Request Center may provide incorrect IP information.

Market Segment Gateway

With this launch, all Market Segment Gateway (MSGW) iLink Order Entry Market functionality is supported and a new Market Segment ID (tag 1300-MarketSegmentID=48) was introduced. Client systems may leverage existing iLink Order Entry sessions. Details regarding iLink Order Entry are available via the iLink Order Entry for BrokerTec Markets site.

• The MSGW connection and configuration file information, including directory and config.xml file names for BrokerTec Chicago access are provided below and located on the SFTP (sftpng.cmegroup.com) site.

• Clients connecting via GLink Secaucus / CME EConnect NY5 locations require networking and entitlement assistance. To facilitate access, contact GAM.

Order Entry Connection Details

Order Entry Service Gateway

With this launch clients connect to an existing Order Entry Service Gateway (OESGW) to register administrative information:

• Only one connection to the BrokerTec OESGW is allowed per iLink Session ID.

• BrokerTec Chicago uses the current BrokerTec UST OESGW ID 14 for registration.

• The OESGW connection and configuration file information including directory and config.xml file names for BrokerTec Chicago access are provided below and located on the SFTP (sftpng.cmegroup.com) site.

Order Entry Service Gateway Connection Details

Drop Copy

With this launch, a new Drop Copy gateway supports the BrokerTec Chicago market. All Drop Copy for iLink - BrokerTec Markets trading activity (execution and acknowledgment) functions are supported.

• Clients connecting from DC3 may use either new or existing Drop Copy session IDs for BrokerTec Chicago.