Effective Q3 2025, CME Group is launching 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 futures and options data center in Aurora, IL. BrokerTec Chicago is designed to enable clients to efficiently manage cash-futures trading by reducing slippage risk. The products are tailored for cash vs. 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 1 lot size equivalents are $100k (5yr, 7yr, 10yr, 20yr, and 30yr) and $200k (2yr and 3yr) and the products have a price precision of 9 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 CME network and client-side configurations.

Trading hours for BrokerTec Chicago instruments are identical to the existing BrokerTec UST Actives instruments.

Contents

Revision History

Key Events and Dates

Testing and Certification

Clients who have already certified for MDP 3.0 UDP 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 certified for MDP 3.0 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).

Midweek production network connectivity for iLink and MDP 3.0 testing will be available before launch.

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 (5yr, 7yr, 10yr, 20yr, and 30yr) and $200k (2yr and 3yr)

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

• New BrokerTec Chicago Market Data Channel 504

• 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 CME 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 will introduce new separate U.S. Treasury Actives instruments with a reduced tick of 1/16 of 32nds and notional values for 1 lot size equivalents of $100k (5yr, 7yr, 10yr, 20yr, and 30yr), and $200k (2yr and 3yr). BrokerTec Chicago will be the first CME Globex instruments that support a 1/16 of a 32nd tick and decimal precision of 9 digits. Details and conversions are available for reference purposes via the Fractional Price Processing for BrokerTec Products site.

Product Specification

Product Attributes

Order Entry

This section outlines iLink order entry impacts for BrokerTec Chicago.

MSGW

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) will be introduced. Client systems may leverage existing iLink 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.

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 Order Entry Service Gateway is allowed per iLink Session ID.

• BrokerTec Chicago will use the current BrokerTec UST OESGW ID 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 will support the BrokerTec Chicago market. All Drop Copy for iLink - BrokerTec Markets trading activity (execution and acknowledgement) functions are supported.

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

  • Clients using existing session are permitted 1 Drop Copy session connection per site location

• Clients connecting via GLINK Secaucus / CME EConnect NY5 locations require CME networking and entitlement assistance. To facilitate access, contact Global Account Management.

• The Drop Copy 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

Drop Copy Connection Details

Market Data

With this launch, CME MDP UDP Market Data functionality is supported. Details regarding BrokerTec Market Data are available via the CME MDP 3.0 Market Data site.

Market Data Connection Details

Following are BrokerTec Chicago multicast IP and port environment details, including a new market data channel number 504.

• MDP 3.0 connectivity and configuration file information for clients connecting from Aurora/DC3 is found in the existing directory and file (/SBEFix/Production/Configuration/USActivesPrmConfiguration/USActivesPrmConfig.xml) located on the FTP/SFTP (sftpng.cmegroup.com) sites.

• MDP 3.0 connectivity and configuration file information for clients connecting from Secaucus/NY5 is found in a NEW directory and file (/SBEFix/Production/Configuration/USActivesPrmBrokerTecChicagoConfiguration/USActivesPrm_NY5_Config_BrokerTecChicago.xml) located on the FTP/SFTP (sftpng.cmegroup.com) sites.

Production Environment

New Release Environment

Certification Environment

TCP Recovery for UDP Connection Details

• Clients connecting via GLINK Secaucus / CME EConnect NY5 locations require CME networking and entitlement assistance. To facilitate access, contact Global Account Management.

• The TCP Recovery for UDP connection and configuration file information including directory and config.xml file names for BrokerTec Chicago access are provided below and located on the FTP/SFTP (sftpng.cmegroup.com) sites.

Straight-Through Processing

There are no functional impacts to CME Straight-Through Processing (STP) FIX and FIXML APIs. Details regarding CME STP Support for BrokerTec are available from CME Straight-Through Processing. CME STP post-trade messages will include decimal price precision up to 9 digits (1/16 of 32nds).

BrokerTec Chicago trades are reported under the MIC code “BTEC" in CME STP. In the Trade Capture Report the MIC code will be identified by:

• FIX: Tag 30-LastMkt

• FIXML: XPath /TrdCaptRpt@LastMkt

CME Reference Data API

Details regarding CME Reference Data API instrument parameters can be found via the CME Reference Data API Instrument Parameter Specifications. A new CME Reference Data API field, “MarketSegmentMIC” and value that identifies BrokerTec Chicago instruments, will be introduced at a future date.

Entity and Credit

For BrokerTec Chicago, clients can leverage existing GFID, GUS, Session ID, and Self-Match Prevention ID entity configuration, as well as existing credit risk values as defined in the BrokerTec Risk Management application. For credit limit configuration, a new Risk Group will be used for BrokerTec Chicago instruments and risk value/limits will be enforced at a new notional value.

Client Reporting

A separate FINRA MPID “IEBA” will be required for BrokerTec Chicago reporting. BrokerTec Chicago data will be included in the existing Order and Trade data client EOD Reports, CEOD100 and CEOD101. BrokerTec Chicago reports will be available via the Enterprise Reporting Portal (EREP) and SFTP mechanisms and will support 9 decimal price precision.

UST Pricing Decimalization - with 16^th of 32^nd Decimal to Tick Display Format

The following table describes conversions from tick to decimal formats for the BrokerTec Chicago instruments in the MDP 3.0 - Security Definition (35=d) message.

TDFT = Tick Display Format Type

• Tag 37702-MainFraction=32

• Tag 37703- SubFraction=16

NDDP = Number of Decimals in Display Price

• Tag 9800-PriceDisplayFormat=3