BrokerTec

We were pleased to host clients in Amsterdam and Paris last week for an exclusive drinks reception, celebrating the global partnerships that underpin fixed income markets worldwide. To our clients — thank you for your continued trust, collaboration, and support.👏

The countdown is on for Absolute Collateral's London event on 19th May! 🇬🇧 We're pleased to share that Sara Carter will join the "Global Repos & Securities Lending" panel to discuss the strategic evolution of electronic marketplaces and trading infrastructure. In a landscape defined by balance sheet constraints and evolving clearing frameworks, Sara’s expertise—drawn from her leadership at BrokerTec offers essential insight into modern market resilience. View the full agenda here: http://spr.ly/6045BBtykH

Today, we launched the U.S. Dollar RepoFunds Rate (RFR USD)—a new benchmark designed to bring enhanced transparency to overnight funding costs in U.S. Treasury repo. By leveraging data from our dealer-to-dealer repo CLOB, which saw an average daily volume of $412B this March, RFR USD provides a robust, same-day measure of market activity. Published daily at 3:00 p.m. ET, it offers a critical early indicator for the industry ahead of T+1 SOFR rates. Read the full announcement here: http://spr.ly/6045BBg6h7

BrokerTec Chicago hits a new milestone. 🎉 On April 8, the platform reached a single-day volume record of $1.22B, fueled by a +93% MoM increase in ADV in March. By offering high-precision execution co-located with CME Group futures, BrokerTec Chicago continues to drive expanded liquidity and greater efficiency for cash-futures spread traders.

Marking a third consecutive month of record-breaking activity, our fixed income trading continues to provide foundational liquidity and critical price discovery, even during challenging market conditions. With significant volumes across benchmark cash U.S. Treasuries, European Government Bonds, and U.S. and EU Repo on our dealer-to-dealer central limit order book (CLOB) and dealer-to-client request-for-quote (RFQ) platforms, we provide clients with comprehensive choice in how they trade and manage risk.

With Treasury volatility spiking in March, clients have turned to BrokerTec's central limit order book as a critical source of liquidity to manage their risk. Month-to-date volumes are up 50% compared to the rest of Q1, including multiple days with over $200B traded. At the same time, the cost to trade per unit of risk has fallen, supporting effective conditions for risk transfer when the market needed it most.

2025 was a record year for global sovereign debt issuance. At a time when liquidity seems plentiful, questions around repo market access are becoming more prominent. http://spr.ly/6043B6KJec

We're driving the conversation (literally) about the future of markets at PASLA 2026.

We are pleased to announce that CME Amsterdam B.V., the operator of BrokerTec EU Regulated Market, has been approved as a Recognised Market Operator in Singapore. This milestone is a significant step in our long-term strategy to enhance our presence and support for APAC markets. As we increase our investment in the region, the BrokerTec team is heading to the 20th Annual PASLA Conference on Asian Securities Finance from March 10–12, see you there!

Is the global financial system ready to handle record sovereign debt issuance? Our Global Head of BrokerTec Repo, Sara Carter, argues in Global Custodian that the critical question in Europe isn't about #repo market capacity, but about access. In an environment of ample liquidity, the stress points have shifted to: Who can reach repo funding, how easily, and through what channels? In the below article, Sara dives into how the European repo market is evolving to ensure universal, frictionless access to liquidity. It's no longer just about liquidity's existence; it's about getting it where it's needed, fast.