CME Group to Launch Equilibrium Matching for U.S. Treasury Actives on BrokerTec Chicago

CME Group will introduce Equilibrium Matching (EM), a new matching protocol for U.S. Treasury Actives on BrokerTec Chicago (Market Segment 48), effective in the first quarter of 2027, the international derivatives marketplace said.

The protocol is designed to support liquidity development for U.S. Treasury Actives on the venue.

According to CME Group, the functionality includes a batching process with a 1-2 millisecond random window for processing aggressive orders. Non-aggressive orders will bypass batching and update the book immediately. Aggressive orders may also optionally include a Reservation Price to achieve price/time priority in contested batching events.

Client testing of the new matching protocol will be available in New Release on Thursday, November 19.