March 6, 2024 (NO COMMENTS)

By most measures, CME Group’s interest rates business is booming. The Chicago-based exchange operator reported record annual revenue of $5.6 billion in 2023, driven by surging US Treasury futures and options volumes.

But one critical part of CME’s interest rates empire is in a serious slump. Annual average daily volume (ADV) on BrokerTec, the largest interdealer trading venue for US Treasury securities, fell 16% to $106 billion in 2023 and is down 39% from $173 billion in 2018 when CME acquired