Clobbered: how ‘toxic’ flows reshaped US Treasury trading

Volumes have dropped by more than a third at BrokerTec. The reasons are complex, the outlook uncertain

Credit: Eoin Coveney,

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here